Korean Customs Service Developing Full-Scale Blockchain Customs Platform

The Korean Customs Service (KSC) has signed a MoU with the Korean operator of Malltail to build up a blockchain-based custom platform for the online business industry, local media outlet Chosun reports today May 29.

Malltail is the main consumer parcel forwarding service to Korea, with supposedly more than one mln clients. They also ship all over Asia and they have built an infrastructure to reach out to customers that are thousands of miles away in a faster, safer and more efficient way. Its Korean administrator, Korea Center, will be entrusted with business and technical developments of the blockchain-based custom platform, which is to be worked by the KCS for seven Malltail distribution centers over the US, Japan, and Germany.

The company envisions that once the innovation is actualized at full-scale, the procedure for customs clearance of products will be easier through the data sharing and the automatic generations of customs declarations, bringing about a more straightforward and effective customs service in general.

Prior this month, the VP for global customs brokerage at the large shipping giant UPS, Chris Rubio, talked about the innovation at a US Congress hearing on the blockchain. Rubio suggested that a worldwide blockchain-based shipment tracking system would profit enterprises of all sizes and help to ‘reduce frictions,’ making it clear that the expanded ‘integrity, transparency, interoperability, and security’ that blockchain would convey to global shipments.

Prior this year, leading individuals from the logistics business – which utilizes the vast majority on the world – revealed to Cointelegraph that blockchain innovation “a matchless solution” for changing the exchange of products, administrations and value internationally.