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   1528

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.

OKEx to Launch OKChain Based Decetralized Exchange

Great role in the upcoming exchange will be played by OKB coin, which will be trasfered to OKChain as soon as its development finished
22 March 2019   108

OKEx cryptocurrency exchange will launch a decentralized trading platform on its own blockchain.

Currently, the OKChain blockchain is in the final stages of development, and its test network may be launched as early as June 2019. When the OKEx blockchain becomes stable enough, it will transfer OKB to it, which will then perform the function of the native OKChain token and be used to pay commissions, as well as in its own decentralized network applications.

The primary purpose of OKChain is to launch the OKDEx decentralized exchange, where the OKB token will be used to participate in presales. In addition, project teams will use OKB tokens to pay the service fee to the super nodes of the network.

While the total volume of OKB emissions is 1 billion, 300 million tokens are in circulation today, and 700 million remain blocked. Of this number, 300 million OKB will be distributed to users through the loyalty program, and 400 million belong to the OK Blockchain Foundation and the exchange team. However, for a more efficient formation of the OKB ecosystem, the blocking period of these 700 million tokens will be extended from 2020 to 2022, writes OKEx.

In addition, OKB will be the only token to be accepted during the initial exchange offerings (IEO) on the OK Jumpstart platform, announced earlier this month. According to the company, it is currently negotiating with various projects and will soon announce the launch of the first IEO on OK Jumpstart, for which investors will be admitted who have passed personal verification and have OKB tokens in their accounts.