Blockchain Based Taxation System

Blockchain is an emerging technology nowadays and the system developed on the blockchain has a great impact to change the world industries working way. A famous example is a cryptocurrency in the form of BTC. Blockchain collects information together in blocks and each block has different transaction

Project Title

Blockchain Based Taxation System

Project Area of Specialization

Blockchain

Project Summary

Blockchain is an emerging technology nowadays and the system developed on the blockchain has a great impact to change the world industries working way. A famous example is a cryptocurrency in the form of BTC. Blockchain collects information together in blocks and each block has different transactions. To utilize the blockchain to develop a system for the Taxation System that provides the facilities decentralized, secure, transparent, not changeable data and traceability. That is to empower the Taxation System. That is to empower the Taxation System a user can send a request to be a filer, which will work on the blockchain (Ethereum) and smart contracts using Dapp. The only person who can access the system is Admin that approves the filer requests, verify the entered data by the user.it will provide transparency, and keep the records secure. Therefore, in the present time, in many countries, taxation become one of the main sources of public revenue and, at the same time, one of the main fiscal tools used by the government to stimulate or to control the economic growth and particular economic sectors[2]. Once the data is stored on blockchain the hash is generated automatically, and it cannot change what is best for security purpose.

Project Objectives

Today the taxation system uses in every developed and developing country, but the current system is based on a centralized system. In the centralized system, there are many drawbacks such as admin of system can be able to make illegal changes, no transparency, insecure. It reduces the efficiency and equality of the system. However, the blockchain system makes it much easier to detect fraud and errors, as it provides clear and transparent information about transactions and items on the network. To provide automation, Ethereum Blockchain has smart contracts which are predefined rules in form of coding which tell that how, when, and where certain process happened. And Smart contracts are contracts that can be completed without any human interaction. The main purpose of the System is to provide immutability of records which can be achieved through a decentralized system, where each node has the same authority no one can tamper with the record. It is more secure than the current system because each transaction packed in block is connected to the previous block with the encrypted hash value. Being public blockchain the system provides transparency; anyone can view the tax details.

Project Implementation Method

• Use react.Js for front-end development with html css bootstraps Javascript and wanila css.
• We are using hardhat for smart contracts compilation and deployment.
• Openzeplline library is used for smart contracts.
• Use hardhat local Blockchain nodes for deployment.
• Solidity is the programming language that is used to write smart contracts
• Chai library to test smart contracts.
• Integration of web3 using web3.js
• Using smart contracts ABI to connect it with the front-end

Benefits of the Project

• Immutability, records cannot be tamper with by anyone.
• The system has decentralized
• Filer history saved permanently
• Transparency records are accessed by the public key and private key.

Technical Details of Final Deliverable

Registration of Filer:

• The user will log in using his account.
• In this system, registration is applied to all users.
• Each user creates an account and gets a unique private key for transactions 

Admin:

• Admin will supervise all accounts and their work regularly and monitor their activities.
• Admin will approve and verify the information provided by the user during the registration of the filer. 
• Admin will set the criteria for yearly income tax.

Yearly Tax Return:

• The filer will return income tax every year which will be assigned according to state policies.

Tax Calculator:

• In the tax calculator, every person can calculate his tax just by entering his monthly income.

• It will also show yearly income and government income tax on it.

Profile Updating:

• If the filer makes the change in asserts like buying or selling his property or anything he will have to update his profile.

Final Deliverable of the Project

Software System

Core Industry

Legal

Other Industries

IT , Finance

Core Technology

Blockchain

Other Technologies

Internet of Things (IoT), Others

Sustainable Development Goals

Industry, Innovation and Infrastructure

Required Resources

If you need this project, please contact me on contact@adikhanofficial.com