Apr 16, 2018 09:20 UTC
Oct 1, 2018 at 13:23 UTC
Samsung: Making use of cryptotechnology
With the volcanic news of Facebook banning cryptocurrency ads to the Samsung’s confirmation of manufacturing ASIC mining chips, the crypto technology has become a dead center of the world. Samsung has ended Intel’s 25 years long rule, to become the world’s largest chip manufacturer. Samsung’s unstoppable motive can be seen with its intention of using the crypto-tech, blockchain, for its global supply chain.
How would blockchain help Samsung?
Blockchain comes to rescue of cryptocurrencies like Bitcoin and others to keep track of transactions, and IBM was one of the first companies to see blockchain as promising. South Korean electronics popular company, Samsung has stepped into the war, to consider shifting to a blockchain ledger system, to keep track of its product shipments around the world. Within the supply chain, the blockchain can be used for recording, verifying and sharing transactions could reduce the amount of time it takes to trade paperwork and to arrange to schedule with port authorities. Moreover, documentation cost for container shipments far exceeds the cost of transportation. According to a report, Samsung spends billions of dollars a year on those shipments; through the use of blockchain method, it is expected to slash shipping costs by 20 percent.
It will have an enormous impact on the supply chains of manufacturing industries, said the vice president and Blockchain chief Song kwang- woo.
According to the plans, Samsung’s entire global supply network could transfer to Blockchain, with 2018 volumes set to include 488,000 tons of air cargo and one million shipping containers.
Short time equals to good service
The consumers will no longer have to be furious about the imbalance of time it takes between the launch of a product and its arrival at the nearby shops or at a consumer’s place. This will make Samsung easier to compete with the competitor’s product in the emerging markets like India, South Korea etc.
Samsung- A competitor
At present Chinese company, Bitmain is the industry leader of crypto-mining. Samsung will be a tough competitor for Bitmain and Bitfury. In 2017, Samsung has booked $69 billion in chip sales which helped it to secure the largest chipmaker in the world.