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.