South Korean, Japanese and Chinese postal services sign MoU to co-develop blockchain solution

Korea Post, the country’s postal service, has announced that it has signed a memorandum of understanding (MoU) to strengthen business cooperation with China and Japan and introduce new technologies including blockchain in postal services, TokenPost.kr reported.

The two days of discussions were held in Tokyo this week. The meeting particularly focused on exploring the ways to overcome the difficulties of the postal sector including the reduction in domestic and international mailing volume in the wake of digitization.

The discussions also touched upon a number of other topics including the sharing of innovation cases among the countries, cooperation between the three countries to cope with the e-commerce market, and the survival strategies of the postal sector in the 4th industrial revolution era.

The Korea Post Office led the cooperation between the three countries by proposing the joint development of blockchain technology to be introduced into the mail delivery system.

According to the terms of MOU, the countries have agreed to share information on innovative technology for future postal services, cooperate with the e-commerce market to expand postal volumes, and speed up customs clearance. They will also form a dedicated team to introduce the technology.