Samsung SDS, the IT branch of electronics manufacturer Samsung Group, said it will use its Nexledger blockchain platform to build a customs clearance system for the Korean Customs Service.
Samsung SDS will use its blockchain solution to establish the world's first DLT-based export clearance system, the company announced on Friday. The project is led by the Korea Customs Service, an organization managed by the Ministry of Strategy and Finance of South Korea. The Korean Customs Service has reached an agreement with 48 government agencies and companies, including insurers and shipping services for implement the project.
The organization intends to develop a system of cooperation to respond jointly to changes in the sector. The system would redesign corporate procedures and allow its members to gain access to improved customs and export logistics services. In July of this year, the Korean Customs Service chose Samsung SDS as the main commercial operator. The latter must develop the export customs clearance system in line with efforts to adopt innovative technologies for customs management in response to increased trade volumes and e-commerce.
The IT division of the electronics giant Samsung Group will use its blockchain Nexledger platform, which caters to businesses. The platform allows users to make digital payments and apply identity and authentication solutions.
Samsung SDS claimed that the logistics system would allow export-related companies to share relevant documents, from customs declarations to delivery, easily. The solution will also prevent falsification of data and documents. The company noted that its Nexledger platform could handle a large number of transactions in real time. Its intelligent contractual function ensures a high degree of security and at the same time provides users with comfort
Kim Hyung-tae, Samsung SDS's logistics manager, commented:
"We will improve our leadership in the area of the logistics blockchain successfully implementing the project and helps to increase the nation's competitive advantage in logistics. "
The company added that it would develop its distributed register technology by joining it to other innovative technologies such as artificial intelligence, big data, the cloud and the Internet of things among others.