South Korea Adopts Samsung’s Blockchain to Fight Customs Fraud

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According to the reports, the South Korean authority has announced that they are going to tap Samsung’s blockchain technology. The blockchain will be used as the backbone of a decentralized customs clearance system.

Samsungs IT arm, Samsung SDS stated on Friday that Korea Customs Service had signed a memorandum of understanding (MoU). This would see Samsung’s Nexledger blockchain used for the new platform.

Forty-eight domestic institutions, including shipping and insurance companies and public agencies, have to sign a MoU, states the firm, intending to participate as links on the distributed network to bring more transparency to the customs process.

The effort tries to share the important series of export documents from many entities, like customs declarations and delivery forms and is being designed to “fundamental block document forgery,” as well as make the export process more efficient. The Korean custom services began working with Samsung on the blockchain use case back in May when it joined the technology giant’s newly started shipping and logistics consortium.

As reported in April, Samsung SDS had already begun developing its blockchain platform for international shipments. This platform is expected to decrease costs in that sector by 20%. Presently, the minister of ICT is concentrating on developing six pilot projects for public services, one of which is customs clearance.