Today, China’s state-run press agency Xinhua reported that the Shenzhen Taxation Bureau issued over 10 million blockchain invoices. Dubbed as ‘Shenzhen Speed’, the blockchain invoices are being used on-demand without the need for purchasing physical tax invoices from authorities.
Situated in South China’s Guangdong province,
Shenzhen first issued a blockchain invoice with support from internet giant Tencent. The technology has since been deployed for
China Merchants Bank, Ping An Bank, Wal-Mart, NUS Pharmacy and WeChat Payments Merchants. At present, over 7,600 companies in Shenzhen have access to the blockchain invoicing system which has processed over 7 billion yuan ($994 million) since its launch last year.
Blockchain invoicing is beneficial for companies as it reduces the time and cost of the process through automation. From a consumer viewpoint, if they want an invoice, for example, to prove travel expenses, it means it’s not necessary to queue.
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