New Development as South Korea Seeks Samsung’s Blockchain Tech to Combat Customs Fraud
South Korea is on the move to acquire Samsung’s blockchain technology to ease customs clearance system. The initiative will facility custom security check to minimize criminal activities in the custom.
The IT conglomerate, Samsung SDS, announced last week the progress of signing a memorandum of understanding (MoU) with Korea Customs Service to enable the utilization of Samsung’s Nexledger blockchain.
The development will see forty-eight domestic public services sign the MoU to empower transparency to the customs process, and to share exports documents regarding customs declarations. This agreement would facilitate the efficiency of exporting in the country.
It had seemed a distinct possibility that Samsung would develop projects using blockchain technology. In April, CoinDesk, reported that Samsung had already embarked on developing its blockchain platform for international shipments. However, the government of South Korea is in support of the initiatives.
Regarding the progress South Korea has made to counter any illicit activities in its custom industry. Should other countries follow suit?
Let us know what you think about this development in the blockchain industry?
