loopchain Technology used at Korea Customs for Import

The ‘Blockchain based Customs Clearance Platform’ will be using loopchain - underlying blockchain technology applied by ICON and some other firms in South Korea
05 June 2018   965

The Korea Customs Service held a MOU ceremony with 8 other companies including Nomad Connection, Matrix2b, CJ Korea Express, and Lotte Global Logistics on May, the 28. loopchain has been developed in a variety of projects such as ChainID, an identity authentication service that is based on blockchain and being utilized in Samsung Pass and by a consortium of financial establishments.

A network built on blockchain is a perfect solution to upgrade the customs process -  from initial order to import declaration. This process can be made by launching nodes across each part, thatcomprises e-commerce, shipping and courier firms. When  blockchains are often clear to all participating parties, loopchain has an important longline structure which let the only authorized objects to access certain information throughout the process.

Blockchain technology has been supported by Korea Customs Service (KCS) in order to grow the direct foreign goods acquiring. It demands too much time and money to inform a small volume of e-commerce sales. Finally, KCS has made the first step in accepting blockchain based e-commerce clearing services aimed on providing fast and distinct data validation.

While the blockchain based e-commerce platform is instituted, it will not only decrease logistics costs, but also reduce the threat of illegal activities such as smuggling and false reporting. KCS is aimed to run a pilot by the end of the year, and consequently introduce blockchain technology to all e-commerce import and export services shortly.

Potentional Vulnerabilities Found in ETH 2.0

Least Authority have found potentional security issues in the network P2P interaction and block proposal system
26 March 2020   975

Technology security firm Least Authority, at the request of the Ethereum Foundation, conducted an audit of the Ethereum 2.0 specifications and identified several potential vulnerabilities at once.

Least Authority said that developers need to solve problems with vulnerabilities in the network layer of peer-to-peer (P2P) interaction, as well as in the block proposal system. At the same time, the auditor noted that the specifications are "very well thought out and competent."

However, at the moment there is no large ecosystem based on PoS and using sharding in the world, so it is impossible to accurately assess the prospects for system stability.
Also, information security experts emphasized that the specifications did not pay enough attention to the description of the P2P network level and the system of records about Ethereum nodes. Vulnerability risks are also observed in the block proposal system and the messaging system between nodes.

Experts said that in the blockchains running on PoS, the choice of a new block is simple and no one can predict who will get the new block. In PoS systems, it is the block proposal system that decides whose block will fall into the blockchain, and this leads to the risk of data leakage. To solve the problem, auditors suggested using the mechanism of "Single Secret Leader Election" (SSLE).

As for the peer-to-peer exchange system, there is a danger of spam. There is no centralized node in the system that would evaluate the actions of other nodes, so a “malicious" node can spam the entire network with various messages without any special punishment. The solution to this problem may be to use special protocols for exchanging messages between nodes.