ARTICLE · 10 MAY 2017

Blockchain To Streamline Costly, Outdated Exchange Of Information Process

KPMG Luxembourg

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One of the many burdens for the financial industry, in terms of processes, is the responsibility of collating tax information and communicating it to the tax authorities.

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One of the many burdens for the financial industry, in terms of processes, is the responsibility of collating tax information and communicating it to the tax authorities. Not minding the number of forms and various data migrations needed, there are different authorities in different jurisdictions to bear in mind, creating dimensions of reporting that can loom large. The process is costly, of course, demanding time and resources from those in the financial services industry. However, it's also demanding for the authorities, who necessarily form the other half of the reporting beast.

It is therefore of little surprise that governments stand to gain immensely from digital ledger technology (DLT), i.e. blockchain, which could be used to automate, centralise, and simplify the entire exchange-of-information process.

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