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Samsung SDS ventures into global B2B e-commerce market with blockchain platform

2018.06.21 14:15:09 | 2018.06.21 15:54:19
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Samsung SDS Kim Jin-Ha, Executive director of Smart Logistics Business, explains Cello Squre 3.0 platform. [Photo provided by Samsung SDS]

Samsung SDS Kim Jin-Ha, Executive director of Smart Logistics Business, explains Cello Squre 3.0 platform. [Photo provided by Samsung SDS]

Korea’s system integration firm Samsung SDS will grow its presence in the global e-commerce market with its blockchain-based online logistics platform Cello Square 3.0.

Cello Square 3.0 unveiled on Wednesday is a logistics platform that combines the company’s logistics know-how and artificial intelligence with the latest IT technology. E-commerce vendors can reduce delivery time and costs by using the optimal shipping methods and agencies automatically selected by the platform.

Samsung SDS shares on Thursday fell 1.93 percent to close at 203,000 won ($182.64) in Seoul.

Samsung SDS said Cello Square 3.0 uses a blockchain technology that cannot be tempered with to prove the origin of international cargo.

Buyers can also access information on exporting countries, exporting and importing companies and distribution history by placing their smartphones on NFC (Near-field Communication) tags attached to the imported goods.

Furthermore, a mobile tracking service is available to allow customers to view information on orders and delivery situations in real time.

Meanwhile, Samsung SDS signed a business agreement with IBK, a Korean bank, to link logistics information from Cello Square 3.0 to the export payment system to ensure safe transactions for small and mid-sized trading firms.

By Seo Dong-cheol and Minu Kim

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]

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