Samsung Adopts Blockchain Tech In The Supply Chain Industry As IBM (NYSE:IBM) Follows Suit

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The stock of IBM (NYSE:IBM) closed at $157.89 gaining 0.77% in yesterday’s trading session. Samsung, an electronics giant, has for over quite some time been mulling the use of blockchain platform towards the management of its global supply chains.

It was on Monday that the company moved ahead to state that it was already working on building a distributed ledger system to track international shipments. According to Samsung’s spokesperson, they are hoping that the latest move will be going quite a long way helping slash the shipping costs by a significant margin.

Samsung SDS, which happens to be the group’s logistics and IT subsidiary, is focusing much of its efforts towards the development of the program. The blockchain lead and vice president at SDS Song Kwang-woo recently addressed a number of news reporters regarding the latest developments of the company.

He outlined that they expected it enormously impact the supply chains of manufacturing industries and all this is happening at a moment when business dynamics seem to be shifting pretty fast. Fundamentally, the blockchain is a central platform that will be moving quite a long way in fueling digital transformation.

Recent reports indicate that SDS will soon be shipping about 500,000 tons of air freight and around 1 million shipping containers in this particular year. But what is the best part about resorting to the blockchain-based system?

The point is that it is expected to allow the firm cut down the overheads. Part of that will be the costly shipping documentation not forgetting the fact that it will pave way for it to respond appropriately to the various market movements.

It is also worth noting that Samsung isn’t the only giant firm to resort to the adoption of blockchain tech in line with the supply chain industry. An official working with the firm in a recent interview told journalists that IBM was the other Company that had seen the need to adopt the new technology in revamping its services. It is a matter revolving around the addition of efficiencies as well as transparency to the various networks.

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