Samsung’s IT subsidiary, Samsung SDS, has signed a memorandum of understanding (MoU) with Korea Customs Service (KCS) to develop the world’s first blockchain-based customs service.
The MoU also includes 48 other businesses or organisations, such as government authorities, and is intended to prevent fraud and improve efficiency in the customs industry.
By using Nexledger, Samsung SDS’s enterprise blockchain platform, stakeholders will be able to share relevant documents related to such processes as manufacturing and delivery of shipment seamlessly throughout the supply chain.
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The platform also allows real-time transaction processing in smart contracts, as well as a management monitoring system for various industries, including finance, manufacturing and the government administration.
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In a statement, Kim Hyung-tae, Vice President of the Logistics at Samsung SDS, commented: “We will contribute to enhance the competitiveness of national logistics by further strengthening the leadership of logistics block chain field with the successful execution of this project.”
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