South Korea turns to Samsung’s blockchain tech for decentralized customs clearance
The Korea Customs Service (KCS) is tapping tech giant Samsung’s blockchain technology for its customs clearance system.
Last week, Samsung’s IT subsidiary, Samsung SDS, announced that it has signed an agreement with KCS, allowing the South Korean government agency to use the company’s Nexledger blockchain for its new platform.
The memorandum of understanding was also signed by 48 other institutions, including public agencies, shipping companies and insurance firms, at KCS’s headquarters in Seoul. According to the agency, the decentralized system will help improve the customs services by increasing transparency and security to the process.
The new platform will be used to keep all transaction records. Export-related business would also be able to share documents with each other using the platform. In this regard, Samsung’s Nexledger is expected to change the industry by restructuring and establishing export customs and logistics services. Customers will use their mobile phones to access different services on the platform.
Nexledger, launched in April 2017, acts as a cloud computing solution for corporations and government authorities to build their own services as an added layer. The technology helps real-time transaction processing as well as monitors system development for various industries.
The customs agency has been looking for a way to put an end to various issues that have been incessant in the industry. With the help of blockchain, KCS seeks to eradicate lose of important documents like declarations and delivery forms. It also seeks to stop forgery of documents essential to the process.
Korea Customs Services started working with Samsung on the technology in May, when it joined Samsung in its shipping and logistics consortium. Samsung SDS has also partnered with other institutions and companies, including the Ministry of Oceans and Fisheries, Hyundai Merchant Marine and IBM Korea, to supply its Nexledger technology.
Nexledger is also being adopted by Korea’s commercial banking industry to help power a new customer ID verification platform. The platform is expected to improve the verification process in the country.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.
Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.