Smart Stamp Duty

TL;DR

The paper proposes a blockchain-based smart stamp duty system that enhances convenience and auditability in stamp duty management, enabling electronic document stamping and retail-level implementation.

Contribution

It introduces a novel blockchain-enabled system for stamp duty that improves convenience, auditability, and supports electronic document stamping at the retail level.

Findings

Enhanced convenience in stamp duty payments.

Improved transaction auditability via blockchain.

Supports printing of electronically stamped documents.

Abstract

Blockchain technology has enjoyed a massive adoption in cryptocurrencies such as Bitcoin. Following the success, many people have started to explore the possibility of implementing blockchain technology in different fields. We propose smart stamp duty, a system which can revolutionize the way stamp duty is managed and paid. The smart stamp duty offers significant improvements on the convenience when paying stamp duty. At the same time, the blockchain technology also provides the auditability of the transaction data. Smart stamp duty enables the expansion of the existing electronic stamp duty application to retail level as well as allows the taxpayers to pay the stamp duty of their electronic documents. Our proposed system also enables the taxpayers to print their electronic documents without losing the paid electronic-based stamps.