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How Thailand is Integrating Blockchain and Machine Learning in Tax Management

  By David Drake   Last month, Thailand’s Revenue Department took a bold step to include blockchain technology in its tax management strategy. By integrating the distributed ledger technology (DLT) ingrained in blockchain, the financial arm of the Thai government is hoping to better account for tax payments and refunds, while using machine learning to detect tax fraud. The government has not set timelines on when this initiative will be launched, but it remains a top priority. This is not the first initiative to utilize blockchain outside of its original focus which has been safeguarding digital coins. A report published by the International Monetary Fund (IMF) this past October showed that despite the financial crash predictions made due to the exponential growth of digital coins, more than 64 blockchain use cases exist across sectors including supply chain management, climate control and forestry management. More Sectors Elsewhere in Thailand, The Ministry ... Read More »

Why Thai Government is Banking on Blockchain to Solve Tax Management Problems

  By David Drake   Last month, Thailand’s Revenue Department took a bold step to include blockchain technology in its tax management strategy. By integrating the distributed ledger technology (DLT) ingrained in blockchain, the financial arm of the Thai government is hoping to better account for tax payments and refunds, while using machine learning to detect tax fraud. The government has not set timelines on when this initiative will be launched, but it remains a top priority. This is not the first initiative to utilize blockchain outside of its original focus which has been safeguarding digital coins. A report published by the International Monetary Fund (IMF) this past October showed that despite the financial crash predictions made due to the exponential growth of digital coins, more than 64 blockchain use cases exist across sectors including supply chain management, climate control and forestry management. More Sectors Elsewhere in Thailand, The Ministry ... Read More »

How Colombia is Positioning Itself to Become the Next Cryptocurrency Hub

  by David Drake     With the continued growth and a promising future, blockchain technology and virtual currencies have captured the attention of business entities and is now gaining pre-eminence in government circles. Startups across the globe are increasingly using blockchain technology to develop innovative solutions. Such companies include HFC Coin which provides blockchain backed solutions for the mortgage industry, LiveTradr that offers portfolio optimization solutions and Gath3r, makes it possible for web miners to monetize their solutions. In the social space, blockchain technology is powering URAllowance, the family smart contract platform and ONe Network that is focused on social media security. Malta, an island republic on the Mediterranean Sea is among countries that have quickly become prominent in matters relating to blockchain and cryptocurrencies. In July of this year, the parliament of Malta approved three bills which established its governing structure for crypto-related technologies. This made it the first ... Read More »

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