News

Korea and Samsung SDS to Develop Blockchain Customs Network

The Korean Authorities through its Customs Service sector has entered into a partnership agreement with the household electronic brand Samsung SDS to build new Customs platform using the instrumentality of the blockchain technology, especially in the customs clearance section. This information was divulged in a press statement published on September 14.

Samsung SDS and Korean Customs Service Partnership

The information Technology service arm of Samsung established in 1985, Samsung SDS will be building the blockchain-powered custom clearance platform based on Nexledger used for export customs logistics services. Nexledger, being a blockchain platform structured to develop an integrated solution to businesses with the aim of drastically reducing cost while managing virtual transactions and data exchanges.
This newly announced platform would be targeted at institutions involved in exports operations thereby giving them the benefit of ease and security in document sharing occurring at each stage, from the customs declarations of the exported goods to the point of delivery. Also, it would assist in the detection and prevention of counterfeit documents.
The Korean Customs Service is not alone in this project as about forty-eight different organizations which include public agencies, shipping, and insurance institutions have also featured in the ingenious and progressive partnership agreement.

Blockchain Penetrates Customs Service

The recently announced project is not the first of its kind relating to a blockchain-powered logistic project by Samsung SDS. In June, the company announced an initiative tagged; Cello 3.0 platform, a combination of artificial intelligence (AI) and the company’s “logistics know-how.”
Also, the global customs service experienced yet another penetration of blockchain technology in August when Samsung SDS revealed the intention to launch a blockchain-based certification mechanism for banks called BankSign and a collaboration project with the Korea Federation of Banks.
Reportedly, the BankSign allows users to acquire certification that with three years validation, the implication of this ingenious technology is that it would replace the traditional certificate system which usually requires annual renewal and registration and authentication with the customer’s bank.
The United States Customs and Border Protection is also having a blockchain adoption in view for its shipment tracking system. In August, it was reported that the agency revealed that it would be launching a live test of the system, and the consequence of this live test is to determine the proper way to define how blockchain can enhance the verification of certificates of origin from trading partners of the Central America Free Trade Agreement and North American Free Trade Agreement.

Related posts
cryptocurrencyDOGEdogecoinDOGEUSDElon MuskNewstesla

Dogecoin Blows Hot As ‘Dogefather’ Elon Musk Considers Making DOGE A Payment Option At Tesla

Dogecoin was expected to race to the moon after Elon Musk’s SNL performance, but the asset took the bearish route and dipped until nearly 40% of its value was lost. The crypto went from a high of $0.73 to a…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTMarketsNewsxbtusd

The Bitcoin Bull Run Is Far From Over – Here’s What’s Following

Bitcoin entered the month of May above $50,000 but has been range-bound below the $60,000 price mark since the 18th of April. Bitcoin hit a daily high of $59,464 on Sunday, this is the highest price the leading cryptocurrency has…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTETFNewsxbtusd

Bitcoin May Never Go Below $50k Once An ETF Is Approved, Declares On-Chain Analyst

Bitcoin may never drop below $50k asserts on-chain analyst Ki-Young Ju. But as usual, there are conditions that follow this possibility. In a tweet, Ju analyzed that Bitcoin could follow the same path that gold took in 2004 when the first…