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Samsung SDS joins Blockchain consortium for shipping industry

Samsung SDS joins Blockchain consortium for shipping industry

Samsung SDS Executive Vice President Kim Hyung-tae, eighth from left, poses with participants at the launch ceremony of the blockchain consortium for shipping and logistics at the company's office in Pangyo, Gyeonggi Province, Wednesday. Public organizations and enterprises including the Korea Customs Service, Ministry of Maritime Affairs and Fisheries, the Korea Maritime Institute, Busan Port Authority, Hyundai Merchant Marine, Korea Marine Transport and IBM Korea have joined the consortium. / Courtesy of Samsung SDS

Samsung SDS Executive Vice President Kim Hyung-tae, eighth from left, poses with participants at the launch ceremony of the blockchain consortium for shipping and logistics at the company's office in Pangyo, Gyeonggi Province, Wednesday. Public organizations and enterprises including the Korea Customs Service, Ministry of Maritime Affairs and Fisheries, the Korea Maritime Institute, Busan Port Authority, Hyundai Merchant Marine, Korea Marine Transport and IBM Korea have joined the consortium. / Courtesy of Samsung SDS

Samsung SDS is accelerating its blockchain drive by strengthening alliances both domestically and abroad.

The system integrations service company said Wednesday it has launched a blockchain consortium for shipping and logistics. Public organizations and private enterprises have joined the consortium. 

They are the 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.

"Under the consortium, we will provide our blockchain security platform to participating enterprises and institutions alongside technological consulting for them," Samsung SDS Executive Vice President Kim Hyung-tae said. "We believe the consortium will boost the growth of the logistics industry here."

Samsung's blockchain security platform is designed to verify trade information by distributing encoded data to each participant through the network.

Once the blockchain security platform is in place, deceptive advertising in the retail stage will also be prevented, according to the company.

Samsung SDS said this technology is not only secure and transparent but also costs less compared to other security measures based on expensive servers.

A KCS official said, "The project will streamline import and export processes regarding customs. This will boost the speed of shipping businesses, facilitating logistics flow while reducing costs."

The participants will start introducing the blockchain security platform to actual shipping and logistics processes in June and complete the project this year. The members have also agreed to cooperate in improving blockchain services and arranging rules and regulations for related technologies.

"The consortium will speed up the penetration of blockchain services in the entire shipping and logistics sector," an HMM official said.

A KMI official said, "The consortium will contribute to the standardization and integration of blockchain services. It is also expected to remove inefficiencies in the logistics industry."

Earlier on May 23, Samsung SDS said it has joined the Enterprise Ethereum Alliance (EEA), an international gathering of businesses for blockchain services, becoming the first Korean company to do so. About 30 global technology and finance enterprises including Microsoft, Intel, JP Morgan and ING have joined the EEA.

Samsung SDS entered the financial security service business by launching its blockchain security platform Nexledger in April.

Source: Korea Times By Yoon Sung-won

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