Korea Taps Samsung’s Blockchain Tech to Battle Customs Fraud

South Korea’s customs authority is on the lookout to undertake Samsung’s blockchain tech as the backbone of a decentralized customs clearance program.

Samsung SDS, the conglomerate’s IT arm, explained on Friday that the Korea Customs Company has inked a memorandum of being familiar with (MoU) that will see Samsung’s Nexledger blockchain used for the new platform.

Forty-eight domestic institutions, which include general public businesses and shipping and delivery and insurance coverage organizations, have also signed the MOU, states the business, aiming to participate as nodes on the distributed community to carry extra transparency to the customs approach.

The effort and hard work seeks to share the needed series of export documents from a selection of entities, this sort of as customs declarations and delivery varieties, and is staying made to “fundamentally block doc forgery,” as effectively as make the export approach extra productive.

Korea Customs Company commenced functioning with Samsung on the blockchain use case back again in May well, when it joined the tech giant’s recently released shipping and logistics consortium.

As CoinDesk described in April, Samsung SDS had now commenced developing its blockchain platform for intercontinental shipments – a person it anticipated to cut down costs in that sector by 20 %.

The new customs initiative is also in line with the South Korean government’s general agenda for driving blockchain adoption in pubic solutions, having allocated focused authorities funding.

At this time, the Ministry of ICT is focusing on developing 6 pilot jobs for general public solutions, a person of which is customs clearance.

South Korean port graphic by means of Shutterstock

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