Secured taxation operation using transaction functionalities of blockchain

Abstract

The conventional process of tax payment includes laborious steps and many partic- ipants which became a regular issue of public dissatisfaction. As a result of being sloppy monitoring and numerous participation irregularities are happening by both taxpayers and tax-collecting authorities. Nowadays, cryptocurrencies are operating secured transactions using the security protocols of Blockchain. We aim to implement a tax payment system using the functionalities of Blockchain technology so that we can resist the fraud 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-developed management for the transactions.