Korea Customs Service Partners with Samsung SDS to Build Blockchain Customs Platform
The Korea Customs Service has signed an agreement with Samsung SDS to deploy blockchain technology for its customs clearance system, according to a press release published September 14.
Samsung SDS, 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 platform designed to provide an integrated solution to businesses looking to reduce expenses while managing digital financial transactions and data exchange.
The new product is reportedly aimed at organizations active in export operations, enabling them to streamline and secure document sharing at each stage, from customs declarations of the exported goods to the delivery, in addition to detecting and preventing the use of forged documents.
Along with the Korea Customs Service, forty-eight different organizations, including public agencies, shipping, and insurance companies have also entered the agreement.
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 knowhow.”
In August, Samsung SDS announced the launch of BankSign, a blockchain-based certification tool for banks and a joint project with the Korea Federation of Banks. BankSign reportedly enables customers to acquire a certification that is valid for up to three years, replacing the existing certificate system, which requires annual renewal and registration and authentication with each individual bank.
U.S. Customs and Border Protection is also looking to adopt blockchain for its shipment tracking system. The agency announced in August that it will launch a live test of the system, the results of which will define how blockchain is able to enhance the verification process of certificates of origin from partners of the North American Free Trade Agreement and the Central America Free Trade Agreement.