Korea Customs Service (KCS) will implement blockchain for Samsung SDS for an export customs clearance system. The IT subsidiary and technology provider of the largest conglomerate of South Korea, Samsung recently signed an agreement with KCS. As per the agreement, Samsung will cooperate with KCS for building the first export customs logistics service in the world based on blockchain technology.
KCS signs agreement with 48 government companies
KCS is an organization run by the Ministry of Strategy and Finance of South Korea. The organization has signed an agreement with around 48 government companies and agencies. These include insurers and shipping services. KCS plans to come up with a co-operation system that can respond to industry changes in unison. The system will redesign business procedures. It will also make sure that the members have an access to improved logistics as well as export customs services.
KCS decided to form an agreement with Samsung SDS as its main business operator a couple of months ago. Now, it will be the job of Samsung’s IT and technology wing to develop export customer clearance system adopting innovative technologies. The new system will support customs management to facilitate an increase in e-commerce and trade volumes.
Samsung to use its Nexledger blockchain platform
Samsung Group’s IT branch will take help of its Nexledger blockchain platform for creating the system. The electronics giant has developed Nexledger for supporting enterprises and allows users to carry out virtual payments. It also applies authentication solutions.
The system thus developed on Nexledger will allow sharing export-related documents seamlessly between stakeholders. The process will involve all aspects of export trading from storage, manufacturing, to customs declaration and final delivery.
Samsung launched Nexledger in April 2017. It functions as a cloud computing solution for different government authorities and corporations such as KCS for building their own layer of services. Nexledger’s core platform performs multiple functions such as enabling a real-time transaction, smart contracts and managing monitoring system. Developed for different industries, these monitoring systems include manufacturing, finance, and the public sector.
Nexledger has made a big impact on the logistics industry of Korea especially after the launch of a blockchain consortium by Samsung SDS in 2017. The consortium also includes government authorities such as the Ministry of Oceans and Fisheries, KCS, tech giant IBM Korea, and logistics giant Hyundai Merchant Marine.