The excise department in Thailand developed a solution, based on a distributed ledger, for tax refunds that were overpaid to oil suppliers.
A new way of the Excise Department
The head of the Department, Patchara Anuntasilpa, said that tax refunds will be made on the basis of the blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details and the system should work by the middle of next year. According to his comment, the innovation should provide a more effective verification of the payment of excise taxes after sending oil.
To implement the new system, the department will cooperate with Krungthai Bank. Another couple of projects related to the blockchain, as the cryptocurrency news reports, which are being developed, are associated with bank electronic guarantees, licenses for playing cards and the annual tax on alcohol and tobacco. An oil and gas company is also creating a renewable energy platform.
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- Oman Oil and Orpic Group and HSBC Oman completed a blockchain trade. The operation involved the sale of a thermoplastic polymer in Abu Dhabi, according to a press release.