The Korea Customs Service (KCS) has entered an agreement with Samsung SDS, the IT subsidiary and technology provider of Samsung, to use blockchain technology for an export customs clearance system.
Samsung SDS will develop the world’s first blockchain-based export customs logistics service for the Korea Customs Service to institute efficiency and eliminate fraud in the industry.
As stated in the press release, alongside Korea Customs Service, 48 other organizations and companies including relevant government authorities, shipping operators, logistics firms and insurance providers have also entered the agreement.
Samsung SDS will use its enterprise blockchain platform, Nexledger, for export customs logistics services, as it is designed to provide an integrated solution to businesses looking to reduce expenses while managing digital financial transactions and data exchange.
In fact, the core platform enables real-time transaction processing in scale, smart contracts as well as a management monitoring system developed for various industries including finance, manufacturing and the public sector.