The Korea Customs Service (KSC) is reportedly developing a blockchain-based customs service to streamline the e-commerce business in the country.
According to Chosun, a local media outlet KSC inked a MoU with Korea Center, which operates the Malltail to develop a blockchain-based customs platform for the e-commerce industry.
Malltail is Korea Largest Consumer Parcel Forwarding Service with approximately 1,000,000 users. The news outlet further wrote that Korea Center would conduct business and technical verification for the development of a block-chain-based customs platform operated by the KCS through seven Malltail distribution centers operating in the US, Japan, and Germany.
Korea Center believes when the blockchain becomes full-scale, the process of customs clearance of goods will be simplified by mutual sharing of information and automatic generation of import customs declaration reporting to customs, and more transparent customs service is expected.
In a statement Kim Kee-rok, Ceo of Korea Center, stated: “I am very pleased to be selected as a participating company in the pilot project for establishing a block-chain e-commerce customs platform.” “In the future, a full payment service to help make- I plan to introduce it.”
Earlier this year, Maersk Line, the world’s leading ocean container shipper, partnered with IBM to build a supply chain using blockchain technology. Using Hyperledger Fabric, the blockchain solution will include a network of ocean carriers, ports, and freight forwarders. IBM estimates shipping carriers could save about $38 bln per year using blockchain technology.