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Korea Customs Service to tap blockchain technology to prevent fraud and smuggling

The Korea Customs Service is looking to tap into the potential of cutting-edge technologies such as artificial intelligence (AI), big data, and blockchain in order to improve its customs administration, The Korea Herald reported.

The agency held its first national customs managers' meeting this year attended by Finance Minister Kim Dong-yeon and Kim Yung-moon, commissioner of the Korea Customs Service.

“Adopting new technologies to respond to the ‘fourth industrial revolution’ is an overriding agenda for us as trade form is becoming more complicated,” said Yung-moon.

The number of export and import transactions have grown nearly 8 times – from 3 million in 1990 to 27 million in 2017, the agency said.

The Korea Customs Service is planning to establish a big data analysis center in order to enhance the timeliness and accuracy of identifying illegal items. It is also set up a customs clearance system to improve screening and examining high-risk items using AI.

With blockchain technology, the agency has plans to build a solution to share real-time information to curb fraud and smuggling.

“Establish information network linking import and export logistics supply chain entities with blockchain technology and prevents document manipulation through real-time information sharing to prevent the occurrence of trade finance fraud and smuggling,” the Korea Customs Service said (loosely translated).

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