Samsung to Use Blockchain for Global Shipping

Korean tech giant plans to reduce shipping costs by 20% using blockchain technology
16 April 2018   561

Technology giant Samsung is considering the possibility of using blockchain in its systems to track and manage global supply chains.

In a conversation with Bloomberg, the blockchain head of the Samsung SDS - IT-division of Samsung - Song Kwang-woo reported that the use of the blockchain will reduce costs by 20%.

The representative of the company confirmed that SDS is working on the creation of a blockchain platform for Samsung Electronics, which makes it one of the first large manufacturers seriously thinking about integrating the technology on such a scale.

It will have an enormous impact on the supply chains of manufacturing industries. Blockchain is a core platform to fuel our digital transformation.

Song Kwang-woo

Head of Blockchain, Samsung SDS

SDS expects to handle 488,000 tons of aviation cargo and 1 million 20-foot equivalent of shipping units in 2018. This includes advanced Samsung devices, including the Galaxy S9 and the upcoming Note 9, as well as OLED displays for the iPhone X and much more.

In addition to tracking shipments, the platform on the blockchain can shorten time and improve the efficiency of product launching processes and their delivery to the end user.

Samsung SDS is a member of the Enterprise Ethereum Alliance (EEA). The company successfully carried out the first experimental delivery of cargo from Korea to China, during which the whole process was controlled by the system on the blockhouse, at the end of 2017.

More than a year ago, Samsung SDS launched its own blocking platform Nexledger, intended for corporate users.

Japan to Tighten Regulation Due to Zaif Hack

$ 62 000 000 worth cryptocurrency was stolen from the Zaif exchange few weeks ago
25 September 2018   82

Hacking of Zaif exchange is the reason for toughening control over the market by the financial regulator of Japan, Reuters reports.

The first measure taken was administrative sanctions against the exchange and its operator Tech Bureau Corp. The Financial Services Agency (FSA) has expanded the list of requirements for the latter, pointing out the need to identify preventive measures and search for the organizers of the theft.

Shortly before that, researchers of the Japanese financial company Tech Bureau Corp could not provide details of the theft of $ 62 million from the Zaif crypto exchange at the request of the FSA. The Osaka-based operator had to investigate the causes, consequences of the theft and options for compensating the victims. According to the Agency, the financial company could not cope with the task.

According to the Tech Bureau, the exchange was hacked on September 14 within a few hours. The problem with the server was discovered by the site staff on 17 September. Official confirmation of the incident and notification of the authorities was made only a day later.

Recall, the theft of $ 60 million from the Japanese stock exchange Zaif caused a surge of volatility of bitcoin. For a short time the price was able to overcome the distance of $ 400.