Singapore PM: Blockchain Will Not Replace Auditors

Asia Blockchain Review
September 16, 2019

Singapore’s Prime Minister Lee Hsien Loong gave a ministerial forum with students of the Singapore University of Social Sciences (SUSS) on September 4th, in which he offered a balanced view of blockchain technology. 

PM: Blockchain is a “Fabulous New Idea”

According to local outlet The Online Citizen SG, PM Lee reportedly answered questions on several topics during the hour-long session, available now from the Prime Minister’s Office Youtube Channel. 

PM Lee was of the opinion that distributed ledger technology can be used for many purposes, calling it “a fabulous new idea,” but pointed out that some of its applications may be unnecessary. However, he asserted that auditors will never fully be replaced by blockchain solutions, regardless of their guarantees. 

“If you use blockchain to verify some of the things which previously auditors had to go and verify, I have no doubt that there will be many other things which auditors need to check for,” Lee said. 

Drawing Upon Chinese Wisdom 

Speaking to SUSS students, PM Lee said, “I can tell you for sure that having blockchain is not going to stop things from going wrong, or stop people from finding clever new ways to do wrong things.” 

The premier quoted a Chinese saying that translates roughly as “the magician is one foot taller, the evil witch is 10 feet higher,” claiming that no matter how secure or advanced blockchain may seem, there will always be people figuring out new ways to abuse and undermine its solutions. 

While Lee expressed confidence that auditors will always have work, he conceded that the nature of audit work may evolve.


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
The Inaugural INCEIF-ISRA Annual Conference on Islamic Economics and Finance (I-ARIEF)
Themed ‘Islamic Finance and Islamic Economy Ecosystem in the Era of Digitalisation’, the two-day eve...

November 28, 2019

Trescon’s 14th World Blockchain Summit to Debut in Thailand This December
World Blockchain Summit (WBS) will expand its footprints into Thailand this December, hosting the wo...

November 27, 2019

The BitOrb Exchange Secures $6.4M
The BitOrb Exchange has successfully secured US$6.4 million in its latest funding round which was le...

November 15, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us