Samsung Electronics Co. is planning to cut shipping costs by 20% with the use of a blockchain ledger system to track its global shipments. The blockchain system reduces documentation costs, shipping paperwork, and time to coordinate with port authorities.
This post is based on the Bloomberg article, Samsung Jumps on the Blockchain Bandwagon, by Sam Kim, April 15, 2018. Image source: Shutterstock / Gorodenkoff.
1. What benefits does the blockchain ledger system have for Samsung’s global operations?
Guidance: This ledger system will enable Samsung to track global shipments worth tens of billions of dollars a year, cut shipping costs by 20%, reduce lead time between product launches and shipments, and better respond to competition and customer demand.
2. What impacts does blockchain have on information management in manufacturing supply chains?
Guidance: Transactions are recorded, verified and shared more securely, efficiently, and cost effectively.