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However, underappreciated is the contributions the advancements in cryptography present for tax administrations. Indeed, e-commerce took off to now almost $4 trillion, but only when consumers trusted it. Trust was built both technically using cryptographic encryption (SSL encryption) and certifications (e-trust and other seals of approval). The same can now potentially be realized in transaction tax specifically, and perhaps more broadly to other tax types in the future.

As the Economist Magazine stated in its cover story of October 2015 entitled “Trust Machine”,ssss1 the blockchain lets people who have no particular confidence in each other collaborate without having to go through a neutral central authority. With recent advances confidence can now be extended from people to systems, as both data and the algorithms can now be secured with cryptography.ssss1 This enables remote and continuous monitoring of taxpayer systems without the need to extract all data, without the needing to reconcile it, and without the need to protect it as data always stays within the taxpayers’ control. With the tax administration as one end and a taxpayer at the other it is now possible to enforce alignment of both data and systems in real time. Systems can be synchronized and kept in sync automatically – a continuous monitoring capability.