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The Korea Customs Service (KSC) should test a blockchain-based system to check data and shipments on imports and exports with more than 50 companies to the country.
According to the Korea Times, KCS is developing a customs data platform powered by blockchain technology to enhance the efficiency of a long-standing paper clearance process that is notoriously ineffective due to human error.
Specifically, the real-world test will test whether a distributed decentralized book improves accuracy and transparency in the issuance of origin certificates, a crucial international trade document that certifies that goods in a consignment of goods and services. particular export are wholly obtained, produced, manufactured or processed in a particular country. The certificate also contains details about the product, its destination and the country of export and can also serve as the exporter's statement.
While the details surrounding the internal blockchain are rare, the customs authority has already recruited five working groups and 50 national companies from the exporters side and five working groups and 10 companies based in Vietnam and Singapore to imports, to test the system.
If the test is conclusive, the KCS stated that it would apply the technology to other services.
The developments come at a time when a consortium of logistics companies, government authorities, including KCS and shipping operators in Korea, have concluded a 7-month supply chain pilot project for import and export. # 39; export.
Powered by a blockchain product developed by Samsung SDS, Samsung's computer subsidiary, the project started a year ago and delivered its first successful test of a shipment from Korea to China in September where the The entire booking process to deliver the cargo to China has been facilitated on a chain of blocks.
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