Korea Taps Samsung's Blockchain Tech to Fight Customs Fraud

More from: | Coindesk |
0

South Korea’s customs authority is looking to adopt Samsung’s blockchain tech as the backbone of a decentralized customs clearance system.

Samsung SDS, the conglomerate’s IT arm, said on Friday that the Korea Customs Service has inked a memorandum of understanding (MoU) that will see Samsung’s Nexledger blockchain utilized for the new platform.

Forty-eight domestic institutions, including public agencies and shipping and insurance companies, have also signed the MOU, says the firm, aiming to participate as nodes on the distributed network to bring more transparency to the customs process.

The effort seeks to share the necessary series of export documents from a number of entities, such as customs declarations and delivery forms, and is being designed to “fundamentally block document forgery,” as

(...)

Read full article » https://www.coindesk.com/korea-taps-samsungs-blockchain-tech-to-fight-customs-fraud/


About | Coindesk |

CoinDesk is the leading digital media, events and information services company for the crypto asset and blockchain technology community. Its mandate is to inform, educate and connect the global community as the authoritative daily news provider dedicated to chronicling the space.

»Twitter: @coindesk »Facebook: @coindesk