Samsung SDS, the IT subsidiary of South Korean consumer tech giant Samsung Group, has announced that it has signed an agreement with the Korea Customs Service to deploy blockchain technology for its customs clearance and logistics system. The IT giant will build a blockchain platform based on its Nexledger solution, which functions as a digital vehicle that enables corporations and institutions to have access to a wide variety of blockchain based solutions. Along with the Korea Customs Service, 48 different organizations, including public agencies, shipping, and insurance companies have also entered the agreement.
The Korea Customs Service plans to establish a cooperation system to jointly respond to changes in the industry while restructuring business procedures and establishing export customs and logistics services with civil organizations participating in the project. The export customs logistics service that is constructed in this way enables export-related organizations and companies to quickly share documents generated at each stage from customs declaration of exported goods to final delivery and fundamentally blocks document forgery.
Kim Hyung-Tae, vice president of logistics division of Samsung SDS, said that they will contribute to enhancing the competitiveness of national logistics by further strengthening the leadership of logistics blockchain field with the successful execution of this project.
In June of this year, Samsung SDS launched another blockchain-powered logistics platform Cello 3.0, which combined artificial intelligence (AI) technology and the company’s logistics know-how. The platform was launched for the global e-commerce logistics market to help them reduce delivery time and costs by using the optimal shipping methods and events that the platform automatically selects.
In August, Samsung SDS completed the development of BankSign, its blockchain-based co-verification system for banks, for the Korea Federation of Banks (KFB), replacing the existing certificate system, which requires annual renewal and registration and authentication with each individual bank. With BankSign, it would be easier for customers to access the banking services of multiple banks at once. The authentication process has also been improved with simplified passwords, fingerprint and pattern authentication.
Another IT giant IBM in association with Danish shipping and logistics conglomerate Maersk launched 'TradeLens' last month, a blockchain-enabled shipping solution. It is designed to promote a more efficient and secure global trade, bringing together various parties to support information sharing and transparency, and spur industry-wide innovation.
The logistics and shipping industry is keen on implementing blockchain technology. A recent survey of 130 participants organized by INTTRA Inc., showed that 53% of senior shipping executives exploring the various blockchain applications. The survey further revealed that 82% of the responders had undertaken automation and digitization initiatives for their operations.