South Korea To Use The Power Of Samsung’s Blockchain To Take On Customs Fraud

Corruption on the customs front is a huge issue for many countries, with millions in dollars in losses. South Korea is taking a stand against customs corruption by tapping the power of Samsung's NexLedger blockchain to take corruption on.

Customs

Samsung SDS announced on September 14 that they had signed a memorandum of understanding (MoU) with the Korea Customs Service to use Samsung’s Nexledger blockchain as the foundation of a new decentralized customs clearance system.

Forty-eight domestic institutions, which counted public agencies and shipping and insurance companies among them, have also signed the MOU, signifying their intent to participate as nodes on the distributed network in an effort to bring more transparency to the country’s customs process.

The effort aims to share the necessary export documents from a number of entities, such as customs declarations and delivery forms between participants and is designed to make it nearly impossible to commit document forgery, as well as to make the export process more efficient.

Korea SamsungThe Korean Customs Service started collaborating with Samsung on a blockchain use case back in May 2018 when it joined Samsung’s then newly launched shipping and logistics consortium.

In April, Samsung SDS started development of a blockchain platform for international shipments, with the platform expected to help reduce shipping costs by 20 percent.

The new customs initiative is in line with the national government’s plan to drive the adoption of blockchain technology in public services, with the Korean government allocating $3.76 Million for blockchain, with a focus on six pilot projects for public services.

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South Korea To Use The Power Of Samsung's Blockchain To Take On Customs Fraud
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South Korea To Use The Power Of Samsung's Blockchain To Take On Customs Fraud
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Corruption on the customs front is a huge issue for many countries, with millions in dollars in losses. South Korea is taking a stand against customs corruption by tapping the power of Samsung's NexLedger blockchain to take corruption on.
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Ibinex News
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