Blockchain and AI Manage Import-Export Cargo Commerce... 'UTradeHub' 2.0 Launch

Trade Information and Communication - KITA to Jointly Host 'Opening Ceremony' on the 21st

[Image source=Yonhap News]

[Asia Economy Reporter Moon Chaeseok] Korea Trade Network (KTNET) announced that it will hold the grand opening ceremony of 'uTradeHub 2.0' with the Korea International Trade Association on the 21st at 2 p.m. at the Trade Tower in Samseong-dong, Gangnam-gu, Seoul.

About 200 people attended the event, including Ahn Deok-geun, Director General of Trade Negotiations at the Ministry of Trade, Industry and Energy, Jung Manki, Vice Chairman of the Korea International Trade Association, Cho Young-tae, President of the Korea Conformity Laboratories (KCL), Song Nak-cheol, CEO of Hwadong Shipping, and Park Jae-woon, CEO of PNS.

uTH 2.0 is a platform that utilizes technologies such as blockchain and artificial intelligence (AI) to quickly process digital logistics, e-commerce trade, smart trade ledgers, and digital electronic document distribution services.

First, the digital logistics service was designed to handle shipping, cargo tracking, and inland cargo transportation tasks between shippers and logistics companies, expanding from the shipping company and terminal-centered port logistics operations. Documents such as B/L (Bill of Lading), D/O (Delivery Order), import declaration certificates, and bonded transportation certificates, which were previously processed via fax or email, are now shared in real time as digital information through uTH 2.0.

The e-commerce trade service is designed to immediately create export declarations based on order information received from overseas shopping malls and send them to the Korea Customs Service. It provides one-stop support for all e-commerce trade processes including sales and inventory management, customs clearance, and transportation management.

The smart trade ledger service allows trading companies to prepare trade documents such as shipping, customs clearance, and payment based on basic data from contracts or commercial invoices. It is expected to be a great help to trading companies that manage trade documents using Excel.

A new digital document distribution platform was also established to convert various performance certificates, test reports, and inspection certificates, which were previously issued and distributed on paper, into digital certified documents.

In his congratulatory speech, Director Ahn evaluated, "Korea is a country highly dependent on trade, so the launch of uTH 2.0 is very valuable." He added, "The government will also expand the digital trade network through joining the Digital Economy Partnership Agreement (DEPA) and promote digital trade support policies such as the use of electronic invoices, test reports, and electronic certificates of origin between countries."

Vice Chairman Jung also said, "KTNET has contributed to reducing trade-related costs by building electronic trade systems for over 30 years," and added, "KTNET's electronic trade service reborn as uTH 2.0 will be a catalyst to enhance trade and logistics competitiveness and revitalize Korean trade."

KTNET CEO Cha Young-hwan said, "This event will greatly improve the trade environment in the trade and logistics industry," and added, "KTNET will spare no effort to support the digital transformation and competitiveness enhancement of the trade and logistics industry together with the Ministry of Trade, Industry and Energy and the Korea International Trade Association."