Category Archives: banksign

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South Korea Looks to Blockchain With Samsung Tech to Improve Customs Service

Electronics giant Samsung is to develop a blockchain powered platform for use by the Korean Customs Services.

The IT arm of Samsung, Samsung SDS is basing the platform on Nexledger, currently used by businesses as a way of reducing expenses in managing financial transactions and data exchange.

Along with some other 48 organizations, including shipping and insurance companies, the South Korean Customs Service has signed up for the platform in order to streamline and track exported goods passing through customs. The blockchain platform will also aid the customs service in detecting forged documentation.

Samsung is not new to the blockchain industry and appears to be on a drive towards research and development in the new technology. It is currently committed to several new projects in the industry. Samsung is joining a number of other companies in exploring the idea of using blockchain logistics to streamline global supply chains. It is reported that the tech giant has already begun developing a distributed ledger system to monitor international shipments.

The blockchain is set to help shippers, ports, customs offices and many other parties in the global supply chain by replacing paperwork with irrefutable digital records. Blockchain could provide proof of provenance for goods by tracking them globally from the point of origin, manufacture, until the retail store shelf. Import details, fees, and taxes could all be programmed into smart contracts that release payments automatically once the conditions were met.

Recently, Samsung developed Cell 3.0, a platform which combines AI tech with company knowhow, and Banksign, a blockchain-based certification system. The adoption of this new platform is an indication that Samsung may envisage blockchain having a major role to play in the future of the company.

U.S. Customs and Border Protection (CBP), has announced that it will be testing a new blockchain shipment tracking system by combining a newly developed application, Legacy, and other system developed by the Department of Homeland Security (DHS)

Also, in the past month, IBM linked with Danish logistics company Maersk to launch its own blockchain shipping project, “TradeLens” involving 95 other organizations.

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South Korean Banks Initiate Blockchain-Based ID System

The Korean Federation of Banks (KFB), a group of South Korean commercial banks, has announced that a new blockchain-based ID initiative dubbed ‘BankSign’ will be implemented in July later this year.

The initiative will replace the massively outdated current system that has been in place for 20 years that has resulted in an enormous number of fraudulent activities, described by local news outlet Korea Joongang Daily as “notorious for its complexity and inconvenience“.

Blockchain solution

Park Chang-ok, a manager at the department of deposit services and payment systems at KFB described BankSign as giving financial institutions the option to ”choose from in verifying consumer identity, not just the public certification system“.

A spokesperson for KFB explained, ”[It is] the first project co-developed by the local banking sector utilizing blockchain technology. While BankSign will start off by providing the service in the banking sector, we will work with the government and other public organizations to expand its usage.”

The project has been built on the Nexledger blockchain, created by Samsung specifically for businesses. Development began in November 2017, with beta testing following in April 2018.

The current system

The system at present requires a number of identity checks to take place before goods and services can be purchased online in South Korea, with users required to download several security programmes that are only usable on the device they are directly downloaded onto.

While the active software was modern in 1996, there are several reported challenges it now faces. The programmes may slow down computer systems, only working on Internet Explorer for desktop users.

In addition, the outdated technology has led to an estimated 80% of users information compromised in 2014. Research Gate conducted a study the same year that estimated national losses due to these hacks between USD 10 billion and USD 40 billion.

 

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