Blockchain technology is making inroads in many different industries. Samsung, a global technology leader, is now keeping a close eye on this technology. The company plans to incorporate distributed ledgers to manage its global supply network. Samsung also shows a keen interest in manufacturing cryptocurrency mining equipment.
The Impact of Blockchain Technology
Cryptocurrencies have introduced the world to how blockchain technology can be harnessed for many different purposes. For Samsung, it seems this technology can serve as an immutable record to keep tabs on the company’s global shipments. Incorporating a distributed ledger into the existing supply chain will help reduce shipping costs. For a company dealing with billions of dollars in shipments every year, any cost-cutting measure needs to be explored.
This new implementation is being developed with the help of SDS. Depending on how this measure turns out, the impact on Samsung’s supply chains can be rather significant. In its current form, this industry relies on paperwork being sent back and forth between different parties. With a distributed ledger, coordinating with other parties and authorities becomes a lot more straightforward.
The technology in question will be trialed to handle most of Samsung’s products. That list includes smartphones, displays, and so forth. If successfully implemented, blockchain technology will be a valuable tool in reducing the time between product launches and actual shipments. In terms of rivaling with other companies, this method can give Samsung a competitive edge in the industry.
Samsung Keeps a Close eye on Cryptocurrency
This new announcement comes at a rather interesting time for Samsung. Over the past few months, it has become apparent the company is eyeing the cryptocurrency industry as well. More specifically, the firm has shown an interest in developing mining hardware components. For now, Samsung is producing ASIC chips for Halong Mining, a very popular manufacturer of Bitcoin and Ethereum mining hardware.
With this particular venture, the technology giant is bringing some much-needed competition to the mining industry. As of right now, it is primarily controlled by Bitmain. There is plenty of room for other manufacturers, yet none of them makes any big impact. With Samsung backing the effort by Halong Mining, the ecosystem continues to grow.
By tackling both cryptocurrency and blockchain, Samsung is heading in a rather surprising direction. When global technology giants pay attention to these industries, interesting things are bound to happen. The company’s blockchain venture is still in development and has no official “roadmap” as of right now. Other companies in the shipping and logistics industry are also looking for ways to cut overhead costs once and for all.
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