Hong Yuan Zhen, President and CEO of Samsung Group subsidiary Samsung SDS, has said blockchain technology can enhance productivity in the manufacturing industry, believing it offers a better way to share information and establish “healthy processes.”
His comments were made at the Boao Forum for Asia Annual Conference 2019, held in Boao, China from March 26th – 29th.
The executive reportedly stressed the productivity gains of blockchain technology together with live, real-time data analyses and predictions, noting that communication is particularly important in the process of supply management.
Hong Yuan Zhen said he believes digitalization means more than just technical processes, seeing blockchain as a new idea representing new solutions.
In February 2019, Samsung revealed that its latest Galaxy S10 smartphones include wallet functions for Bitcoin (BTC), Ethereum (ETH), Cosmo Coin (COSM) and Enjin Coin (ENJ). COSMEE, a beauty social media platform that uses COSM to incentivize content creation, claimed it was selected by Samsung as the first partner decentralized application (dApp) supported by the upcoming smartphone. Enji Coin on other hand can reportedly be used to send and receive ERC-20 and ERC-1155 crypto gaming assets.
Speculation had surrounded news of possible blockchain and crypto integration for newer phones, with Samsung dismissing the idea of an integrated crypto wallet in December 2018. Leaked photos the following month nevertheless suggested support for an Ethereum wallet in the new Galaxy S10 series.
The IT and consultancy subsidiary has made prior moves into the blockchain space, having collaborated with Dutch bank ABN AMRO on a pilot project to use distributed ledger technology for shipping. Samsung SDS has also launched its own blockchain platform for finance-related businesses, along with further blockchain implementation targeting the logistics industry.
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