Blockchain technology is an open-source decentralized (peer-to-peer) transaction model with offers transparency among participants without third party validation. It is impacting any traditional industries. This paper reviews its potential in the public financial sector along with its technical challenges and limitations. We also raise and identify potential questions in the current trend, challenges and future directions for Blockchain technology pertaining to its application to national taxation. The work also includes core components and underlying infrastructure to address its associated challenges.
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