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   2522

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.

Bakkt to Release Consumer App This Year

The app can be used for a wide range of tasks, e.g., crypto and securities trading, virtual goods purchase, etc
23 January 2020   92

Institutional Investor Platform Bakkt will release an app for retail investors this year, with which users can pay with cryptocurrency.

According to the president of Bakkt Adam White at the World Economic Forum in Davos, the application can be used for a wide range of tasks. In addition to trading cryptocurrencies, it will support various virtual “goods” like points of loyalty programs.

In addition, in the future it is possible to add securities trading, as well as the creation of a portal for shops and merchants. That is, the application will be more like a traditional fintech product like PayPal than a solution from a cryptocurrency exchange.

Although the Bakkt platform was originally created for institutional investors, the new director of Mike Blandina is very serious about entering the retail market. Earlier, he said that the application for retail investors should be released in the first half of 2020.

I do not think we are there yet. What gives me optimism is that we are seeing a lot of developer interest. I am confident that someone is going to find something.

 

Adam White

President of Bakkt

 White added that the cryptocurrency market is still underdeveloped.