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Korea beats Samsung's blockchain technology to combat customs fraud

The South Korean customs authority is trying to adopt Samsung's blockchain technology as the backbone of a decentralized clearance system.

Samsung SDS, the IT branch of the conglomerate, said that the Korean Customs Service has signed a memorandum of understanding (MoU) that will see the blockchain of Samsung used by Nexledger for the new platform.

Another 48 national institutions, including public agencies and shipping and insurance companies, have signed the MOU, says the company, with the goal of participating as nodes on the network distribution to increase the transparency of the process customs.

The effort seeks to share the necessary set of export documents from a number of entities, such as customs declarations and delivery forms, and is designed to "fundamentally block document forgery" as well as making the export process more efficient.

The Korea Customs Service started working with Samsung for the blockchain use case in May, when it joined the logistics and shipping consortium launched by the technology giant.

As announced by CoinDesk in April, Samsung SDS had already started to develop its blockchain platform for international shipments – one of which planned to reduce costs in that sector by 20%.

The new customs initiative is also in line with the South Korean government's general agenda for the adoption of the blockchain in public services, having allocated dedicated government funding [19659002] Currently, the Ministry of ICT is focusing on the development of six pilot projects for public services, one of which is customs clearance

Image of the South Korean port via Shutterstock


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