For government entities, the allures of blockchain are the greater transparency it enables and the reduction of layers of bureaucracy (and their associated costs) that have been necessary to administer policy.
Take VAT (value added taxation) as an example. Corporations within a particular tax jurisdiction are required to track revenue and calculate their tax obligations, then submit periodic reports and remittances to their government according to their laws. In turn, governments must track adherence to policy, validate payments, and pursue any discrepancies identified. ULedger works with financial services providers to develop blockchain-based transaction repositories for each company within the provider’s customer base. Government agencies may then pull critical information on demand as opposed to receiving periodic reports from the company.
The use of ULedger blockchain technology to log a history of transaction, revenue, and tax data to a secure and immutable ledger keeps costs down for government entities.
Ultimately, smart contracts (blockchain technology that automates legal transactions) can then enable the transfer of remittances automatically based on predefined rules and the presence of qualifying data on the ULedger blockchain, further extending transparency and speed of transactions.
- ULedger reduces transaction, compliance and cyber costs
- ULedger integrates seamlessly with existing technology infrastructure.
- ULedger keeps your data private.
- ULedger is infinitely scalable.
- ULedger can handle immense data volumes (transactions per second).
- ULedger records the order of events (transactions) rather than just the time of events.