Korean Customs To Develop Blockchain-based Customs Clearance System
The Korean Customs Service (KCS) is partnering Samsung’s IT arm Samsung SDS to develop and implement a blockchain-based e-commerce export customs clearance system. KCS had selected Samsung SDS as its main business operator in July 2018.
Samsung SDS says it will build the world’s first blockchain-based “export customs logistics service” using its Nexledger Blockchain platform, which was launched in April 2017.
The use of blockchain technology is expected to enhance the accuracy, efficiency and transparency of customs clearance as well as prevent forgery and alteration of information on documents. It will also provide prompt customs clearance service through real-time transparent sharing of information.
The new system will also allow export-related organizations and companies to quickly share documentation at each stage from customs declaration of exported goods to the final delivery process.
For the past few months, KCS has been planning for a dedicated blockchain-powered customs clearance platform for e-commerce, and also to use the technology to prevent smuggling and trade finance fraud.
The move by KCS comes more than eight months after Samsung SDS successfully completed a 7-month logistic trial on their Nexledger platform. The pilot saw the execution of the entire logistic process of a Korea-China shipment on the platform, with KCS also being a participant.
Samsung SDS has already applied its Nexledger to various industries such as finance, manufacturing, logistics, and the public sector. Nexledger enables real-time mass transaction processing and smart contract capabilities, and a management monitoring system.
by RTTNews Staff Writer
Source: Read Full Article