Samsung SDS joined South Korea's shipping blockchain consortium

Tinuku ~ Samsung SDS has joined the blockchain consortium for the shipping industry in South Korea. Samsung SDS is a Samsung group subsidiary in the field of information technology services looking to accelerate the pace by strengthening the alliance using a blockchain consortium in shipping and logistics.

Tinuku Samsung SDS joined South Korea's shipping blockchain consortium

The consortium contains public organizations and private companies are Korea Customs Service (KCS), Ministry of Maritime Affairs and Fisheries, the Korea Maritime Institute (KMI), Busan Port Authority, Hyundai Merchant Marine (HMM), Korea Marine Transport and IBM Korea.

"We provide a blockchain security platform to participating companies and institutions, as well as technology consulting for them," said Samsung SDS Executive VP Kim Hyung-tae.

The Samsung blockchain security platform is designed to verify trade information by distributing encoded data to each member over the network. This technology is claimed to be safe, transparent and less expensive than other security based on expensive servers.

The project will simplify the import, export and customs processes to improve the speed of the shipping business, facilitate logistics flow and reduce costs. The members also agreed to work together to improve blockchain services and set up related technologies.

"We believe the consortium will drive the growth of the logistics industry here," Hyung-tae said.

The consortium will accelerate the penetration of blockchain services across the shipping and logistics sectors, contributing to standardization and integration to eliminate inefficiencies in the logistics industry.

Samsung SDS, established in 1985, has also joined the Enterprise Ethereum Alliance (EEA) is an international blockchain service with 30 global technology and finance companies including Microsoft, Intel, JP Morgan and ING.