South Korea to Utilize Samsung’s Blockchain Tech For Decentralized Customs Clearance Protocols
Samsung’s Blockchain Technology Looks Appealing to South Korea, As They Work Towards Decentralized Customs Clearance Protocols
Samsung is well known for their advancements in technology, so it is natural that they have managed to establish a part of their company called Samsung SDS, which controls their IT work. In a new memorandum of understanding (MoU), the company has decided to join forces with South Korea’s customs authority.
South Korea wants to use the blockchain technology that Samsung SDS uses, incorporating it as the key to their decentralized system for custom clearance. The MoU indicates that they will be specifically using the work on the Nexledger blockchain to build their own platform. Along with the customs authority, there are also 48 domestic institutions, which include insurance companies, public agencies, and shipping companies. Their hope is to act as nodes on the network, which will hopefully make the process more accountable and transparent.
The government will be working on collaborating with many entities to digitize the collection of customs declarations, delivery forms and more. Essentially, their goal is to “fundamentally block document forgery.” Furthermore, by having a clear record of every document and item, the whole process of exporting and importing becomes exponentially more efficient.
Originally, Samsung and Korea Customs Service started working on the possibility of blockchain technology integration in May. At that time, Customs joined the new project that Samsung established as a shipping and logistics company. Back in April, the Samsung SDS sector had already begun to accommodate the customs agency by expanding their technology to international shipments. The current estimates suggest that this industry will be able to save 20% in funding with the updates.
South Korea has been an advocate for expanding blockchain adoption for quite a while, hoping primarily to use it with their public services as the government accounts for funding in this endeavor. Along with the customs clearance project, the Ministry of ICT presently has five other pilot projects in the works.