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Samsung researches possible blockchain usages

20 april 2018, 11:04

Samsung researches possible blockchain usages

The development of the technology and especially the creation of blockchain-like technology, brought enormous possibilities for various usages and improvements in our everyday lives. It's been primary used in the cryptocurrencies and digital payments systems, however many new ICO projects are showing that it could be used for almost any type of platform. It is especially great for storing the data in a transparent and secure way.

Samsung researches possible blockchain usages

More and more companies are exploring potential possibilities with new technologies, however there haven't been any significant mainstream adaptations yet. We know that IBM, NTT or Air France have been working on their own systems to add efficiency and transparency to their networks, while everyone is waiting for bitcoin acceptance in leading marketplaces, as there has been some news regarding Amazon and eBay.

Samsung Electronics

Cryptocurrencies and blockchain technology are still relatively young and not that widely adopted yet. Therefore, it's a very good for cryptoenthusiasts to hear news that such technological giant like Samsung, got interested into exploring possible use cases and improvements that blockchain could bring into their company.

Bloomberg reported that Samsung allegedly started preparing to build their own distributed ledger system to help them track international shipments. It's been estimated, that such improvement could cut shipping costs almost by 20 percent, which on a bigger scale, could mean operational costs lower by millions of dollars.

Samsung SDS is reportedly already developing the platform. Blockchain lead and vide president at SDS, Song Kwang-woo spoke with Bloomberg and said that "It will have an enormous impact on the supply chains of manufacturing industries. Blockchain is a core platform to fuel our digital transformation". The report estimates that SDS could be shipping around 500,000 tons, as well as 1 million shipping containers by the end of 2018.

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