HM Revenue and Customs has already announced its plans to take tax fully digital by 2020, but could new tech really move the sector light years ahead? It's been suggested everything from Artificial intelligence to Blockchain could be used to improve how taxes are collected and processed. Matt Cox has been speaking to monetary innovation researcher, Garrick Hileman, about this.
Blockchain technology seems to be the prize many financial institutions are chasing, but why?
From big banks to Fintech startups, creating a mainstream blockchain technology is the goal. The Blockchain Summit held in London today is a further testament to this, where delegates will discuss the next steps and long term impacts.
So what's standing in the way of this technology serving the public, and do we really need it?
To find out more, Matt Cox spoke to Garrick Hileman, a monetary innovation researcher and Economic Historian at the University of Cambridge and London School of Economics.