Jun Ji-hye, a reporter at the finance desk of The Korea Times, focuses primarily on economic policy and government agencies, mainly covering the Ministry of Finance and Economy, the Ministry of Budget and Planning, the National Tax Service and the Korea Customs Service. She previously covered financial authorities, including the Financial Services Commission and the Financial Supervisory Service, and earlier worked on the political, city and business desks, reporting on a wide range of issues.
Samsung SDS to target blockchain-based marine logistics in Europe
By Jun Ji-hye
Samsung SDS has joined forces with the Port of Rotterdam Authority and ABN AMRO, the third-largest bank in the Netherlands, to launch a pilot project aimed at implementing blockchain-based marine logistics operations, the Korean company said Sunday.
Through the business agreement, the IT arm of the nation's top conglomerate, Samsung Group, will actively expand its blockchain business to the global market, it said.
Samsung SDS plans to complete work to connect its Nexledger, a blockchain platform developed for corporations, to ABN AMRO's Corda platform by the end of February to apply blockchain technology to the Port of Rotterdam Authority's logistics operations.
The pilot project is aimed at paperless integration of physical, administrative and financial procedures within international logistics chains.
The Korean firm said the project targets goods that depart from ports in Asia and arrive at the Port of Rotterdam.
Once the project is completed, institutions and companies will be able to simplify financial dealings and share a variety of documents related to exports and imports in real time.
The blockchain-based system also fundamentally prevents forgery or falsification of documents.
“European countries have shown a lot of interest in Korea's blockchain-based marine logistics cases, and this has led to the latest project,” said Kim Hyung-tae, who leads the logistics business unit at Samsung SDS. “This will be an opportunity for us to raise our competiveness in the logistics business and expand our blockchain platform to the global market.”
Samsung SDS, the Port of Rotterdam Authority and ABN AMRO will continue to expand the project to other foreign institutions and shippers, the Korean firm said.