Samsung SDS Develops Customs Blockchain System Of South Korea

Samsung SDS will apply its blockchain solution to establish the world’s first custom export clearance framework based on DLT.  The program is led by the Korean Customs Service, an institution managed by the Ministry of Strategy and Finance of South Korea. The Korean Customs Service achieved an agreement with 48 state agencies and firms, involving insurance companies and delivery services for the project.

The organization designes to create a system of collaboration to respond to amendments in this industry. This system will enable to reconsider the business processes and will allow its participants to obtain access to more advanced export, customs and logistics services. In July this year, the Korean customs service chose Samsung SDS as its main business operator. Samsung SDS should improve a system of customs clearance of exports in accordance with the efforts to implement innovative technologies for customs authority in response to increased volumes of trade and electronic commerce.

IT department of the electronic giant Samsung Group will use its blockchain platform Nexledger, which is focused on enterprises. The platform allows users to make digital payments and apply solutions for identification and authentication.

Samsung SDS said that the logistics system will allow export-related companies to freely exchange relevant documents, from customs declarations to delivery. The solution will also prevent falsification of data and documents. The company noted that its Nexledger platform can handle a large number of transactions in real time. The smart contract function provides a high degree of security.

The company added that it will develop its technology of a distributed ledger, combining it with other innovative technologies, such as artificial intelligence, large data, cloud and Internet of things among others.