Previously, we explained that real-time invoice reporting systems can tackle VAT fraud without collecting massive amounts of data. Companies will still need to register invoices, but instead of storing the data in “plain text” at a centralized location, always accessible to authorized personnel, VAT fraud can be detected even if the data is encrypted. An essential part of confidential real-time invoice reporting is that instead of storing invoice data itself, a unique fingerprint can be created of the invoice using so-called cryptographic hashing. This article is aimed to give everyone interested in VAT an introduction to hashing (crypto experts will want to consult other sources too), how hashing is applied already in existing solutions, and how to make them work for invoice reporting systems.
Source: summitto.com
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