The Shenzhen Blockchain e-invoice, which is supported by Tencent Blockchain's underlying technology, has issued 25 million invoices, with a total value of 25.9 billion yuan.
Compared to past technologies, blockchain electronic invoices cannot be tampered with, making delivery accuracy high, valuable for controlling fraudulent invoices.
Blockchain electronic invoices will be issued, circulated, and reimbursed on the blockchain, each invoice can be checked, tracked and controlled.
In May 2018, Shenzhen Tax Bureau and Tencent created the Smart Tax Lab. They have incubated a number of innovative projects based on big data, cloud computing, and artificial intelligence technologies, and blockchain e-invoicing is the lab's one of the key projects.
More than two months later, with Tencent's blockchain providing the underlying technical support, the Shenzhen tax bureau went online with its blockchain e-invoice system, becoming China's first pilot city for blockchain e-invoicing.
Blockchain e-invoices have been widely used in finance, real estate, retail, catering, transportation, hospitals, Internet services industries.
More on Tech Industry
