Samsung Implents Blockchain and Produces Bitcoin Miners, Focuses on Crypto

Blockchain technology is making inroads in many different industries. Samsung, a global technology leader, is now keeping a close eye on this technology. The company plans to incorporate distributed ledgers to manage its global supply network. Samsung also shows a keen interest in manufacturing cryptocurrency mining equipment.

The Impact of Blockchain Technology

Cryptocurrencies have introduced the world to how blockchain technology can be harnessed for many different purposes. For Samsung, it seems this technology can serve as an immutable record to keep tabs on the company’s global shipments. Incorporating a distributed ledger into the existing supply chain will help reduce shipping costs. For a company dealing with billions of dollars in shipments every year, any cost-cutting measure needs to be explored.

This new implementation is being developed with the help of SDS. Depending on how this measure turns out, the impact on Samsung’s supply chains can be rather significant. In its current form, this industry relies on paperwork being sent back and forth between different parties. With a distributed ledger, coordinating with other parties and authorities becomes a lot more straightforward.

The technology in question will be trialed to handle most of Samsung’s products. That list includes smartphones, displays, and so forth. If successfully implemented, blockchain technology will be a valuable tool in reducing the time between product launches and actual shipments. In terms of rivaling with other companies, this method can give Samsung a competitive edge in the industry.

Samsung Keeps a Close eye on Cryptocurrency

This new announcement comes at a rather interesting time for Samsung. Over the past few months, it has become apparent the company is eyeing the cryptocurrency industry as well. More specifically, the firm has shown an interest in developing mining hardware components. For now, Samsung is producing ASIC chips for Halong Mining, a very popular manufacturer of Bitcoin and Ethereum mining hardware.

With this particular venture, the technology giant is bringing some much-needed competition to the mining industry. As of right now, it is primarily controlled by Bitmain. There is plenty of room for other manufacturers, yet none of them makes any big impact. With Samsung backing the effort by Halong Mining, the ecosystem continues to grow.

By tackling both cryptocurrency and blockchain, Samsung is heading in a rather surprising direction. When global technology giants pay attention to these industries, interesting things are bound to happen. The company’s blockchain venture is still in development and has no official “roadmap” as of right now. Other companies in the shipping and logistics industry are also looking for ways to cut overhead costs once and for all.

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2. Ethereum ETH
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$18.19B $276.42M 40B XRP
4. Bitcoin Cash BCH
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$4.86B $318.53M 906.25M EOS
6. Stellar XLM
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7. Litecoin LTC
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8. Tether USDT
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9. Cardano ADA
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10. Monero XMR
$1.75B $12.2M 16.52M XMR
$1.53B $65.11M 65.75B TRX
$1.36B $5.73M 2.78B MIOTA
13. Dash DASH
$1.3B $190.59M 8.4M DASH
14. Binance Coin BNB
$1.27B $27.94M 130.8M BNB
$1.08B $130.22M 65M NEO
16. Ethereum Classic ETC
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$864.96M $5.84M 9B XEM
18. Tezos XTZ
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19. Zcash ZEC
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20. VeChain VET
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21. Maker MKR
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22. OmiseGO OMG
$472.62M $21.92M 140.25M OMG
23. Bitcoin Gold BTG
$467.24M $3.93M 17.31M BTG
24. 0x ZRX
$456.59M $16.3M 545.13M ZRX
25. Dogecoin DOGE
$447.19M $14.99M 116.7B DOGE
26. Decred DCR
$382.87M $8.55M 8.7M DCR
27. Ontology ONT
$363.1M $16.22M 207.02M ONT
28. Qtum QTUM
$359.29M $96.17M 88.99M QTUM
29. Lisk LSK
$326.22M $6.85M 111.52M LSK
30. Aeternity AE
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31. Bitcoin Diamond BCD
$284.21M $7.22M 153.76M BCD
32. Siacoin SC
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33. Zilliqa ZIL
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34. Basic Attention Token BAT
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35. Nano NANO
$264.32M $3.15M 133.25M NANO
36. BitShares BTS
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$256.47M $9.11M 387.43M ICX
38. DigiByte DGB
$245.13M $1.67M 10.97B DGB
39. Bytecoin BCN
$240.4M $646,418 184.07B BCN
40. Steem STEEM
$227.56M $736,193 280.98M STEEM
41. Verge XVG
$217.61M $4.34M 15.17B XVG
42. Pundi X NPXS
$205.79M $6.01M 125.68B NPXS
43. Bytom BTM
$203.25M $23.84M 1B BTM
44. Waves WAVES
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45. TrueUSD TUSD
$176.65M $18.86M 174.87M TUSD
46. Stratis STRAT
$167.31M $15.94M 99.07M STRAT
47. Metaverse ETP ETP
$162.72M $5.27M 52.92M ETP
48. Komodo KMD
$159.86M $3.63M 110.41M KMD
49. Golem GNT
$158.68M $1.74M 959.24M GNT
50. Augur REP
$151.53M $4.34M 11M REP
51. Holo HOT
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53. Electroneum ETN
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54. Populous PPT
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55. Status SNT
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56. Waltonchain WTC
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57. Cryptonex CNX
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59. Aurora AOA
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60. Ravencoin RVN
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61. Wanchain WAN
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88. Bancor BNT
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97. Power Ledger POWR
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