The Korea Customs Service authorities said they will test a blockchain-based system to verify data and shipments on imports & exports with some domestic companies.
The KCS is developing a customs data platform powered by blockchain technology in an effort to boost enhance the efficiency of a customs-clearing process that has long-relied on paper and is notoriously inefficient due to human error.
Specifically, the real-world test will check if a distributed blockchain ledger boosts accuracy and transparency in issuing Certificates of Origin, a crucial international trade document that certifies that goods in a particular export shipment are wholly obtained, produced, manufactured or processed in a particular country. The certificate also contains details of the product, its destination and the country of export and can also serve as a declaration by the exporter.
While details surrounding the in-house blockchain are scarce, the customs authority has already recruited five working groups and 50 companies domestically on the exporting side and five working groups and 10 companies based in Vietnam and Singapore for imports, to test the system.
If the test proves successful, the KCS said it will apply the technology to other services.
That would be a welcome development but I learnt they had made a similar attempt that ended up a total fiasco due to logistics issues. Wishing them good luck this time.
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Great step Korea
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The world is becoming something else.
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