Proceedings of The 10th International Conference on Research in Science and Technology
Secured Taxation Operation Using Transaction Functionalities of Blockchain
Ayesha Siddika, Fatema Dil Afrose Mim, Noshin Tabassum, Md. Asif Talukdar and Mahbubul Alam Majumdar
The conventional process of tax payment includes laborious steps and many participants which became a regular issue of public dissatisfaction. As a result of being sloppy monitoring and the involvement of many participants, the process has become the cause of irregularities among taxpayers and tax-collecting authorities. Moreover, the traditional taxation system raises security issues as it requires the involvement of third parties. Therefore, lack of monitoring can increase the rate of corruption in tax collection. In this modern world, people favour the digital system rather than the traditional system as it ensures fast and flexible transmission of data without any hassle. However, security is a major concern in the digitalized data transmission process. Consequently, providing a secured system should be our first priority as the taxation system is directly related to the development of a country. Nowadays, cryptocurrencies are operating secured transactions using the security protocols of blockchain. We implement a tax payment system using the functionalities of blockchain technology so that we can prevent fraudulent activities, multi-involvements, corruption, and all other infringement which are responsible for the mismanagement of the central taxation system. Along with this, the model which we are proposing will also ensure proper security, higher speed, and well-develop management for the transactions.
Keywords: blockchain, cryptocurrency, smart contract, TAXCOIN, PoA.