South Korea Tests Blockchain-based Customs Platform

  • Urvashi Verma
    📰 News

    Korea is testing a Blockchain-based system to verify customs documentation for imports and exports.

South Korea Tests Blockchain-based Customs Platform

The Korean Customs Service (KSC) is testing a Blockchain-based system to verify shipments of imports and exports, according to reports from South Korean media.

KCS has recruited ten working groups and 60 companies from Vietnam and Singapore, among other nations, to test the new system.

The goal of the pilot is to increase the transparency and verify exporters, importers, goods and other details contained in documents called Certificates of Origin (C/O).

Certificates of origins are critical electronic documents that certify where goods in a particular shipment are manufactured or processed, and contain other details about products and their destination country.  
 

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South Korea is the sixth largest exporter and the eighth largest importer of goods in the world, trading primarily with China and United States. Nearly 42.2 percent of its GDP came from the export of goods and services, and 35 percent from import, according to data collected by the Global Edge business intelligence firm.

The Blockchain-based customs platform could simplify the process of shipping goods internationally, which requires coordination between many international regulatory agencies, each with a set of guidelines, experts say.

The customs test comes after the completion of a massive seven-month Blockchain logistics pilot, developed by a subsidiary of Samsung, which was completed earlier this month.

Cover image via u.today
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About the author

Urvashi Verma is a Chicago-based reporter who writes about the convergence of technology and business. She is interested in fintech, digital currencies, blockchain and currency markets. Urvashi formerly worked with the Times of Israel covering Israel's booming tech industry including Start-Up Nation, venture capital investment, and crowd-funding platforms.

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