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The Changing Face of Finance and Taxation Technology
Technology has come to encompass every aspect of our existence. Be it health, finance, food, clothing or utilities; it has left no space unturned.
Let us just take the case of finance. The finance arena which for long has been reliant on emails for sending invoices has come to be revolutionized by the buzzing blockchain technology. The technology has initiated a progressive shift from a tedious, error-prone, manual email solutions to one which automates the whole process swiftly and securely. As blockchain transactions are executed through smart contracts, it offers an automated solution not only for the invoice but also offers the power to carry instant payments via the so-called cryptocurrencies such as bitcoin, Etherium, and more.
Technological positive to finance are not just limited to invoice. Take the case of personally identifiable information (PII). In its current state, the so-called critical information is just reduced to public info, open to significant data breaches and problems of identity thefts. However, the advancing technology is already making impeccable leaps in the arena. For instance, countries in Europe have already come to adopt electronic identification cards which provide a more secure and accountable means for identification, thus pushing finance industry towards a more favorable place of transparency and identity checks.
It is not just the businesses but also the governments who have come to benefit from the enabling technologies. Take the case of taxations, as more and more records become digitalized, the governments today are equipped with the ability to demand not just access to a business’s complete record but also reports on every transaction, instantly, thus helping the governments detect frauds and successfully collect the due taxes.
Hitherto, it would be fair to say that technology is changing the faces of finance and taxation for better.