Samsung SDS, the subsidiary of the South Korean giant, publishes that they have had great success in their blockchain platform for the maritime transport of perishable goods.
The South Korean company Samsung is known for its electronic products, its processors and smartphones, among others. This, like other companies, is working on blockchain technology and has published a statement on the success in the development of a blockchain system for the freight transport industry. The one in charge of development is the subsidiary Samsung SDS, developing a pilot program dedicated to this industry, which has been developed for seven months under blockchain technology. This project has been developed in collaboration with the South Korean government.
This pilot program was designed to record and track the logistics of shipments from this country, in addition to recording documentation related to the import and export of goods. Samsung SDS, the technology subsidiary, was responsible for developing this project based on blockchain technology, targeting the logistical needs inherent to the Asian country's maritime transport industry. Distributed ledger accounting improves the management of import and export documentation through its digital, decentralized, and verifiable exchange via blockchain, making bureaucratic processes simpler and faster.
This application allows those responsible for transport, to have a tight control over certain high value goods, such as within the transport of perishable goods. Location, temperature and humidity parameters can be recorded. The data is stored in an exact way, something that provides details on the responsibility of the load, allows a precious and totally transparent calculation of the materials that it transports. This transparency allows a more accurate valuation of the cargo and marine insurers know the value of the cargo more accurately.
This company began the pilot process in May 2017, after launching the Nexledger platform, which allows it to offer real-time monitoring of transactions, in addition to security systems for user authentication, payment settlement, mobile finance, global guarantee and trade finance. Blockchain technology is semi-private, endowed with restrictive permissions.
