Samsung has reportedly started using blockchain technology to track its product shipments worldwide.
In a report from Bloomberg, the head of blockchain at Samsung, Song Kwang-woo, said the company ships tens of millions of dollars worth of products every year and by switching to blockchain technology the company could slash shipping costs by up to 20 percent.
Blockchain is the tracking technology used to manage cryptocurrencies so that all transactions are recorded and can’t be tampered with.
Using blockchain to track shipping could also make it so it is easier to reduce the amount of trade paperwork that is involved with shipping something across multiple borders, particularly with port authorities.
The biggest plus for users is this could mean that products will make it to stores or your front door faster. It will be interesting to see how this project takes shape and what positives this brings to the companies shipping efforts.
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