Samsung creates Blockchain platform for Korean customs service

The South Korean customs service has signed an agreement with Samsung SDS to implement Blockchain technology in its customs clearance system, the company said in a statement this week.

Samsung SDS, the IT arm of the South Korean company, will develop a Blockchain platform based on Nexledger, which will be used for export customs logistics services. Nexledger is a Blockchain platform designed to provide an integrated solution for companies looking to reduce expenses while managing digital financial transactions and data exchange.

The new product targets organizations active in export operations, enabling them to streamline and secure document sharing at every stage, from customs declarations of exported products to delivery, and to detect and prevent the use of counterfeit documents.

Together with the South Korean customs service, 48 different organizations including public agencies, distribution companies and insurance companies also entered into the agreement.

This platform is not the first logistical project driven by Blockchain developed by Samsung SDS. In June, the company unveiled the Cello 3.0 platform, which will combine the artificial intelligence technology and the company's "know-how in logistics".

In August, Samsung SDS announced the launch of BankSign, a Blockchain-based certification tool for banks and a joint project with the Korean Federation of Banks. BankSign allows customers to acquire a certification that is valid for up to three years, replacing the existing certification system, which requires annual renewal and registration and authentication with each individual bank.