The world’s second largest economy, weighing in at a GDP (Gross Domestic Product) of nearly ten trillion dollars, earlier this week announced plans to implement Blockchain technology to collect taxes and issue invoices. This follows recent news of Japan and South Korea declaring Bitcoin to be acceptable legal tender.
China is tops the list in terms of countries leading the Blockchain technology adoption race, with the Chinese government has recently included Blockchain as a priority project in its Five-Year National Informatization Plan announced in 2016. China may possibly, according to the Five-Year National Informatization Plan, apply blockchain technology to the management of tax returns as well as citizens’ health records. This announcement further positions both Bitcoin and Blockchain technology as the financial and technology forces of the future.
Blockchain technology, a decentralised record keeping system, has been enjoying quite a bit of mainstream adoption of late, with tech giant IBM and several banks investing in and implementing it in their day to day operations. Mainstream discourse on the technology has grown to such an extent that it US congressmen David Schweikert and Jared Polis have set up a Congressional Blockchain Caucus, in order to provide a forum to educate people about the technology.
Polis believes the technology can be applied to the tax return, health record and identity management at a government level. Here’s hoping for more efficient service delivery.