Korea Customs to test Blockchain for Imports and Exports

The Korea Customs Service (KSC) tests a blockchain-based system to verify data and shipments during imports and exports with over 50 firms inside the country
17 May 2018   135

Korea Times reported that the KCS is constructing a customs data platform based by blockchain technology for boosting enhance the efficiency of a customs-clearing process that has long-leaned on paper and is inefficient due to human error. 

The real-world test will examine if a distributed blockchain ledger rises precision and clarity in issuing Certificates of Origin, a crucial international trade document that confirms that goods in a particular export shipment are wholly aquired, produced, manufactured or processed in a certain country. The certificate also includes details of the product, its purpose and the country of export and can also be used as a entry  by the exporter.

The customs official has already enlisted 5 working groups and 50 firms domestically on the exporting side and five working groups and 10 companies placed in Vietnam and Singapore for imports, for testing the system. The KCS claimed if the test is successful, they will apply the technology to other services. 

The events come at a time when a consortium of logistics firms, government officials including the KCS and shipping operators in Korea completed an efficient 7-month blockchain logistic pilot of real-world imports and exports.

PascalCoin to activate V3 Hard fork

PascalCoin V3 Hard fork will be activated on block 210,000 on May 31 and feature anonymity via transaction mixing and inflation reduction
26 May 2018   39

PascalCoin is preparing for V3 Hard fork scheduled for May 31. It will introduce key improvements as such:

  • anonymity transaction mixing;
  • 50% inflation reduction;
  • Lazarus/FPC gets 10% of funding

To get more into the details:

PascalCoin transactions occur between publicly visible accounts and the crucial aspect needs to be implemented - fungibility. The improvement will allow users to perform 'client-server mixing', 'network-protocol mixing', 'chaining multi-transactions', 'decentralized exchanging' and 'monetized-API mixing'.

As for Lazarus/FPC (a base tooling from which PascalCoin is founded on), a total of 10% of the Developer Rewards is recommended to be allocated for the FOSS project funding. In a long run, a large developer mind-share is expected to reduce costs significantly.

To learn more about the details of the fork, you can visit Improvement Proposal page here. And regarding the market characteristics of PascalCoin, at the moment of publication they are as follows:

Average price 0.765895 USD
Market cap 15,978,408 USD
Volume (24H) 89,861 USD