After coming into partnership with Japanese messaging giant Line just last month, ICON coin is making further progress. The Korea Customs Service will be utilizing the underlying technology of ICON coin, loopchain and has signed an MOU with ICON and many other organizations. With this announcement, ICX price is experiencing an upward swing as it rises to $2.70 level.
ICON coin has a series of big partnerships to its name viz. Line, Samsung, Hyundai, Pantera Capital and many more. In the latest developments, ICON coin is all set to transform the customs service of Korea.
The ICON team officially released the news through its medium channel declaring that they have signed an MOU with eight other organizations including “Nomad Connection, Matrix2b, CJ Korea Express, and Lotte Global Logistics.”
In the ‘Blockchain based Customs Clearance Platform’, the underlying technology of the ICON coin i.e. Loopchain will be utilized. This technology has been apparently used by “several other companies and consortiums in South Korea.” Furthermore, loopchain is used in Samsung Pass and various other projects like ChainID.
Talking about using the blockchain based network, the blog moves on to explain it
“is an excellent solution to streamline the customs process, from initial order to import declaration.”
Reportedly, the process can also be used in shipping, courier and e-commerce companies.
An important benefit of using loopchain technology is its tiered structure that allows for “only authorized entities to access certain information throughout the process.”
Also, read: Lisk Coin [LSK] at Risk: Malicious Transaction Attack Sighted on Lisk Blockchain
In order to reduce the time and money involved in reporting e-commerce sales, the Korea Customs Service (KCS) is applying the blockchain technology. The plan is to “grow the direct purchasing of foreign goods.”
KCS is aiming to provide prompt and accurate data validation in e-commerce clearing services. The blog talks huge possibilities with this establishment that will
“not only lower logistics costs, but also mitigate the threat of illegal activities such as smuggling and false reporting.”
With this, another real-world usage of blockchain technology whose pilot will be launched by this year-end, KCS is seeking to apply blockchain technology in “e-commerce import and export services”.
As the market rakes in greens, ICON rises 2.52 percent. Currently, ICX price is $2.70 with a market cap of over $1 billion.
Coming under the top 25 coins, ICON cryptocurrency is expected to have a good year as it keeps on entering into substantial partnerships.
In the mid of last month, this South Korean blockchain project secured a partnership with Japan’s largest messaging app, Line. Reportedly, the “quality of ICON team’s technical and business capabilities” played a major part in securing this deal.
After signing an MOU with Samsung, ICON coin has surely secured massive support in terms of partners which is a big name regionally but is still growing in the west.
What do you think of ICON coin loopchain technology being used by KCS? Share your thoughts with us!
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