South Korea Customs to develop a blockchain platform
South Korea Customs signs MOU with Korea Center to develop blockchain
Clearing goods at entry points is a source of headache to logistics handlers. But this will soon be a thing of the past if the recent adoption by South Korea Customs (KCS) is anything to go by.
In a bid to rid off challenges presented by the current setup and bring transparency in South Korea customs, the KCS signed an MOU with Korea Center. Korea Center is a leading logistics company and was given a prominent role in the MOU alongside 7 other companies. The MOU signed sets off the two firms in collaboration with the others to run a trial on the blockchain platform. KCS, operating Malltail – a chain of package forwarding services in Korea Us, Germany and Japan and will use it to pilot the project. In addition to easing operations, the platform will bring transparency. Some of the named companies collaborating with Korea Center include; CJ Korea Express, Nomad Connection, and Matrix Tobi Co. Ltd.
Benefits of the blockchain platform on KCS
The blockchain platform inherently has hosts of cutting hedge benefits enjoyed from its application. For the logistics industry, it will significantly curtail smuggling and financial fraud due to the resulting transparency. Industry players will be able to share information in real time. Using the shared ledger to access information will help streamline the industry. Over and above, it will make transactions faster and efficient.
The industry players are ecstatic to start operations on the blockchain. Kim Kee-rok, Korea Center CEO, expressed his excitement and used the moment to declare his personal ventures using the technology.
“I’m pleased Korea Center is among the companies participating in this pilot project to establish an e-commerce platform. In future, I plan to roll out a full payment service.”
Korea center and KSC are the most recent companies to go the blockchain way to improve service delivery. Other than Korea Center and KCS, UPS and Kakao are companies that have employed the use of blockchain. UPS is a giant American shipping company.