Thailand will use blockchain technology to control VAT fraud related to oil exports

Recent reports have confirmed that Thailand will be considering the Block Chain Technology in order to curb VAT fraud involving oil export. According to Ledger Insights reports, the Excise Department of Thailand confirmed its tie-up with the Krungthai Bank for utilizing distributed ledger technology for tax refunds to the exporters of oil and for controlling VAT fraud.

Blockchain will help the excise department to track the export ro....