Korea Customs Service Eyes Blockchain For Fraud, Smuggling PreventionMarch 9, 2018
The South Korean government agency in charge of customs has said that it will use blockchain technology, AI, and big data systems in order to better fulfill its mandate.
On March 7, the South Korean government’s Customs Service reportedly revealed that it is planning to use blockchain technology for real-time information sharing, with the goal of preventing smuggling and trade finance fraud. The emerging technology will also be used to build information networks connected to supply chains for the same purpose.
In addition, the agency intends to use other nascent technologies to improve its operations.
It will employ AI-integrated x-rays to scan for incoming contraband as well as intelligent closed-circuit television systems and drones to monitor and track ships that are suspected of transporting illegal goods.
The Korea Customs Service also plans to establish a big data analysis center to more quickly and accurately identify illegal goods being brought into the country.
Between 1990 and 2017, the total volume of the country’s imports and exports rose from about 3 million to roughly 27 million, creating a need for greater efficiency in customs operations.
In reference to the announcement, the Korea Customs Service commissioner Kim Yung-moon stated, “Adopting new technologies to respond to the ‘fourth industrial revolution’ is an overriding agenda for us as trade form is becoming more complicated.”
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