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.
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.
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.
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