Many have emphasised the potential of blockchain technology in the field of taxation and VAT. However, applying blockchain to taxation is often seen as something that is only possible in the long run, mainly because of scalability issues attributed to blockchain technology. In this blogpost, we clarify that the latter statement is not correct given the specific requirements in the field of taxation. We will first analyse the number of invoices sent within the European Union (EU), in order to estimate how many invoices per second an invoice reporting system should be able to process (this was not as easy as it sounds!). Although estimates vary, we show that in almost every scenario summitto’s TX++ invoice reporting system is able to process the required amount of invoices. Furthermore, even estimates noting the highest amount of annual invoice registrations can be reached within the near-future with common and widely understood IT infrastructure.
Source: summitto.com
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