Blockchain technology is highly attractive in various fields and now it is used for the custom check in South Korea. Samsung SDS, the IT arm of electronics giant Samsung, will work on developing blockchain-powered platform based on Nexledger, a blockchain platform to provide an coherent solution to businesses to minimize expenses while governing online financial transactions and data exchange. This is promised by 48 different organizations including public agencies, shipping and insurance companies.
The service will be applied to the export operations from customs declarations of the exported products to the delivery. It will validate organizers to secure document sharing at each stage, detect and prevent the use of fake ones.
However, this is not the very first blockchain project used in logistics done by Samsung SDS. In June, SDS launched the Cello 3.0 platform which integrates artificial intelligence (AI) technology and the company’s logistics “knowhow”. In August, the company publicized BankSign, a blockchain-based certification tool for banks and a partnered project with Korea Federation of Banks. BankSign provided convenience to clients to receive a valid certification up to three years instead of the previous system that they have to renew every year.
U.S. Customs and Border Protection is also considering applying the blockchain system for tracking shipment. In fact, in August, the U.S. stated that a mock test would be done and used the results to develop verification process of certificates of origin from partners of the North American Free Trade Agreement (NAFTA) and Central America Free Trade Agreement (CAFTA).
Author: Jieun Lee
Photo credit to: Canva.com