Blockchain-Based Customs Platform Is Developed By Korean Customs Service (KCS)
The Korean Customs Service (KFC) plans to establish and carry out a blockchain-based platform for customs clearance of e-commerce imparting.
KSC concluded a Memorandum of Understanding with e-commerce companies such as Korea Center, Korea Express and Lotte Global Logistics to launch a pilot project.
South Korean customs said it is conducting study and formation for a special platform for customs clearance with blockchain for e-commerce. It is expected that the platform will help to cope with rapid and rational customs clearance.
KCS had demonstrated projects in March to use blockchain innovation technology to hinder contraband and trade finance fraud.
It is expected that the usage of blockchain innovation technology will increase the reliability, productivity, publicity and transparency of customs clearance, as well as avoid the fraud and shift of data about documents. It will also ensure prompt customs clearance through transparent real-time information exchange.
Over the period of the pilot project, the involved organizations accepted to work closely with the KCS to hold business and technical confirmation for the development of a blockchain-based customs platform.
The KCS said, “Through this pilot project, we will carry out technical verification for practical and effective application of block-chain new technology in the field of e-commerce customs clearance and plan to improve related laws and systems.”
The KCS movement takes place more than five months after Samsung’s subsidiary Samsung SDS has successfully completed a 7-month logistical trial on its blockchain platform called Nexledger. The pilot saw the implementation of the whole logistics process of the Korean-Chinese shipment on the platform, with KCS is also a participant.