[This article belongs to Volume - 55, Issue - 01, 2023]
Gongcheng Kexue Yu Jishu/Advanced Engineering Science
Journal ID : AES-20-05-2023-053

Mahmood Maaroof Ahmedª , Ahmed Chalak Shakirᵇ

Abstract :

In this era, where business execution relies heavily on information, the sooner and more accurately it is received, the better. Blockchain is ideal for information sharing because it delivers instant, shareable, and completely transparent data stored in an immutable ledger that only permitted network members can access. Practically any valuable asset can be recorded and exchanged on the blockchain network, reducing risk and cost for all parties involved. This study focuses on the implementation of payroll on the blockchain. It is important to use the right strategies to safeguard and improve payroll as well as because blockchain technology is crucial for securing the payroll system because it can transfer value as well as information. This review paper's main point is that blockchain technology can be used to reduce overhead and administrative burden, reduce tax spending, and promote openness and accountability in a variety of situations. Blockchain challenges to the payroll system and implementation issues have been highlighted. Given the quantity and complexity of blockchain issues, many of the most significant blockchain roadblocks are characteristic of any new technology's growing pains. The benefits and challenges of using blockchain technology in payroll procedures were discussed after the study. It was determined that doing so would make all employee records and employer payments matching instantly available at the minute level to various governmental organizations. At a fraction of the cost of current payroll compliance utilizing a fiat cryptocurrency, a blockchain payroll application will provide quick payroll compliance. A blockchain framework that is approved for use with payroll systems and is encrypted using the high-efficiency encryption algorithm to ensure its high security will need to be designed and evaluated.