Just 48 hours ago, the news broke that the mega company, Samsung, is considering the possible utility of blockchain technology in managing its’ entire supply chain.
The consensus at the executive level seems to be extremely positive given quotes from the company like, “Blockchain is a core platform to fuel our digital transformation.”
To put this into perspective based on data, Samsung Electronics reportedly projects handling 480,000 tons of product by air and 1 million twenty-foot shipping crates, in 2018 alone. One mistake on such a supply chain could begin to completely derail even the most successful of companies, given that there is little margin for error with such yearly volume. Thus, investing in the Blockchain in this area would logically signal complete confidence in it.
Reportedly, Samsung is already building their idea of the ideal Blockchain-based supply-chain system, in-house, to replace their legacy system. When questioned further about the subject, the company indicated expectations that the move to the Blockchain would likely cut their shipping costs by around 20 percent. Therefore, it appears the choice has all but been made.
It’s important to remember however, that nothing is set in stone until the new system has been finished and rigorously tested. If Samsung were to shift their supply chain management systems to new systems based on Blockchain tech, the implications for the crypo-industry could be endless.
Such a vote of confidence could exponentially increase the industry’s value and more importantly, begin a snowball effect, leading to massive, global adoption.
Stay tuned world, this could be the start of something massive for the crypto space.
By: BGN Editorial Staff