SHENZHEN USES BLOCKCHAIN TO SEND OUT TAX INVOICES
On December 12th, the local edition of China Economic Net reported that the authorities of Shenzhen, a major Chinese city in Guangdong province, will use the blockchain to send out electronic tax invoices.
The tax service of Shenzhen municipality and Chinese tech company Tencent announced the successful completion of “blockchain billing system” testing, which will work through the payment system WeChat.
The director of tax center information technologies stressed that the blockchain billing system differs from the traditional electronic system, as it provides such advantages of working on a distributed register as “traceability and immutability”.
Shenzhen municipality signed a partnership agreement with the Chinese technology company Tencent Holdings in June, to prevent fraud in tax collection and to counter the falsification of tax documents, using blockchain technology.
