New Delhi: Central government poised to use blockchain technology to curb fake bills and GST claims. In the first phase, the technology is used for warehousing and goods movement monitoring. With the technology, the government aims to detect fake claims immediately, especially in cases where a fake shipment of goods is submitted on paper.
The government is likely to incorporate more new-age technologies to digitize the GST process. However, as of now, the government appears to be focused on catching GST dodgers through blockchain technology.
In layman’s terms, blockchain is the same technology used to make cryptocurrencies secure. Several other industries are using blockchain technology to make their processes more secure than ever.
With the implementation of blockchain technology, the department is expected to receive accurate information regarding the businessman filing the claims. In addition, the system also features fake invoices and fake claims from the blockchain system.
The department is also likely to use blockchain technology to monitor credit flow in GST. However, the technology will not cause working capital problems for businessmen. Also Read: Garena Free Fire Redemption Codes for Today February 12th: Get Free Rewards in Easy Steps
Also, blockchain technology is used to verify credit movement in different companies registered with the same Aadhaar. Also Read: WhatsApp Begins Rolling out New Calling Interface for Select Android Users