China’s Tech Capital Shenzhen, issues over 10 million blockchain based invoices according to the Shenzhen Tax Service. On Nov. 1 local English Xinhuanet reported the news.
Tagged as ‘Shenzhen Speed’ the blockchain invoices are being used on-demand without any need for purchasing physical tax invoices from authorities.
A Tencent Developed Platform
The Tech Capital is actively promoting blockchain-enabled electric billing according to the tax agency. The blockchain invoice system is reportedly developed by Tencent– developer of China’s popular social media platform WeChat jointly with the tax bureau of Shenzhen.
The news comes just after a week China’s President Xi Jinping urged the country in accelerating blockchain adoption while calling the technology “an important breakthrough for independent innovation of core technologies.”
Over nearly $995 million processed
According to Xinhuanet over 7600 companies have used the system with the invoices that comprise of over over 7 billion yuan (nearly $995 million). The services of the blockchain invoice have been to date applied in local finance, insurance, retail, hotel catering, and parking services.
Blockchain-based invoices are beneficial for the companies as it helps in the reduction of time and cost of the process done through automation. From the consumers’ perspective, an invoice is beneficial as it helps in time reduction through queuing.
While in a government setting, blockchain invoices are beneficial as it helps in reducing the number of fraudulent invoices used as tax deductions or in trade finance. Improving better supervision of the whole invoice process is also beneficial in general.