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
BanksBitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTMarketsNewsUSAxbtusd

Bitcoin Retakes $57K As Hundreds Of US Banks Prepare To Offer Crypto Trading And Custody To Clients

Bitcoin has recouped the losses from recent sell-off after news that the world’s oldest cryptocurrency is soon coming to hundreds of United States banks. Data from CoinMarketCap shows that bitcoin is hovering at $57,091.36 at press time, with 5.47% daily…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTJamie DimonjpmorganNewsxbtusd

My Clients Care About Bitcoin, I Don’t: JPMorgan CEO Jamie Dimon

The trajectory that bitcoin has seen over the last decade has been nothing if not interesting. There was a time where it was popular among top financial executives to denounce bitcoin and declare it is a scam or fraud at…
CoinbasecryptocurrencyCryptocurrency NewsFeaturedNews

How Coinbase is Driving the Crypto Market to the Richest Fintech Hands

Not every cryptocurrency proponent is a fan of the giant exchange platform Coinbase. But if sentiments are kept aside, it is crystal clear that the platform is leading the cryptocurrency market into some of the richest hands the industry will…