The immutable nature of blockchain, its ability to automate control systems as well as increase transparency and precision of transaction data, and having a decentralised base, places its importance as potentially revolutionising and having the prospect of radically transforming taxation as we know it.
Although blockchain is predominantly utilised in the financial sector today, its value is noticeably more being that it is widely associated with cryptocurrencies. While cryptocurrencies might not exist without blockchain, blockchain has a wider range of applications beyond crypto; real estate processing systems, music royalties tracking, anti-money laundering tracking systems, medical data security, real-time IoT operating systems, content creation, are a few usages of blockchain currently at play today.
The taxation economy is one of the sectors that needs to keep pace with the rapid growth of technology to improve the economies of nations and increase the standard of living of its adherents. The Organisation for Economic Co-operation and Development (OECD) has identified technological advancements and digitization as leading transformation and adjustment in tax systems.[1] Taxation is one of the major sources of
[1] Organisation for Economic Cooperation and Development, Tax Administration 2017: Comparative Information on OECD and Other Advanced and Emerging Economies (OECD Publishing,2017).
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