International electronics giant
Samsung is eyeing blockchain technology to track its global shipments.
Samsung’s head of blockchain services Song Kwang-woo noted that implementing a blockchain platform could reduce global freight costs by 20%.
Bloomberg reported that Samsung SDS is already building a distributed ledger and it is expected to slash time and paperwork involved in coordinating with port authorities.
Samsung's global shipments are worth tens of billions of dollars a year and it expects to handle 488,000 tons of air cargo and 1 million 20-foot-equivalent shipping units this year.
In January 2018;
IBM announced it was joining Maersk to implement a blockchain-based global shipping and trade operation.