When it comes to cryptocurrency and blockchain technologies, their primary use is to impact and change the world if finances. This is the purpose for which they were invented, over a decade ago now. However, their evolution throughout the years took them to nearly all industries, especially when it comes to the blockchain technology.
Cryptocurrency itself shifted from being a payment method to being a fuel used for running different types of platforms, most of which are dedicated to the development of new products, providing improved services, and more.
As for blockchain, it got limitless new use cases, and while some are still only theoretical due to limitations such as underdevelopment of blockchain at this time — many are already possible. In other words, blockchain technology is already impacting the world in a major way, and while its development and evolution continue, it also continues to spread around the world.
Its attributes and abilities, such as greater security, fast transaction speeds, immutability, and more, make it a perfect technology for storing information, making safe payments, serving as a timeline in many different situations, and alike. Another use case comes from a project known as eFilingPlus, which aims to use it to deliver different types of forms.
eFilingPlus is a company that is an industry leader when it comes to offering an easy, efficient, and cost-effective way of issuing forms such as W2 or 1099. The need to make form issuing easier and available to businesses became quite noticeable each time when tax time came.
This is the time of year when businesses are under a lot of pressure, time constraints, and more. At the same time, issuing paper tax forms is becoming a thing of the past, and even this aspect is moving to its electronic counterpart. eFilingPlus aims to take the next step early, and move to blockchain technology while most others are still only shifting to simpler forms of electronic taxes.
As mentioned, blockchain does offer greater security, immutability, the ability to share specific information with specific entities, and it can act as storage for a massive amount of information. As such, it seems perfect for this type of use, as businesses will narrow their workload, process their taxes more easily, and enter their contractor and employee data in a secure system where it cannot be hacked, forged, or modified in any way. All that the project really needs is its own cryptocurrency, and it is handling that by distributing its own token right now.
Interestingly enough, eFilingPlus did not go to Ethereum's network for developing its own token, or even to EOS. It developed it on TRON's platform, which makes it a TRC10 token model. As mentioned, the ICO is currently on-going, after it started almost a year ago, on September 21st, 2018. It will end in only five days, on September 21st, 2019, thus completing a year-long token sale.
The token is a utility that will be used to power the platform, and its price during the ICO is 0.001 TRX per token. The token's ticker is EFILE, and it has a total supply of 100 billion units, whereas only around 20,010,607,458 have been issued so far.
Unfortunately, there is not much more information available about the project, which is likely to be a red flag for a number of users. In addition, the token sale is coming to a close in a matter of days.
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As mentioned, the project does not offer a lot of information, which is not particularly encouraging. It is generally rather difficult to find any information that links this company to its blockchain project, and even its website only offers its official services, with no mention of blockchain.
cryptoaddict September 18, 2019 Reply
The vision to move tax reports to blockchain technology, could be a good one, however, as important information like that can definitely be kept safe via the blockchain technology. The lack of information and transparency, however, is a problem that the firm needs to settle in order to get proper support.
patR1ck September 16, 2019 Reply