14 April 2022
A world first Australian Blockchain pilot using the technology has the potential to revolutionise a 100-year-old tax system according to KPMG.
Convergence.Tech, a technology and consulting company is working with the Australian Federal Government to trial a new blockchain solution that has the ability to recover a minimum of $45 million in lost tax revenue on a yearly basis.
Costing the Federal Government an estimated $582m annually in lost excise revenue, the Australian distillery industry welcome the proposed changes that will improve global and domestic trading opportunities while combating the current tax and production constraints.
The blockchain solution will help support distribution transparency via a real-time tracking system and streamline business processes between parties.
The Convergence.Tech CEO said that the power of trust is transformative. Wherever trust prevails, processes may be improved to everybody, whether it’s a start-up, a large corporation, or a watchdog. All of this helps the country’s economy in the end.
The Qoin Blockchain is built on the leading Quorum platform to ensure an optimum balance of speed, scale and security which builds trust in the network.