Korea Taps Samsung’s Blockchain Tech to Fight Customs Fraud

South Korea’s customs authority is trying to undertake Samsung’s blockchain tech because the spine of a decentralized customs clearance system.

Samsung SDS, the conglomerate’s IT arm, said on Friday that the Korea Customs Service has inked a memorandum of understanding (MoU) that may see Samsung’s Nexledger blockchain utilized for the brand new platform.

Forty-eight home establishments, together with public companies and transport and insurance coverage corporations, have additionally signed the MOU, says the agency, aiming to take part as nodes on the distributed community to convey extra transparency to the customs course of.

The effort seeks to share the required collection of export paperwork from various entities, equivalent to customs declarations and supply types, and is being designed to “fundamentally block document forgery,” in addition to make the export course of extra environment friendly.

Korea Customs Service began working with Samsung on the blockchain use case again in May, when it joined the tech large’s newly launched transport and logistics consortium.

As CoinDesk reported in April, Samsung SDS had already began growing its blockchain platform for worldwide shipments – one it anticipated to cut back prices in that sector by 20 p.c.

The new customs initiative can be according to the South Korean authorities’s total agenda for driving blockchain adoption in pubic companies, having allotted dedicated government funding.

Currently, the Ministry of ICT is specializing in growing six pilot tasks for public companies, one in every of which is customs clearance.

South Korean port picture by way of Shutterstock

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Original article first appeared in https://www.coindesk.com/korea-taps-samsungs-blockchain-tech-to-fight-customs-fraud/

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