Electronics giant Samsung launches blockchain platform

Bloomberg reported on Monday that Samsung Electronics is building a distributed ledger system to track international shipments.

Samsung Electronics Co. looks at using blockchain technology to track global shipments. The cost of the project is estimated at tens of billions of dollars per year. Samsung Group is one of the first major manufacturers to announce the implementation of distributed registries in its activities on a global scale. Samsung SDS, an IT subsidiary, is working on a blockchain platform for Samsung Electronics, the crown jewel of the conglomerate. 

More than a year ago, Samsung SDS completed development of a blockchain platform called Nexledger. Last December, SDS completed a pilot project in Korea to manage and track imports and exports in the shipping industry. The project, which lasted from May to December, fully justified the introduction of blockchain technology into the logistics system. 

For this year, SDS has planned to transport about 500,000 tons of cargo by air and 1 million 20-foot containers by sea. The company expects that the blockchain system will reduce the time between the launch of a product and its delivery to the end consumer. This will give the manufacturer a competitive advantage in the product market and allow it to more quickly satisfy consumer preferences in different markets. In addition, according to the company's logistics and IT department, the system can reduce overhead costs for product delivery by 20 percent. 

In May 2017, Samsung SDS led a new blockchain consortium. The main task of the organization is to introduce distributed registry technology into the field of transport logistics. The consortium also included the Korea Customs Service, the Ministry of Oceans and Fisheries, the shipping company Hyundai Merchant Marine, IBM Korea and the trading platform Korea Trade Network Co. Ltd. 

According to https://www.coindesk.com