Korean Customs Developing Full-Scale Blockchain Platform

Korean Customs Blockchain

The Korean Customs Service (KCS) recently signed a Memorandum of Understanding (MoU) with Malltail to help develop a blockchain-based customs platform for the e-commerce industry. This was reported by local news outlet Chosun last May 29th.

Malltail is the leading parcel forwarding service to Korea, with over one million users. It’s operator, Korea Center, will handle business and technical development of the blockchain-based customs platform. KCS will operate the platform for seven Malltail distribution centers across the US, Japan, and Germany.

The company thinks that once the platform is implemented full-scale, customs clearance of goods will become simplified through data sharing and automated generation of customs declarations. This would result in more transparency and more efficient customs service.

Earlier this month, Chris Rubio, currently the vice president for global customs brokerage at UPS spoke out in favor of blockchain technology at a US congressional hearing. Rubio had proposed a global blockchain platform for shipment tracking that would benefit corporations of all sizes and help reduce friction. He also emphasized the increase in ‘integrity, transparency, interoperability, and security’ that the use of blockchain tech would bring to international shipments.

Related Cryptocurrency News