The Korean Customs Service (KCS) signed an MOU with the Korean operator of Malltail in order to develop a blockchain-based platform for e-commerce, reported Cointelegraph on May 29.
Mailltail’s Korea Center will be in charge of business and technical development of the blockchain-based customs platform, which will be managed by KCS for seven Malltail distribution centers located in Japan, US, and Germany.
The company also believes that once the technology will be implemented at full-scale, the customs service will be generally more transparent and efficient. The system of customs clearance of goods will be facilitated within the information sharing and the autonomous generation of customs declarations.
Earlier this month, the historic Korean peace treaty was recorded on the Ethereum blockchain.
At the beginning of April, Huobi announced that the trading in South Korea was opened to cryptocurrency investors.