The Korean Customs Service (KCS) is recruiting exporters and importers to test a blockchain customs clearance system.
They want to test with 50 companies on the export side and ten companies on the import side. The goal is to create a single version of Certificates of Origin (CO) which verifies from which country the goods originate. The exporter usually signs them and often a local chamber of commerce as well.
Customs services use COs to establish whether there are tariffs on the imports or whether the goods are subject to some trade agreements. Hence the document also contains a description of the goods and the costs.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
