The Tokenization Team in the SCL-Project explores and consolidates expertise in the tokenization of real-world assets. Their task is to develop and deploy systems that exploit tokenization strategies through blockchain technology.
Tokenization, in this context, refers to the process of converting the rights of an asset into a digital token on a blockchain application. These digital tokens represent the value of the asset and provide transparent and immutable proof of ownership. Representing assets on-chain increases transparency, accelerates transaction speed, and streamlines operations while significantly reducing costs and mitigating counterparty risks.
The team is currently focused on addressing pervasive issues related to tax fraud and evasion, with a particular attention to Value-Added Tax (VAT) mechanisms. This effort aims to deter fraudulent activities while enhancing the government’s compliance and efficiency in collecting revenue. The team’s approach is based on in-depth research methodologies, including comprehensive studies, expert consultations, and the development of a novel smart contract solution. These smart contracts help to translate a theoretical framework into a practical solution, with the goal of strengthening VAT systems and making them more secure and reliable. The team aims to enhance the integrity of the tax infrastructure, safeguarding public revenues against potential vulnerabilities and malpractices.
“Taxes, and especially cross-border VAT transactions, are difficult to assess and prone to fraud. Blockchain-technology offers great opportunities to facilitate the secure transfer of information and facilitate the information processing for all relevant parties. The concept developed by the Tokenization-Team is a great opportunity for Switzerland to bridge the transition to a tax administration 4.0.”
Dr. Robert Müller – Corporate Legal Counsel and Researcher in Tax Law and Blockchain Technology