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   424

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.

SEC to Slap ICO Founder With $30K Fine

Additionally, David Laurance, founder of Tomahawk Exploration LLC got 2 lifetime bans
15 August 2018   119

The US Securities and Exchange Commission (SEC) on Tuesday reported that it has issued two new bans directed against David Laurence, the founder of Tomahawk Exploration LLC. Tomahawk allegedly stands behind fraudulent ICO, writes CoinDesk.

Laurence, according to the SEC, raised funds through the sale of Tomahawkcoin tokens, in the process of using misleading advertising materials and fraudulent statements that it is a tenant of drilling sites.

Moreover, the sale of Tomahawkcoin tokens, according to the SEC, was accompanied by a false promise that "the holders of tokens will be able to exchange Tomahawkcoin for shares and receive a potential profit from oil production and secondary tokens trading."

According to the SEC, Lawrence neither acknowledged nor denied the charges, but he and his company agreed to these bans, as well as a fine of $ 30,000.

...Tomahawk issued tokens as part of the Bounty Program to generate interest in the ICO, which benefited Tomahawk. Distribution of tokens that are securities in exchange for promotional services to advance the issuer's economic objectives or create a public market for the securities constitute sales for purposes of Section 5 of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder.


The first prohibition of the SEC is a ban on the director's work in public companies, and the second does not allow Lawrence to own and trade in so-called "penny" shares. Both prohibitions, according to the announcement of the SEC, are lifelong.