Samsung may use blockchain for its global shipping system

Apparently, someone at the company heard the buzzword of 2017.

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Yves Herman / Reuters
Yves Herman / Reuters

Samsung is considering shifting to a blockchain-based system to keep track of its product shipments around the world. According to Bloomberg, the head of blockchain at the company, Song Kwang-woo, said that it could slash shipping costs to the tune of 20 percent.

Blockchain is the technology behind cryptocurrencies, but the ledger system can have widely applicable uses. Within shipping, the blockchain method of recording, verifying and sharing transactions could reduce the amount of time it takes to trade paperwork and to arrange scheduling with port authorities.

The key here for consumers is that the electronics giant's switch to blockchain for shipping could decrease the amount of time between when a product launches and when it arrives in stores or at a consumer's front door. It could also make for fewer product shortages.

It's unclear what kind of time frame Samsung is working with and where the company is within this process. However, it will certainly be interesting to see whether Samsung officially makes the switch and whether other major tech companies follow suit.

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Samsung may use blockchain for its global shipping system