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.” 

Source: https://coingeek.com


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
    GDPR And CCPA: Relevant In APAC?
    How does the Asia Pacific region figure in this equation? We caught up with Freddy Lee, CTO at IBM M...

    July 14, 2020

    It’s No Surprise : Celeste Goh On APAC’s Fintech Funding Dip
    It was reported recently that the APAC fintech funding scene had experienced quite a slump. Asia Blo...

    July 12, 2020

    APAC’s Ecosystem Gets June Lee’s Honest Assessment
    Asia Blockchain Review recently caught up with June Lee, APAC's Managing Director Of GBG for her tho...

    July 11, 2020

    APAC’s Ecosystem And GBG’s Predator Cybersecurity Approach
    Asia Blockchain Review recently had the privilege to talk to June Lee, APAC's Managing Director of G...

    July 11, 2020

    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