WeChat, an app for messaging services, social media and financial services owned by Tencent Holdings Limited, has implemented a blockchain electronic billing system at Shenzhen Guomao restaurant, making the city of Shenzhen the first in China to issue invoices with blockchain technology.
The invoice blockchain process, which includes payment, billing and reimbursement, was created in collaboration with the Shenzhen Taxation Bureau and Kingdee Software.
This system was developed to simplify the process of reimbursing the expenses of company employees. Previous paper and electronic billing processes have led to a cumbersome and prolonged process of checking invoices, sending, reviewing and declaring income before finally settling with employees.
How it works
With this system of blockchain invoices, the process is substantially shortened, removing all interim actions between billing and reimbursement. Any payment made through the WeChat self-checkout is therefore effectively a one-click refund process.
For example, an employee of a company after a corporate dinner can make payment via the WeChat mobile payment platform. The data of this transaction is the "invoice" and the information of this invoice is synchronized in real time with the financial system of the company of employees and with the tax office.
In this way, the information is not tampered with or lost, thus simplifying the process for all parties involved in the transaction, ie the trader, the employer, the tax authorities and the employee.
Merchants receive punctual and personal savings because invoices are issued automatically at the time of payment, rather than the problem of manual invoicing and entry of relevant details of the employee's business for tax purposes. The employee's company can easily verify the invoice by simply logging into his financial system.
The tax authority can then monitor the entire billing process, circulation and repayment in real time, ensuring full and timely tax collection, while the employee
Tencent-Shenzen Partnership begins to pay dividends
 The blockchain-based billing solution is a product of the partnership announced in May 2018 between Tencent and the office Municipal Government of Shenzhen State Administration of Taxes
Speaking of development, Li Wei, deputy director of the Shen Tax Office zhen, said:
"The digital invoice based on blockchain technology has features such as complete traceability of the whole process and non-disruptive information, which consistent with the invoice logic, can effectively prevent false invoices and improve the invoice supervision process. "
At present, the rotating restaurant of Shenzhen Guomao, the parking lot of the Baoan district sports center, Kaixin Auto Trading Co., Ltd. and Image Tencent Impression Coffee Shop are the first traders to access and use the electronic blockchain inv
In April, CCN reported that Tencent was developing its own blockchain platform called MySQL, a solution designed to provide an enterprise-class blockchain infrastructure to support reliable blockchain cloud services.
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