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Samsung SDS to transform Korean customs services through Blockchain technology

Blockchain technology is all set to be used for the implementation of Korean custom services. For this purpose, the Korean Customs Service (KSCS) selected the renowned Samsung SDS to provide its cutting-edge blockchain platform called the Nexledger.

Agreement between Samsung SDS and KCS will greatly enhance service-delivery

According to the press release by Samsung, the two entities signed the memorandum of understanding. The agreement also saw the participation of 48 other business entities including insurance providers, logistics firms, shipping operators and government authorities.
This agreement will greatly assist export-related companies to share various shipping documents in a transparent manner, which will help in curtailing document forgery and other forms of white-collar criminal activities. Moreover, it will also reduce document-processing delays, eventually speeding up the overall custom clearance process.
Vice President of the logistics division of Samsung SDS, Mr. Kim Hyung-tae expressed his optimism by stating that, “we will play our role in uplifting the competitiveness of Korean national logistics setup with the successful completion of this project.”

Samsung SDS assisting both the public and the private sector by utilizing blockchain technology

Nexledger was launched in April 2017. It provides a cloud-computing solution for government authorities like the KCS and other corporations to develop their own services as an added layer. The Nexledger platform provides several features including smart contracts, real-time transaction processing, and management monitoring systems created for various types of industries.

This is not the first time that Samsung SDS would be working for a government project. Earlier, Seoul metropolitan government selected it to transform the capital city’s municipal governance by the year 2022 using Nexledger. Here again, the basic aim was to provide convenience to the citizens and enable transparency.
Apart from provisioning services to government agencies, Samsung SDS has been facilitating banking sector as well. Last month, it announced the launching of a banking certification ecosystem called ‘BankSign’. It is also based on the blockchain technology and designed to greatly simplify inter-banking transactions.

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Samsung SDS launches blockchain-powered banking certification platform

Samsung SDS, a subsidiary of South Korea’s largest IT company, has announced that it has created a banking certification platform called ‘BankSign’ based on blockchain technology.

Flexible Certifications

The platform will greatly enhance the streamlining process of carrying out inter-bank transactions. BankSign has been developed with the cooperation of the Korea Federation of Banks, which will enable its users to conduct transactions across various banking mobile systems.

The prominent feature of the platform is that it requires only single certification among all the banking systems, which will greatly reduce processing times and complexity. Moreover, there are multiple ways to make the certification which includes fingerprints, passwords and patterns.

SDS says that fool-proof security is ensured by connecting this data-sharing network and bank’s systems. This sharing process will prolong the validity of the certification for up to three years. Overall, unchecked alterations and forgeries are nearly impossible to make with the deployment of blockchain technology. According to a Samsung SDS spokesperson:

”BankSign will be the first banking services application designed on the well-known blockchain technology. The company will keep striving to expand the digitization of its businesses which will promote competition between financial and banking institutions”

Constant Innovation

SDS was established in 1985 to act as the information technology arm of the Samsung. It provides technical services, IT education, IT consultancy and various types of outsourcing services. SDS is continuously expanding its business by investing heavily in modern technologies like the blockchain, artificial intelligence (AI) and the internet-of-things (IoT).

SDS operates Korea’s largest IT education institute and requires all its employees to dedicate 10% of their individual working hours to education. Last year, SDS launched its blockchain-powered business platform called Nexledger which was designed to achieve cost-efficient management of data exchange and financial transactions between different corporations.

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