Samsung SDS to set up blockchain customs system

Kim Hyung-tae, ninth from left, who leads the logistics business unit of Samsung SDS, poses for a photo with other executives and officials of government offices and companies related to exports, after signing an MOU at Seoul Main Customs, Friday, pushing for a Korea Customs Service-led project to establish a blockchain-based export customs clearance system. / Courtesy of Samsung SDS

By Jun Ji-hye

Samsung SDS will apply its blockchain platform to set up the world's first blockchain-based export customs clearance system in a project led by Korea Customs Service, the company said Friday.

Korea Customs Service signed an agreement with 48 relevant government offices and companies, such as shipping and insurance firms, earlier in the day to implement the project.

In July, Korea Customs Service selected Samsung SDS as a major company in the project to establish the advanced export customs clearance system as part of efforts to adopt cutting-edge technologies for its customs administration in response to growing trade and e-commerce volume.

The IT arm of the nation's top conglomerate Samsung Group will use its "Nexledger," a blockchain platform developed for corporations, to build such a system.

The Nexledger allows users of mobile devices to gain access to various services safely through encryption of biometric certification information, the firm said.

The company noted that the new logistics system will enable institutions and companies, related to exports, to quickly and easily share a variety of documents, ranging from customs declarations to delivery, with each other.

The system also fundamentally prevents forgery or falsification of documents.

Samsung SDS said its Nexledger platform is capable of dealing with a large quantity of transactions in real time and offering a smart contract function, which bolsters security and convenience.

The firm has already applied the platform to diverse industries including financial, manufacturing and logistics businesses.

"We will enhance our leadership in the logistics blockchain area by implementing the project successfully and contribute to raising the nation's competitive edge in logistics," said Kim Hyung-tae who leads the logistics business unit at Samsung SDS.

The firm added it will continue to develop its blockchain technology by combining it with other future technologies such as artificial intelligence, cloud, big data and internet of things in a bid to lead IT innovation.

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