Lyford-Smith: Technology Adoption Won't End Corruption - THISDAYLIVE

The Technical Manager, IT and Profession, Institute of Chartered Accountants in England and Wales, Mr. David Lyford-Smith, in this interview, among other things, discusses the limitations of technology as a tool in curbing corruption as well as theJames Emejo brings the excerpts:

And it’s also true when we talk about things like algorithm bias that the way we are making automated systems now is by teaching them with data. It’s by tracing machine lining from past history. History has issues and problems due to corruption, fraud and bias. All of these things would be picked up by the system. It is not a perfect immoral system; it is amoral system.

The Nigerian government recently disclosed plan to impose value added tax on online transactions, effective from 2020, what are the potential challenges in this regard? Whereas, the digital marketplace is not like that and it’s very easy for the digital companies to make sure that whatever the physical rules are, they would pay their taxes wherever it’s best for them and so I think there really an important question of thinking about the philosophy of what constitutes an establishment, what constitutes trade, should it be based where a customer is. These are very different ways of approaching tax different from the traditional.

And I think that’s very difficult to find a way of reflecting the complexity of the digital market space in legal rules, it’s very difficult.At its base level, I think it’s a record keeping accounting technology. It’s a way of reconciling the account of different parties so they could all agree. Blockchain is about saying no, we still want to do business with no middle man, no central controller, but still not have to worry about our numbers being different.

Source: Tech Daily Report (techdailyreport.net)

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