Aimed to improve efficiency, Customs in South Korean introduced blockchain into import and export business



The "Korea Times" reported, the South Korean General Administration of Customs (KSC) prepares to launch the blockchain clearing system on May 17. More than 50 import and export companies will apply to this measure and make a great progress on process data collation and verification.  

This data platform based on blockchain not only solves the waste of resources problem in the paper process, but also improves work efficiency.

In fact, this measure is a testing of the decentralization and traceability of the distributed ledger of the blockchain. We can explore that whether these two features can improve the verification of the certificate of origin. The focus of testing is the transparency and accuracy of the process.

It is understood that the certificate of origin is a document which prove the place of manufacture of the goods provided by the exporter. It is not only a proof of the exporter’s customs clearance, collection of tariffs, and enjoyment of quotas, but also a certification of imported country’s trade policy. It contains a series of product information.

 
At present, the KSC has not disclosed too much about the details of this project. It only indicated that it has recruited five working groups and 50 companies in the export business, and in the import business, it has recruited work group of Vietnam and Singapore to complete this test system together.

If the test is successful, it will benefit the South Korean General Administration of Customs to apply it to other services besides the clearing system. Before that, the South Korean General Administration of Customs reached a consensus with South Korean logistics companies and shipping operators to establish a blockchain alliance and completed a seven-month logistics pilot project.

This measure stated that the KSC has already had some experience in the application of blockchain technology. There are still more attempts in the future worthy of our attention.

Learn more: http://sowoll.com/

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