According to a press release published on September 14, the Korea Customs Service (KCS) has signed a memorandum of understanding (MOU) with Samsung SDS to build “the world’s first blockchain-based export customs clearance system.”
In July of this year, KSC selected Samsung SDS to establish the advanced export customs clearance system as part of efforts to adopt blockchain technology for its customs department to deal with the phenomenal growth in trade volumes over the last decade or so.
Samsung SDS, which is the IT arm of electronics giant Samsung, will develop a blockchain-powered platform based on Nexledger, which will be used for export customs logistics services.
Nexledger is a blockchain-based platform designed to give a more efficient option to businesses which are looking for faster and more efficient systems to take care of their financial transactions and data exchange.
According to the press release, the new logistics system will enable institutions and companies, related to exports, to quickly and easily share a variety of documents, ranging from customs declarations to delivery, with each other. Another important aspect of this innovative system is that it prevents forgery and falsification of documents.
Samsung SDS said its Nexledger platform is capable of dealing with a large number of transactions in real time and offering a smart contract function, which bolsters security and convenience.
The new product tries to cater to the big market of companies actively involved in the export business. It helps them to streamline and secure document sharing at each stage, from customs declarations of the exported goods to safe delivery. It also provides them with a better tool to detect forgery and other cases of document falsification.
This collaboration involves the coming together of KSC, SDS, and 48 other organizations from various shipping and insurance companies.
Samsung SDS applies block-chain platform Nex leisure, which has real-time mass transaction processing, smart contract, and management monitoring system, to various industries such as finance, manufacturing, logistics, and the public sector.
Kim Hyung-tae, vice president of logistics division of Samsung SDS, said, “We will contribute to enhancing the competitiveness of national logistics by further strengthening the leadership of logistics blockchain field with the successful execution of this project.”
It’s not the first time for Samsung SDS
The upcoming platform is not the first blockchain-powered logistics project developed by Samsung SDS. In June, the company revealed the Cello 3.0 platform, which will combine artificial intelligence (AI) technology and the company’s “logistics know-how.”
Earlier this year in August, Samsung SDS developed a certification platform BankSign, which is based on blockchain technology. The platform allows users to carry out transactions on different banks’ mobile systems using verification from just one of those systems.
The platform was set up in collaboration with the Korea Federation of Banks, an organization that represents financial institutions in South Korea. This is in line with the government’s drive to facilitate the adoption of blockchain in public services.
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