The Customs Service of Korea recently signed an agreement with the technology giant Samsung SDS in which it will deploy blockchain technology for its customs clearance system, according to a new press release which has been published on September 14th.
In it, Samsung SDS, as an IT arm of the electronics giant Samsung, will be responsible for developing a blockchain-powered platform based on Nexledger which will be used for export customs and logistics services.
Meanwhile, Nexledger is a blockchain platform that is designed to provide an integrated solution to businesses looking to reduce their expenses while managing their digital financial transactions and data exchange.
The new blockchain product will aim at organizations that are active in export operations – helping them streamline and secure document sharing at each stage. From customs declaration of the exported goods to the actual delivery, it is designed to detect and prevent the use of forged documents.
The agreement is now between the Korea Customs Service and Samsung SDS – but it is also important to note that 48 other companies and organizations including public agencies, shipping and insurance companies also entered it.
This is not the first blockchain-powered logistics project that is developed by Samsung SDS. In June, the company revealed its Cello 3.0 platform which combines artificial intelligence (AI) technology with the company’s logistics knowhow.
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