Korea Customs Service launched blockchain-based clearing system.
According to the report of the Korea Times, on May 17th the Korea customs service is prepared to launch the blockchain clearing system, which will be accessible for over 50 import and export enterprises, facilitating their process data sorting and validating.
This blockchain-based data platform not only avoids the waste of resources during the paper-using process but also improves the working efficiency because of the substitution for human labor.
In short, the testing is to check the decentralization and traceability of the distributed ledger technology of the blockchain as well as explore whether they can be used to facilitate the verification process of the certificate of origin. Emphasis is laid on the transparency and accuracy of the process.
It is known that the certificate of origin is a trade document provided by the exporter to certify the manufacturing site of the goods, including a series of product information. It not only serves as the proof of customs clearance, acceptance, customs duties and quota on the exporting country, but also a proof of the trade policies of the importing country.
Currently, few details of this project have been released by the KSC. It is announced that 5 domestic working groups and 50 domestic enterprises in export end and working groups and companies from Vietnam and Singapore in import end are recruited to jointly complete the testing system.
If it works, the system will be used for other services other than the customs clearance. A consensus on the establishment of the blockchain alliance had been reached between the KSC and the logistics enterprises and shipping operators of the country and a 7-month trial project had been completed.
These actions indicate that the KSC has accumulated some experience in the application of the blockchain technology and it is worth following their subsequent move.