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   873

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.

Bank of China to Issue $2.8B Blockchain Bonds

Bank used its own DLT system to issue blockchain bonds
09 December 2019   56

The fourth largest state bank, the Bank of China, has issued two-year blockchain bonds for small businesses totaling $ 2.8 billion.

To issue digital certificates, Bank of China used its own blockchain system.

It is also the first blockchain-based bond issue accounting system in the country.

Bank of China

Securities will go on sale with an interest rate of 3.25% per annum.

Thus, the bank hopes to raise funds to support small businesses in the country. As of September, as part of this initiative, the bank provided loans to small and micro enterprises for a total of $ 57.7 billion.