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Samsung is bringing crypto and blockchain tech closer to its core business


Apr. 16, 2018 – 

Samsung seems keen to put crypto at the core of its operations. Its semiconductor business, the world's largest, is making chips for cryptocurrency mining. Its electronics business, also a global giant, is reportedly working on a blockchain to monitor its logistics.

Samsung plans to use a blockchain to streamline the logistics of its mammoth electronics business, Bloomberg reported yesterday. The effort could save the company 20% on shipping costs, according to Samsung's logistics chief. The project is notable because it would serve Samsung Electronics, the heart of the conglomerate's business empire. This unit generated $170 billion in revenue last year from consumer electronics, displays, and mobile phones.

Samsung's semiconductor business, meanwhile, recorded $69 billion in revenue last year, making it the world's largest, ahead of Intel. In January, it reported that the chip business received a boost from cryptocurrency mining. According to its earnings report, the group is supplying cutting-edge 10 nanometer chips to unnamed manufacturers of crypto-mining rigs. These machines would be significantly more efficient than the current industry standard: 16 nanometer chips manufactured by Taiwanese foundry TSMC for Bitmain's Antminer S9 rigs.

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