Samsung Electronics considering blockchain to manage global shipments |

Samsung Electronics considering blockchain to manage global shipments

Peter Terlato 16 April 2018 NEWS

The use of blockchain technology could cut Samsung’s worldwide container shipping costs by one fifth.

Electronics giant and popular smartphone manufacturer Samsung is examining use cases for blockchain, the technology behind cryptocurrencies, with a particular focus on handling the company’s global supply network.

Samsung SDS blockchain chief Song Kwang-woo told Bloomberg that the company is mulling the implementation of distributed ledger technology (DLT) to keep track of global shipments worth tens of billion of dollars annually. Song added that this blockchain system has been estimated to reduce shipping costs by 20%. Samsung SDS is a subsidiary of Samsung Electronics and provides information technology services.

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

Samsung SDS blockchain chief Song Kwang-woo on the power of blockchain technology

How the blockchain is revolutionizing the money transfer industry

SDS anticipates almost 500,000 tons of international air cargo and one million 20-foot-equivalent shipping units to be delivered in 2018. This includes the latest Galaxy S9 phones, smart televisions and other products.

Bloomberg reports that documentation for global container shipments typically incorporates more than twice as much paperwork and coordination with port authorities than regular parcel transportation.

In January, Samsung entered into a contract to manufacture specific-use cryptocurrency mining hardware in order to supply an unnamed Chinese company, growing competition in a monopolized market. Crypto mining serves as key component in unearthing new value and keeping the bitcoin blockchain secure.

New research by Moody’s Investor Service has revealed how blockchain technology could potentially improve the United States’ housing industries and significantly diminish costs for the mortgage sector.

Online lenders, banks and other financial technology companies last week expressed interest in using blockchain technology as part of their business practice during the LendIt Fintech USA conference.

You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Latest cryptocurrency news

Picture: Shutterstock

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site