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Thai Tax Administration to Monitor Payments Using Blockchain Technology

blockchain for taxes

The Revenue Department of Thailand plans to track tax payments through blockchain technology and maсhine learning. Blockchain will be implemented for verifying the validity of taxes paid and boost tax refund process.

The digital tax collection platform with use of such innovative technologies is one of the first priorities for the government.

Earlier, the Thai Ministry of Commerce set a tone of implementing decentralized solutions at the State level. The Ministry will use blockchain in copyright, agriculture, and trade finance systems.

Following the path of the Ministry of Commerce and Revenue Department, Thailand’s finance industry deploys the latest technological solutions. Large banks partnered with Accenture and Visa’s B2B Connect program to cooperate in the direction of cross-border payments optimization.

Blockchain is used extensively for environmental, charity programs as well as financial, medicine, supply chain, industrial projects all over the globe. Though blockchain is often called a “technology of the future”, it has already gotten implemented and provided its benefits both by small technology startups and large corporations.

Whether you consider the opportunities of blockchain for establishing a new breakthrough business, level-upping an existing one or Creating Your Own Cryptocurrency – it’s a great tool to create an amazing project! You may find out about your idea realization feasibility by asking us.

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