Case Study: Siemens AG achieves faster, cheaper EU tax form processing with Hyperledger Fabric and KrypC

Siemens AG slashes tax form costs by 75% with Hyperledger

Siemens AG faced significant challenges with the costly and time-consuming administration of EU tax forms, particularly the Long Term Supplier Declaration (LTSD). The paper-based process was expensive, prone to errors, and created a risk of fraud. To address this, Siemens, along with Henkel, sponsored the development of a solution using Hyperledger Fabric.

The solution, the taXchain network developed by KrypC using Hyperledger Fabric, digitized the form process. This implementation slashed the cost to complete one LTSD form by 75%, from €120 to €30, and reduced the time required from days to minutes. The blockchain-based platform provided a more secure, transparent, and efficient way to handle tax documentation, with plans to expand to more forms and partners.

Siemens AG