Open AccessThe Effect of Blockchain Technology on Tax Reduction in Joint-Stock Companies
Author(s) -
Abeer Alzahrani,
Ghaith Abualfalayeh
Publication year - 2020
Publication title -
asian journal of humanities and social studies
Language(s) - English
Resource type - Journals
ISSN - 2321-2799
DOI - 10.24203/ajhss.v8i6.6418
Subject(s) - blockchain , globe , process (computing) , business , financial services , joint (building) , stock (firearms) , computer security , process management , computer science , finance , engineering , medicine , ophthalmology , operating system , architectural engineering , mechanical engineering
In the modern scenario, the concept of blockchain has been utilised by many business organisations across the globe. In addition, to make revolutionary changes in the operational behaviours of the companies the concept of blockchain has been utilised. Although, the technology is still under progress and needs several improvisations by contracting on the financial services and tax-paying operations it can be observed that the blockchain concept has made the entire process far more enhanced and secure. Blockchain is an essential and effective managerial factor that focuses on encrypting the personal data. However, this is identified that in case appropriate blockchain method is not implemented, the tax reduction process can be corrupted. On that basis, an innovative technology process such as anonymous blockchain technology can be taken in consideration. With the assistance, anonymous blockchain technology, the managerial activities of the organisation can be easily completed without any issues.