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South Korea’s Ministry of Science and ICT, in collaboration with the Korea Customs Service (KCS), has announced its plans to build a blockchain-based e-commerce goods customs clearance system.
The main goal is to automate the existing system to reduce the inefficiencies in clearing goods purchased through direct buying at overseas online stores, according to Aju Business Daily.
The blockchain-based system will help address many of the issues in the existing manual-driven process. It will allow real-time tracking of transactions and logistics and prevent tax evasion and document forgery. The solution will also help block the import of illegal items into the country.
Private importers would be able to enjoy a one-stop service to check their cargo location and information on customs declaration.
The platform is expected to be launched in January 2019 with two private firms – Koreacenter, the operator of South Korea's largest "Jikgu" parcel forwarding service Malltail, and CJ Logistics, a leading parcel delivery service operator.
The Korean Customs Service revealed its plan to tap into the potential of cutting-edge technologies such as blockchain and big data in March. In September, it adopted Nexledger, a blockchain platform developed by Samsung SDS, to establish a blockchain-based export customs clearance system.
