Samsung SDS To Develop Blockchain Customs System

Announcements, Blockchain, News | September 14, 2018 By:

Samsung SDS, the Internet technology solutions unit of Samsung Group, is teaming upp with the Korea Customs Service (KCS) to build “the world’s first blockchain-based export customs clearance system.”

In July of this year, KSC selected Samsung SDS to establish the advanced export customs clearance system as part of efforts to adopt cutting-edge technologies for its customs administration in response to growing trade and e-commerce volume.

Today, 48 government offices, organizations and companies, such as shipping and insurance firms, have entered into an agreement with the KCS to implement the system. The new logistics system will use Samsung SDS’ Nexledger blockchain platform, which allows companies to provide various transactional services. Its blockchain-based identification and payment services enable massive transaction processing in real time, automated safe transaction, and monitoring.

Samsung SDS claims that the export customs clearance system will enable institutions and companies to quickly and easily share a variety of documents, ranging from customs declarations to delivery, with each other. It will also prevent forgery or falsification of documents.

“We will enhance our leadership in the logistics blockchain area by implementing the project successfully and contribute to raising the nation’s competitive edge in logistics,” said Kim Hyung-tae who leads the logistics business unit at Samsung SDS.