China’s Shenzhen Tax Service Issues 10 Millionth Invoice Using Blockchain Powered System

The Shenzhen Tax Service has revealed that more than 10 million invoices created using blockchain powered system has been issued in Shenzhen, commonly referred to as the tech capital of China. The news was reported by Xinhuanet, a English tabloid.

The tax agency also pointed out that efforts are being made to increase the adoption of blockchain based electronic billing.

The invoice system used by Shenzen was built by internet behemoth Tencent, which also developed social media platform WeChat, along with the Shenzhen tax bureau.

Notably, a week before, Chinese President Xi Jinping advocated enterprises to speed up blockchain adoption, referring the technology “an important breakthrough for independent innovation of core technologies.”

More than 7,600 enterprises have utilized the system so far to prepare invoices worth more than 7 billion yuan (~995 million), as per Xinhuanet. Currently, the blockchain powered invoice facility has been deployed in domestic finance, retail, insurance, parking services and hotel catering.

Late last month, Changpeng Zhao, CEO of Binance revealed that WeChat Pay has been utilizing blockchain technology to trace remittances done through its platform.