South Korea Customs Service (KCS) is planning to use Samsung’s blockchain technology in order to reduce fraud and keep the custom’s system decentralized.
According to Samsung SDS, CEO Won-Pyo Hong stated that the company will develop a blockchain platform (Nexledger) for export customs logistics service. This will be the world’s first blockchain platform used by Custom’s Department.
Export-related organizations and companies can easily share documents and block forged documents by export customs logistics service. said on SamsungSDS website
Samsung SDS has partnered with 48 agencies and companies, including public agencies, shipping companies, and insurance companies to work with KCS. This was done at the Seoul headquarters Customs on of 14th July.
KCS picked Samsung as its main business operator since July 2018. This Blockchain platform will support the Korean custom’s department to perform the export process more efficiently. Also, it will detect and block forgery documents and stop frauds.
“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.” said Kim Hyung-tae, vice president of logistics division of Samsung SDS
In April, we had seen Samsung planning to leverage Blockchain for its Global supply chain. The costs of the company’s supply network, which accounts for tens of billions of dollars per year, can be decreased by 20% with this technology.
So Samsung’s experience on supply chain will support them to develop blockchain platform for Korea Customs Service (KCS).
Thanks for Reading! if you enjoy this news kindly feel free to share on social media and follow us to keep updated.