Korea Customs is piloting a Blockchain-based import customs platform

As part of the growing interest in decentralized applications, the Korea Customs Service (KCS) will test a blockchain-based e-commerce customs clearance platform.

Last week, in a statement, Korean Customs revealed that it had signed a memorandum of understanding with a number of e-commerce companies to develop, test and transact on an untitled blockchain customs platform. The participants are CJ Korea Express and Lotte Global Logistics, two shipping and logistics companies.

About the pilot it was said:

The blockchain platform enables mutual exchange of information between participants and generates automatic import customs clearance reports for the authorities, KCS added.

In particular, the authority confirmed that it is conducting research and development work on a dedicated blockchain platform for customs clearance, specifically aimed at increasing the efficiency of goods handling in e-commerce.

A full shift towards implementing a blockchain solution would prevent falsification and manipulation of information related to e-commerce transactions and help customs clearance authorities to transparently exchange information in real time, the body said.

As reported earlier, the blockchain pilot could involve as many as 50 domestic companies on the export side and another 10 based in Vietnam and Singapore on the import side to test the blockchain-based clearance system.

KCS has already participated in a 7-month blockchain logistics pilot led by Samsung SDS, an IT subsidiary of electronics giant Samsung, in a consortium that also includes a number of other government bodies, logistics companies and shipping operators.

Photo of a shipyard in South Korea from Shutterstock.

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