Reduce Pain Points in Every Day Life

Pain Point Description

Imagine yourself of living throughout the calendar year. After you got some presents in terms of money for Christmas you decide to buy a new laptop for university, work etc. – keep the bill for your tax return. Going through spring and summer you decide on moving into an apartment that is closer to your work. This means renting a transporter – keep the bill for your tax return.
Are you also tired of collecting receipts and do the paperwork for your tax return in the beginning of each calendar year? Do these situations sound familiar to you?

Blockchain Potential?

Based on the Blockchain Technology a digital ID for each individual is created in order to reduce the described pain points in everyday life. Let’s see how this will be processed:

Granting an individual ID to each person who needs to turn in a tax return.
Throughout the year the ID is…
Attached to each purchasing item of the individual.
Attached to incomes, e.g. monthly payment from employer.
The income/purchasing information are tracked in a Blockchain.
Once the year ends…
The software recognizes all tax related incomes and expenses.
The tax return is automatically generated.
The individual now can send the text return by one-klick to the tax office. Automation is also possible

Blockchain guarantees safe storage of trustful data (income, purchases). The stored data can be easily displayed in a front-end by the individual – transparent data.
Additionally, the tax office can be sure of sufficiency of the turned in incomes/expenses since the stored information within the blockchain cannot be changed. Giving an outlook of this technique, exemplary illicit money can be reduced.

Overall having an automated tax return based on blockchain addresses and reduces a pain point for each individual.