Summitto created an explanatory video! Over the last couple of years, many people asked us “but how does TX++ actually work?” Blockchain is a relatively new technology and at times hard to understand. We tried to explain the benefits of blockchain in our last blogpost, but it is hard to know how these benefits are put into practice in TX++ in an article. To show people how TX++ works, we demonstrated our system in an operational environment on several occasions.
Blockchain and VAT: an Introduction VAT fraud costs European Union (EU) Member States an estimated 50 billion euro on an annual basis. In total, the difference between the expected amount of VAT collected and the actually collected VAT (the VAT gap) is 137.5 billion euro . Several Member States are considering disproportionate measures to fight this fraud. None of them seem just. That’s why we’ll discuss the potential of blockchain in fighting VAT fraud.
Welcome to summitto’s blog, the blog and newsroom about everything related to VAT and technology! We created this blog to inform people about the latest developments around summitto and to provide insights in topics closely related to what we do: combating VAT fraud through our blockchain based invoice registration system called TX++. We will discuss e.g. VAT, VAT fraud, blockchain, cybersecurity, cryptography and many more related topics. Summitto started its endeavours to fight VAT fraud in 2017.