Name Price24H (%)
Bitcoin (BTC)
$3,967.24
-0.21%
Ethereum (ETH)
$134.95
0.23%
XRP (XRP)
$0.301609
-0.87%
Litecoin (LTC)
$58.72
-1.09%
IOTA (MIOTA)
$0.295401
-0.9%
Blockchain Based Imports And Exports Clearance System To Und...
Blockchain

Blockchain Based Imports And Exports Clearance System To Undergo a Test By Korea Customs Authority

(Last Updated On: May 18, 2018)

As per the recent media reports the Korea Customs Service (KCS) is all set to test a blockchain based system for verification of data and shipments during imports and exports with more than 50 companies operating domestically.

A report from chrome Korea Times claimed that KCS in order to increase the efficiency of a custom clearing process that was dependent on paper and has been considered inefficient due to possible human error, is making efforts to develop a customs data platform powered by Blockchain technology.

The said blockchain based system will undergo a real world test to ascertain whether distributed blockchain ledger boosts accuracy and transparency while issuing certificates of origin, a significant trade document certifying that goods in a particular export shipment are wholly obtained, produced, manufactured or processed in a particular country. The issued certificate it carries details of the product, its destination and the country of export. The certificate also serves as a declaration by the exporter.

To test the system the customs authority, keeping in mind the scarcity of in-house blockchain details, has recruited five working groups and 50 companies domestically on the exporting front and five working groups and 10 companies with their base in Vietnam and Singapore for imports.