A Blockchain Model for Superannuation Payments: Detecting Unpaid Super
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| Titel: | A Blockchain Model for Superannuation Payments: Detecting Unpaid Super |
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| Autoren: | Mapa Mudiyanselage, Chalani |
| Verlagsinformationen: | CQUniversity, 2025. |
| Publikationsjahr: | 2025 |
| Schlagwörter: | Distributed computing and systems software not elsewhere classified |
| Beschreibung: | The aim of this study is to develop a new process model and information system to detect superannuation fraud and assist Australian workers by identifying unpaid and unsettled superannuation through payroll activities. Employers set aside superannuation funds to provide their employees with a dignified retirement. According to some studies, employers may fail to make required contributions to an employee's superannuation fund, make correct payments, or debit the incorrect fund in violation of legal or contractual obligations. To address these issues, the Australian federal government has enacted laws and regulations to ensure that employers meet their contribution obligations. Despite these safeguards and highly secured information systems, there has been a significant increase in fraudulent activity in the financial sector, and there have been several instances of employers not making contributions, misusing retirement funds, or incorrectly reporting in systems. The current process restricts employee access to recent data until the contributions reach their superannuation fund, leaving the door open for fraud. In recent years, blockchain technology has become increasingly popular due to its capacity to enhance security and transparency and prevent fraud in numerous industries, including finance. Prior research has provided insights, though limited, into how to prevent pension fraud. In addition, the literature on the potential use of blockchain technology to address this issue is scant. Consequently, this study introduces a novel process model and creates a blockchain-based application to prevent fraudulent practices. To address the challenges, this study maps out the existing superannuation payment process, identifies the critical areas and presents a blockchain-based model for the superannuation contribution process. Although blockchain technology is prevalent in numerous industries, it has not yet been implemented in superannuation payments. Consequently, the blockchain-based model is devised after examining the discrepancies in the current superannuation payment process and the characteristics of blockchain technology. This study found the proposed blockchain technology model to be an ideal solution for detecting unpaid superannuation due to its ability to eliminate transparency issues of transactions. This study offers valuable insights into the design of innovative process models that employ blockchain technology to address superannuation issues. As well, the thesis provides an example of a simulated smart contract to investigate additional implications and developments in this field. |
| Publikationsart: | Thesis |
| DOI: | 10.25946/29555012 |
| Dokumentencode: | edsair.doi...........613d3ae9795ea740d2c6ce7ee5e182a8 |
| Datenbank: | OpenAIRE |
Nájsť tento článok vo Web of Science | Abstract: | The aim of this study is to develop a new process model and information system to detect superannuation fraud and assist Australian workers by identifying unpaid and unsettled superannuation through payroll activities. Employers set aside superannuation funds to provide their employees with a dignified retirement. According to some studies, employers may fail to make required contributions to an employee's superannuation fund, make correct payments, or debit the incorrect fund in violation of legal or contractual obligations. To address these issues, the Australian federal government has enacted laws and regulations to ensure that employers meet their contribution obligations. Despite these safeguards and highly secured information systems, there has been a significant increase in fraudulent activity in the financial sector, and there have been several instances of employers not making contributions, misusing retirement funds, or incorrectly reporting in systems. The current process restricts employee access to recent data until the contributions reach their superannuation fund, leaving the door open for fraud. In recent years, blockchain technology has become increasingly popular due to its capacity to enhance security and transparency and prevent fraud in numerous industries, including finance. Prior research has provided insights, though limited, into how to prevent pension fraud. In addition, the literature on the potential use of blockchain technology to address this issue is scant. Consequently, this study introduces a novel process model and creates a blockchain-based application to prevent fraudulent practices. To address the challenges, this study maps out the existing superannuation payment process, identifies the critical areas and presents a blockchain-based model for the superannuation contribution process. Although blockchain technology is prevalent in numerous industries, it has not yet been implemented in superannuation payments. Consequently, the blockchain-based model is devised after examining the discrepancies in the current superannuation payment process and the characteristics of blockchain technology. This study found the proposed blockchain technology model to be an ideal solution for detecting unpaid superannuation due to its ability to eliminate transparency issues of transactions. This study offers valuable insights into the design of innovative process models that employ blockchain technology to address superannuation issues. As well, the thesis provides an example of a simulated smart contract to investigate additional implications and developments in this field. |
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| DOI: | 10.25946/29555012 |