Tracking global shipments can be a chore for any large scale manufacturer, but the Samsung blockchain may just be the solution for the South Korean electronics conglomerate. The use of a blockchain-based system has not been fully set into practice yet, but Song Kwang-woo, head of blockchain at the company, has said that the use of the technology could slash shipping costs by up to 20%. The exploration of Samsung blockchain shipping solutions would position the company as the first to seriously explore blockchain technology in a large scale shipping application.
The use of this tech in Samsung's shipping procedures would not just save costs for the company, but would also see improvements for the customer. The switch to a blockchain-based system could decrease the amount of time between a product launch and availability to the customer and could ensure fewer product shortages.
Image Credit: Yves Herman/Reuters
Key Themes Behind This Trend
- Blockchain-based Shipping
- Implementing blockchain technology in shipping procedures can significantly reduce costs and improve efficiency for companies like Samsung.
- Cost-slashing with Blockchain
- Using blockchain-based systems in shipping can potentially reduce shipping costs by up to 20%.
- Improved Customer Satisfaction
- Adopting blockchain in shipping can decrease product launch to availability time, leading to fewer product shortages and better customer experiences.
Where This Applies
- Manufacturing
- Blockchain technology can revolutionize the shipping procedures for large scale manufacturing companies.
- Logistics
- Adopting blockchain in the logistics industry can streamline shipping processes and reduce costs.
- Technology
- Exploring blockchain solutions in shipping positions companies like Samsung at the forefront of blockchain technology in the tech industry.
