Shenzhen Economic Zone To Implement Blockchain Invoice System For Taxes Via WeChat Payments

2018-12-13 01:48

Shenzhen Economic Zone Wants To Implement Blockchain For Electronic Tax Invoices

Shenzhen will start to use blockchain technology for electronic tax invoices. The city is one of the most important in China and it aims at improving the taxing system. The information was released by the local news site Economic Net on December 12. This shows that China is moving towards blockchain technology.

In order to implement in this solution, the Shenzhen Municipal Taxation Bureau and Tencent have been cooperating. Using the WeChat platform, which is operated by Tencent, was used to connect the blockchain-based invoice system. Blockchain technology can be used in many different industries such as finance, health and more.

As of August 2018, this was the only pilot that received approval by the State Administration of Taxation. The new system has been specifically designed in order to be used by consumer, merchants and also tax authorities.

The director of the Information Center of Shenzhen Taxation Bureau, the new system leverages the benefits of blockchain technology such as distributed storage, traceability and non-tamperability. This makes of it different from traditional electronic taxation invoices that are widely spread around the world.

On the matter, the article reads as follows:

“The application of the blockchain electronic invoice to the WeChat payment platform is a substantial exploration made by the Shenzhen Tax Department based on the actual needs of the taxpayers to further optimize the business environment.”

China is trying to push for blockchain adoption. According to CNBC, the Chinese president Xi Jinping talked about how technologies that are spreading around the world are going to change the way in which enterprises evolve. Among these technologies, he mentioned the blockchain.

As the Financial Times reported, China was the most active filer of blockchain patent applications in 2017, surpassing the United States.

At the same time, the cities of Beijing, Shanghai and Guangzhou concentrate the largest number of blockchain legislation and policy in China.

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