China’s Tencent to Develop Blockchain Invoices

Asia Blockchain Review
November 9, 2019

Tencent, a major Chinese messaging and internet services provider based in Shenzhen, has recently received approval from the State Administration of Taxation in China to develop blockchain-powered invoices in a project that has received support from leading nations such as Sweden, Switzerland and the United Kingdom.

Establishing a Framework for a Decentralized Invoicing System

According to Coingeek, the project was approved under the name of the “General Framework for DLT-Based Invoices” and will see Tencent working to develop the blockchain-enabled invoicing system with the State Administration of Taxation and the China Academy of Information and Communications Technology. 

The government agencies will review the outcome of the project before releasing the results to the public.

Since 2018, Tencent has been jointly developing a blockchain invoicing process with Shenzhen City, processing 44,000 invoices per day for over 100 sectors in the local economy. With more than 5,000 companies participating in the trial, Tencent’s system has successfully processed over six million invoices worth more than 4 billion yuan (over US$554 million).

Promoting Blockchain Use Case in China

Li Ming, director of the Blockchain Research Department at the China Electronics Standardization Institute, has revealed that Chinese authorities are promoting more use cases for blockchain in the country while allowing leading players in the industry to take part in this development. Li stated:

“The project shows China’s industry and market activity in blockchain tech application. E-invoicing is an appropriate field for blockchain application probes and trials currently, which could in turn promote tech development. The elements of transparency, trust and verifiability of the technology are needed for application scenarios involving multiple parties, and they largely improve efficiency.” 


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Aircraft Parts Maker Moog Inc Adopts Blockchain for Digital Models
Aircraft parts maker Moog Inc. has been running a trial that combines blockchain technology with 3D ...

December 6, 2019

BNY Mellon is Newest Member of Marco Polo Blockchain Network
The Bank of New York Mellon (BNY Mellon) has joined the Marco Polo blockchain trade finance network ...

December 6, 2019

Central Bank of France: Blockchain Can Answer Market Demands
The first deputy governor of the Central Bank of France says that blockchain can be implemented to c...

December 5, 2019

Red Cross Developing Blockchain-Based Currency for Aid Distribution
Three national units of the Red Cross plan to use blockchain-based currencies instead of cash and vo...

December 5, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us