Samsung Embracing Blockchain Technology
The potential applications of Blockchain technology grow rapidly as start-ups launch ICOs and fuel competition into new industries. However, two of the clearest cut use-cases for blockchain are in the supply-chain industry and for streamlining and recording identity documentation.
Samsung was founded in 1938 as a trading company. They have touched almost every aspect of consumer goods, from insurance to raw materials and of course, electronics in those 80 years. The have global impact in Ship Building, Information Services and Life Insurance.
In all of these industries, blockchain technology can add unmatched security and the capability to increase efficiency with more access and accurate data.
Samsung even owns an amusement park - “Everland Resort,” the oldest theme park in South Korea. Surely, a cryptocurrency could be implemented in that space.
Samsung SDS - Supply-Chain
A subsidiary of Samsung, Samsung SDS, is leading the research into blockchain technology. Broadly, it is the information technology services branch of the overall company. It specializes in consulting services, technical services, and outsourcing.
This branch of the company was created in 1985. It is only recently that SDS expanded the business by investing in research and development projects. Here they focus on emerging IT technologies – Blockchain, Artificial Intelligence, Internet of Things, and Engineering Outsourcing.
They estimate at this time that implementing blockchain technology to their shipping processes could save up to 20% per year in costs.
On the Bandwagon
Other major companies such as FedEx, UPS and Walmart have all created blockchain technology development systems to bring the benefits to their business. IBM and Maersk announced a partnership in January 2018 to develop blockchain technology to conduct global trade more effectively.
Competition is high within blockchain start-ups for the shipping industry. ShipChain CargoX and BlockFreight are all working at similar goals.
By: BGN Editorial Staff