Thailand’s Revenue Department has announced that it is testing blockchain to track value-added tax (VAT) payments. The department wants to implement the distributed ledger technology to inhibit VAT refund frauds.

As reported, the department is also planning to adopt machine learning and artificial intelligence to study tax fraud practices. This will help people with a enter the formal tax system. Moreover, the country intends to legalize ICOs (Initial Coin Offerings), thereby authorizing regulation-based crypto exchanges and legitimize cryptocurrency.

Ekniti Nitithanprapas, director general of the Thai Revenue Department, has said that blockchain will help verify VAT invoices and root out fake invoices for VAT claims.