Korean Customs Services (KCS) To Develop Blockchain-Based Export Clearance System With Samsung SDS

The Customs Service of South Korea has reached an agreement with Samsung SDS to develop a blockchain platform that would help it reduce fraud and improve customs enforcement.

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The Customs Service of South Korea has reached an agreement with Samsung SDS to develop a blockchain platform that would help it reduce fraud and improve customs enforcement.

The platform, Nexledger, would be deployed in the clearance system of the country’s export customs network managed by KCS.

Korean Customs Services (KCS) To Develop Blockchain-Based Export Clearance System With Samsung SDSTransparency at customs very crucial

Samsung SDS, the IT arm of electronics giant Samsung, made announced September 14th, stating that it will create a blockchain platform based on Nexledger.

The proposed decentralized platform will be used as an integrated solution to businesses looking to reduce expenses in managing digital financial transactions and data exchange.

Samsung added that asides the Korea Customs Service, forty-eight other institutions, including public agencies and shipping and insurance companies, also agreed to be part of the deal.

The companies will serve as nodes on the distributed network which is expected to increase transparency in the country’s customs service.

The main purpose of this partnership is sharing relevant export documents among several entities – some of the documents include customs declarations and delivery forms.

The platform is also designed to eliminate document forgery while also making field export process faster and more efficient.

The Korean Customs Service has been working with Samsung SDS on this platform since May following its entry into Samsung’s recently launched shipping and logistics consortium.

Following the launch of its consortium, Samsung SDS revealed that the blockchain technology would be used to manage the history of manufacturing, processing, storage, and transportation of goods in a more transparent way.

The stated purpose of the project is to make it impossible to manipulate origins, change the distribution period and carry out false advertising – all while enabling the real-time location sharing of cargo in transit.

The consortium is made up of members such as the Korea Customs Service, Ministry of Oceans and Fisheries, Hyundai Merchant Marine, IBM Korea, and Ktnet.

Samsung developing blockchain solutions

Samsung is one of the tech companies that has been working on providing blockchain solutions to governments and other companies.

Last month, Samsung SDS unveiled its blockchain based mobile banking platform, BankSign.

This platform will enable users to make transactions at different banks more easily. This platform was accepted by the Korea Federation of Banks (KFB) as it will allow domestic banks to strengthen their verification systems by digitizing both mobile and online banking.

BankSign makes it possible for customers to carry out transactions using the mobile banking systems of different local banks. All that will be possible with certification from just one participating bank.

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