South Korea To Create Blockchain Based Custom Clearance With Samsung

South Korea is gearing up its customs authority to leverage Samsung’s blockchain Tech as the spine of a decentralized customs clearance system.

Samsung SDS, it’s IT branch, announced on Friday regarding the MoU(memorandum of understanding) by Korean Customs Service that is aimed at utilizing Samsung’s Nexledger Blockchain technology for its new platform.

Interestingly, the MoU also includes 48 other domestic institutions, which includes public agencies, shipping, and insurance firms, who would in-turn be participating as nodes in the distributed network in order to provide much more lucidity to the customs process.

The partnership is aimed at ‘fundamentally blocking document forgery’ for a number of necessary export documents like customs declaration and delivery forms. And to scale up the export process along-with enhanced transparency and efficiency.

Korean Customs department had started their venture with Samsung earlier in May after it joined their newly launched shipping and logistics department.

In April this year, Samsung SDS had started development on its blockchain platform for shipment industry esp. international one’s – aimed at reducing costs by 20% in the said sector.

The new customs approach is in coherence with the South Korean government ’s programme aimed at broader blockchain adoption esp. in the public services sector, after allocating dedicated government funds.

The project os customs clearance with Samsung is one amongst six projects for public services initiated by the ministry of ICT in South Korea.

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