Ekniti Nitithanprapas, the Director General of the Revenue Department of Thailand, unveiled that the authority is performing a blockchain testing in order to find out if it is able to provide tracking services for VAT payments. Nitithanprapas admitted the increasing number of incidents involving forged VAT invoices, claiming that a special innovation laboratory has been established to try out blockchain technologies, seeking the possibility to shorten the number of such precedents. To do so, the lab will be drawing its inspiration from the blockchain technology’s application in BTC transaction verification.
Since the moment of its introduction, blockchain technology has outperformed the rest of the emerging tech in terms of both popularity and capital inflow. The organizations and government authorities have particularly displayed their interest it the adoption of the innovation, most of all, to take advantage of its main features, namely security, real-time data processing, and transparency.
Thailand’s blockchain signifies another step in the direction towards the achievement of a fully operating solution to reduce tax evasion. The Director General has also stated that their solution would encompass the advantages of the DLT innovations and AI in order to introduce a self-learning system that would allow for an efficient examination of tax payments and make more people take part in the formal tax system.