Shenzhen Economic Zone to implement the blockchain tax invoice system via WeChat payments

The economic zone of Shenzhen wants to implement the blockchain for electronic tax invoices

Shenzhen will start using blockchain technology for electronic tax invoices. The city is one of the most important in China and aims to improve the taxation system. Information was released from the local Economic Net news site on December 12th. This shows that China is approaching blockchain technology.

To implement in this solution, the Municipal Tax Office of Shenzhen and Tencent they collaborated Using the WeChat platform, which is managed by Tencent, was used to link the blockchain-based billing system. Blockchain technology can be used in many different industries such as finance, health and more.

As of August 2018, this was the only pilot who received approval from the state Taxation administration. The new system has been specially designed to be used by consumers, merchants and even tax authorities.

The director of the Shenzhen Taxation Bureau Information Center, the new system exploits the benefits of blockchain technology for example distributed storage, traceability and non-tampering. This makes it different from the traditional electronic taxation invoices which are widespread throughout the world.

In this regard, the article reads as follows:

"The application of the electronic invoice blockchain to the WeChat payment platform is a substantial exploration made by the Shenzhen Tax Department based on the actual needs of the tax payers to further optimize the corporate environment".

China he is trying to push for the blockchain adoption. According to CNBC, Chinese President Xi Jinping spoke about how the technologies that are spreading in the world will change the way companies evolve. Among these technologies, he mentioned the blockchain.

As reported by the Financial Times, China was the most active filer of blockchain patent applications in 2017, surpassing the United States.

At the same time, the Beijing, Shanghai and Guangzhou cities concentrate the largest number of blockchain legislation and policy in China.