Digitalization is an unstoppable process and terms such as "bitcoin" and "blockchain" have been the most hyped topics of recent years. In spite of their growing popularity, those terms still tend to create confusion. However, we all need to face reality: the world is on the cusp of a technological revolution and new technologies will change the current state of play in the tax world.
Legal prediction, a daily task for the legal professionals, involves essentially any use case that requires legal reasoning for the purpose of predicting an outcome. The issue with legal prediction is that humans are generally bad at it. We are biased, inefficient, information processors, and prone to errors. As today’s data-driven world of law requires legal professionals to access and process vast amounts of information, we must turn to technology for aid.
Those who read my previous blog may remember the Tax & Technology Cube. Now I want to elaborate on one of the mentioned intersections between technology and tax. And I will do so using a so-called smart meter.