Anumber of government departments in Thailand are turning their head towardsblockchain technology for the oil industry, recent reports argue.
Asreportedby LEDGER Insights, Thailand’s Excise Department has announced itspartnership with Krungthai Bank in order to make use of distributed ledgertechnology for tax refunds to oil exporters and also prevent VAT fraud in thecountry.
Bymaking use of blockchain, the excise department will have a clearer picture ofthe export route, from a refinery to the shipping dock, all the way to thedestination country. With all the documents on a blockchain, it also becomeseasier to verify the trade.
Interms of recent governmental adoption, Uruguayand Liechtenstein have announced their move towards blockchain adoption forgovernment use cases. The Uruguay Digital Party has signed an agreement withAeternity, a blockchain platform provider, in order to build a system whereblockchain could be used for internal voting and ‘optimise the participationprocesses of citizens.’ Meanwhile, the parliament of Liechtenstein hasunanimously approved the Token and VT Service Providers Act (TVTG).Liechtenstein has now become the first country to have ‘comprehensiveregulation of the token economy.
Atthe Blockchain Expo Global event in London earlierthis year, Janak Kalaria, principal of strategic consulting firm ICF, spokeon the intelligent blockchain solutions for increasing the effectiveness ofgovernment services, citing examples from the US in the process.
“Blockchain as a technology provides a lot of benefits,” he said. “There are so many different use cases within the government. Typically there are a lot of legal documents being passed back and forth, between different parts of government, as well as different vendors and the government. And there’s no transparency. One important thing is the legacy systems within government are not going anywhere. They were designed for a reason and it does its job.”
