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   377

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.

Crypto Investor to File Lawsuit Against AT&T

Michael Terpin believes that AT&T helped scammers to still his $24M worth crypto
16 August 2018   125

In the Los Angeles District Court, a 69-page lawsuit was filed by BitAngels founder Michael Terpin against the American telecom giant AT&T. Terpin claims that the operator assisted fraudsters in "stealing digital personal data" from the account on his smartphone, which is why he lost $ 24 million in cryptocurrency, according to an official release.

According to Terpin, for seven months, there were two hacks. Initially, an attacker got access to his phone number without providing a password or correct identification data. Later, the phone number was used to steal crypto.

AT&T’s studied indifference to protecting its customers’ privacy and financial assets is a metastasizing cancer, threatening hundreds of millions of unsuspecting AT&T’s customers. Our client had no idea when he initially signed up, nor when later he was promised the highest level of security for his account, that low-level retail employees with access to AT&T records, or people posing as them, can be bribed by criminals to override every system that AT&T advertises as unassailable.
 

Pierce O’Donnell
Lead counsel for Terpin in this complaint

Michael Terpin requires AT & T to pay him $ 224 million - $ 200 million for moral damages and $ 24 million for actual theft.