Samsung plans to use blockchain technology to save 20% of logistics and transportation costs
Samsung Electronics is considering the use of blockchain to manage its global supply chain network and logistics business, hoping to save 20% on transportation costs.
According to reports, Song Kwang-woo, head of Samsung SDS blockchain, said Samsung is considering using the blockchain ledger system to track tens of billions of dollars worth of freight every year worldwide. The system can reduce transportation costs by 20%. Samsung SDS expects to handle 488,000 tons of air cargo and 1 million 20-foot container cargoes in 2018, including OLED screens and Galaxy S9 handsets.
Cheong Taesu, professor of industrial engineering at Korea University, said the blockchain system can help companies reduce the time lag between product launches and actual shipments, making it easier to respond to rival products and changing consumption in emerging markets such as the mainland. Preferences.
Gartner, the market regulator, estimated in March 2017 that by 2025, the commercial value of the blockchain will grow to more than $176 billion, and by 2030 it will exceed $3.1 trillion.
Accenture and AB InBev, APL and Kuehne + Nagel collaborated in March to show how the blockchain can create tremendous efficiency for the industry. Accenture and its partners tested a solution that instead of exchanging files physically or digitally, blockchain technology was used to share and distribute relevant data based on a single ownership principle determined by the type of information. Through a detailed review of the current document process, the team reviewed the ownership, attribution, and risk redistribution of blockchain technology. International cargo transportation usually requires more than 20 different documents, many of which are usually paper documents, so that goods can be transferred from exporters to importers.
Up to 70% of the data in these files can be copied. This method of complicated documentation limits the amount of data quality and the real-time view of the parties involved in the transaction, which may also delay the financial settlement of the goods.
The solution developed by Accenture and its partners accelerates the entire shipping document process, reducing input data requirements by up to 80%, streamlining data modification and cargo inspection processes throughout the transportation process, and reducing burdens and customs compliance fines faced by customers. risk.
According to IDC, global spending on blockchain solutions in 2018 is expected to reach $2.1 billion, more than double the $945 million in 2017. Expenditure is expected to reach $9.7 billion in 2021, and the main spending in the near future will come from the shipping and logistics industries.
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