Review Study: Blockchain Application in Payroll System

Abstract

In this era, where business execution is primarily reliant on information, the sooner and more precisely it is received, the better. Blockchain is great for information sharing because it provides instant, shareable, and entirely transparent data kept in an immutable ledger that only network users with permission may access. On the blockchain network, virtually any asset may be recorded and exchanged, reducing risk and expense for all parties involved. This research focuses on blockchain payroll implementation. It is critical to employ the proper tactics to preserve and improve payroll, as blockchain technology is critical for securing the payroll system because it can move both value and 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.