Korea Customs Service to initiate tests for Blockchain-based Customs Clearance System
Korea Customs Service (KCS) has come up with a project that is based on custom clearance system. The system uses Blockchain technology. To test its functionality for practical usage for future usage KCS is hiring importers and exporters for the same purpose.
The hired professionals will test the blockchain-based custom clearance system. The system which is being created by KCS will serve as a platform and requires testers. According to them, the project requires five working groups (for both import and export side). Furthermore, the project requires 50 companies from export side and 10 companies in Vietnam and Singapore from import side.
The Korean Customs Service attempts to perform tests and checks to know how accurately the system functions and also ensures transparency. These two features are required for Certificates of Origin (C/O).
Certificates of Origin is a document that is required for the verification process for exporters, importers, good etc.
Depending on the test to get successfully executed, KCS might apply to other services as well.
Although, South Korea has been active into blockchain developments but the citizens of this country had recently requested for a Blockchain regulation-free city. They had also signed a petition regarding the re-evaluation of blockchain regulations and much more.
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