More than 5,300 local companies across 113 sectors have participated in Shenzhen’s blockchain invoice program thus far, according to a report by the China Daily.

According to data published by the Shenzhen Municipal Taxation Bureau, an average of 44,000 invoices are issued per day. The total face value of the invoices has reached 3.9 billion yuan (US$554 million).

Shenzhen Collaborates with Tencent

Shenzhen is a city in Guangdong province and the first special economic zone in China. The city began its blockchain-powered invoice program on August 10th, last year, with the first invoices issued by a local restaurant. 

Shenzhen’s blockchain-based invoice platform was developed by Chinese tech conglomerate Tencent, developer of the social media platform and instant messenger WeChat, in collaboration with Shenzhen Municipal Taxation Bureau.

Steady Growth of Blockchain Adoption in Shenzhen

Since the project launched in August 2018, the use of blockchain-based invoices has been widely accepted and adopted across several industries operating in Shenzhen, including finance, retail, catering, and hospitality, according to the China Daily report. 

Tencent recently published figures of the blockchain-based invoices in the Shenzhen area. The system has reportedly been installed at over 1,000 local stores, resulting in over a million invoices issued valued at more than 1.33 billion yuan (US$200 million). 

Meanwhile, a Cointelegraph report revealed that London-based Standard Chartered Bank had completed its first blockchain-based supply chain financing transaction as part of the Digital Guangdong project, a joint initiative with Tencent, China Unicom, China Telecom, and China Mobile.

Source: 

http://www.chinadaily.com.cn/ 

https://cointelegraph.com/ 

https://www.ledgerinsights.com/ 

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