Peter smith blockchain linkedin icon
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The question is no longer whether blockchain will disrupt the tax system, but how far, how fast and how to ensure your business is peter smith blockchain linkedin icon to speed. What are the main risks and opportunities? How can you begin preparing for the shake-up ahead? In an increasingly digitised economy, in which almost everything can be ordered at the tap of a smartphone and transactions are routinely processed and analysed in real-time, it can sometimes feel like the tax system is still stuck in analogue.
To date, the most prominent application of blockchain technology has been cryptocurrency. Yet this is only one of many avenues. Peter smith blockchain linkedin icon and tax authorities have blockchain firmly in their sights as part of a wider move towards digitising the tax system and assessing tax in real-time.
The initial focus is likely to be indirect taxation, though other areas of tax management such as transfer pricing could be brought into play as blockchain networks develop. Eventually, blockchain could become the primary means of tax collection. The opportunities to rationalise complex processes and reduce the need for repetitive documentation between parties are good starting points. Crucially, there are also opportunities to bring greater certainty to tax management and reduce the risk of disputes.
Governments are looking to blockchain to simplify and speed up tax settlement. Many larger corporations are looking to bring the technology into their systems. While this creates challenges, blockchain application could also pave the way for the wider digitisation of taxation, greater certainty in tax management and closer integration between tax, supply and sales.
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Grant Thornton Malta Insights Taxation in real-time: Gearing up for blockchain. Tax Taxation in real-time: Gearing up for blockchain 11 Jan Gearing up for blockchain The question is no longer whether blockchain will disrupt the tax system, but how far, how fast and how to ensure your business is up to speed. Gearing up for blockchain In an increasingly digitised economy, in which almost everything peter smith blockchain linkedin icon be ordered at the tap of a smartphone and transactions are routinely processed and analysed in real-time, it can sometimes feel like the tax system is still stuck in analogue.
Overcoming the hurdles Governments are looking to blockchain to simplify and speed up tax settlement. Download brochure Download PDF [ kb ]. Blockchain Blockchain technology and intellectual property ownership Blockchain based technology has experienced impressive growth over the past five peter smith blockchain linkedin icon. It went from being ignored or unheard of, to becoming a buzz phrase in the innovation and technological world.
But it is not only the financial world that can benefit. With its relatively low cost of maintenance, increased transparency, lessened administrative burden and resilience to fraud, Blockchain technology applications are endless and far more radical and diverse, ranging from healthcare to the fashion industry, from solar energy to management of intellectual property rights. Blockchain Fairer and just societies using blockchain Although blockchain technologies are mostly associated with Bitcoin and the current ICO craze going on right now, another less mentioned feature that blockchains enable are the use of smart contracts for computation.
Not many people are aware of the possibilities that come from smart contracts and such technology will revolutionize the way the Internet works and perhaps how our societies function. Digital Currency Will our government issue a digital currency? Blockchain technology Moving forward Exploiting the full potential of Blockchain requires a solid technology infrastructure, along with the necessary skills to set it up, maintain and operate it.
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