A conceptual framework for a Blockchain-based Tax payment financial service
Abhishek Phadke, F. Antonio Medrano, Jaimin Brahmbhatt · 2021 International Conference on Computational Science and Computational Intelligence (CSCI) · 2021
Blockchain promotes secure and transparent data flow, and its distributed nature makes it ideal for conducting transactions visible to the public. Tax payments by citizens are the primary source of funds for governments across the globe. However, the system is overburdened and plagued by problems making tax recovery a lengthy and expensive process. Blockchain based applications and tokens are long thought to be ideal for conducting financial operations. This study proposes a conceptual blockchain-based framework that aims to resolve issues in the current tax collection and recovery system deployed by governments across the globe. Blockchain has provided the public with new and alternative ways to invest and hold wealth and the creation of an integrated taxation service based on decentralized records and reverse token payments can keep outdated financial services stay at par.