Samsung to Consider Blockchain to Manage Supply Chain (2024)

FAQs

Is Samsung set to embrace blockchain for its supply chain? ›

The company will use the technology to keep track of global shipments, effectively cutting costs by 20 percent. Samsung is considering using blockchain technology to manage its global supply chain network. The company will use the technology to keep track of global shipments, effectively cutting costs by 20 percent.

The company has created a unique and efficient supply chain system, allowing them to remain competitive in the global market. One of the main benefits of Samsung's Supply Chain Strategy is cost efficiency. The company has implemented a cost-reduction strategy to keep costs low and increase profits.

A blockchain supply chain can help participants record price, date, location, quality, certification, and other relevant information to more effectively manage the supply chain.

The future of data security lies in blockchain tech. Samsung Blockchain keeps your private key in a single and secure location. With additional protection from Samsung Knox and Trusted Execution Environment (TEE), your virtual assets are protected.

Study: Samsung Named Most Active Investor in Crypto and Blockchain Startups. Between September 2021 and mid-June 2022, Samsung invested in 13 crypto/blockchain companies thus making the South Korean corporation the most active among the top 40 corporations.

Blockchain can greatly improve supply chains by enabling faster and more cost-efficient delivery of products, enhancing products' traceability, improving coordination between partners, and aiding access to financing. To hear more, download Noa app for iPhone or Android.

Our mission & approach

Samsung follows a simple business philosophy: to devote its talent and technology to creating superior products and services that contribute to a better global society. To achieve this, Samsung sets a high value on its people and technologies.

We provide support to our suppliers to operate in compliance with global laws and standards to fulfill its environmental and social responsibilities. We also operate a risk management system to minimize human rights infringements and environmental impacts in the mining process in high-risk areas.

Types. The main four types of supply chain strategies are client-centric, predictive business, visibility and smart automation.

Blockchain is under consideration by the food industry for the food supply chain health. For example, Walmart with the collaboration of IBM innovatively uses blockchain technology to track the provenance and condition of its pork supply coming from China.

What is an example of blockchain in supply chain management? ›

For example, Walmart uses IBM's blockchain-based Food Trust to keep track of their products along every step of the chain. Nestlé, Tyson Foods, Carrefour, and Raw Seafoods, among others, also use Food Trust for this purpose.

Over the years, Samsung Research has been the cradle of technologies. Among the technologies it pioneered are: 4G LTE, 5G, Tizen, HEVC (High Efficiency Video Coding), LED Display technology, etc.

Satoshi Nakamoto (born 5 April 1975) is the name used by the presumed pseudonymous person or persons who developed bitcoin, authored the bitcoin white paper, and created and deployed bitcoin's original reference implementation. As part of the implementation, Nakamoto also devised the first blockchain database.

#1 Coinbase Global Inc.

The company's platform enables its retail users to invest, spend, save, earn, and use cryptocurrencies.

IBM. Founded in 1911, IBM is a cloud platform and cognitive solutions company — it's also the largest company in the world embracing blockchain. IBM has helped more than 220 businesses develop applications and data governance tools that run on blockchain.

Blockchain in the Supply Chain is a Game Changer!

The application of blockchain holds promises to increase visibility, renew viability, reduce inconsistency, increase payment processing accuracy, and eliminate compliance problems.

With Amazon Managed Blockchain, food companies can have end-to-end visibility of the supply chain and can audit the immutable ledger to trace unsafe products almost instantly.

Which company uses blockchain in supply chain? ›

IBM Blockchain supply chain solutions leverage smart contracts that are automatically activated when pre-defined business requirements are met and this offers real-time visibility into operations and increase the capability to take actions on time.

IBM. IBM's supply chain intelligence suite, including IBM Food Trust, employs blockchain to help businesses manage food supply chain tasks and build greater transparency. IBM Food Trust in particular can monitor product shelf life, oversee food waste and ensure regulatory compliance all on one database.