Electronics Giant looking into a Samsung Blockchain Supply Chain System

The world’s largest producer of smartphones is looking to create a Samsung blockchain supply chain management system, to manage its huge global supply network.

The South Korean company’s internet technologies arm, Samsung SDS sighted blockchain technology with a view to cut costs by up to 20 percent.  Vice President of Finance Consulting and Blockchain Chief, Song Kwang-Woo said:

“It will have an enormous impact on the supply chains of manufacturing industries”, adding “Blockchain is a core platform to fuel our digital transformation.”

If agreed, Samsung’s global supply network will transfer to the blockchain system, which could count 488,000 tons of air cargo, carrying items such as Samsung’s Galaxy S9 smartphone, and a massive one million shipping containers.

The company has already been active within the blockchain arena, having released their Nexledger transaction management tool last year, as well as a digital identification tool and a blockchain powered payments service.

Samsung has been working with Riddle&Code, Europe’s leading company for blockchain interface solutions, specialising in machine identity, product provenance and supply chain management.

In a joint venture with Riddle&Code, Samsung’s Artik cloud network launched ‘tagtok’, enabling any physical object to become a blockchain node.

Further to this, in November 2017 Samsung won a Public Sector Contract with the South Korean government, to create a Blockchain platform focusing on “welfare, public safety and transportation” by 2022.

Much like its competitors such as IBM and Microsoft, Samsung moves to become a forerunner in the blockchain technology market.