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.
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).
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.”
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