The Korea Customs Service (KCS) has entered into an agreement with Samsung SDS to implement the latter's blockchain technology for an export customs clearance system.
Samsung SDS, the IT subsidiary and technology provider of the largest Korean conglomerate Samsung, will develop the first blockchain-based export logistics service to the Korean Customs Service to enable efficiency and reduce fraud in the industry .
A memorandum of understanding between the two entities also sees 48 other organizations and companies, including government authorities, maritime operators, logistics companies and insurance companies adhere to the agreement, a statement said printing.
Samsung SDS will use Nexledger, its corporate blockchain platform, for the customs platform to share substantially the export-related documents stakeholders at every stage of the process of exporting exports from production, storage, customs declaration to final delivery of the shipment.
Launched in April 2017, Nexledger serves as a cloud computing solution for corporations and governmental authorities such as KCS to build their services as a further layer. The main platform enables real-time transaction processing on a scale, smart contracts and a management monitoring system developed for various industries including finance, manufacturing and the public sector.
For example, the metropolitan government of Seoul has chosen Samsung SDS to apply Nexledger technology to the entire municipal administration of the capital by 2022 to allow transparency and improve the convenience of citizens.
Since its launch, the greatest impact of Nexledger remains in the logistics sector in Korea. In May 2017, Samsung SDS launched a blockchain consortium with government authorities including KCS, Korea of the Ministry of Oceans and Fisheries, logistics giant Hyundai Merchant Marine and technology giant IBM Korea.
The enterprise saw Nexledger technology successfully feed a Korea-China shipping process a year ago. The 7-month pilot to record and track shipping logistics and export / import documents concluded in December 2017.
As reported by CCN in May, KCS and Samsung SDS have begun to develop the customs clearance platform to issue certificates of origin, a crucial international commercial document certifying that goods in a particular export shipment are wholly obtained, produced, manufactured or processed in a particular country, on a blockchain.
The KCS has confirmed a complete pilot of the blockchain platform dedicated in June.
Nexledger is also adopted by the Korean commercial banking sector to power a new customer ID verification platform that improves on a decades-old public certification system.
Image highlighted by Shutterstock.
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