The new blockchain platform may help with the tracking of billions of financial documents.
China’s state-owned Aerospace Science and Industry Corporation Ltd. has created a blockchain-based platform to improve its electronic invoice system, according to an official announcement dated August 13.
The announcement, which was also posted in China’s official state newspaper, People’s Daily, describes how blockchain technology can improve the nation’s electronic invoice system, specifically for taxes.
According to the announcement, approximately 1.31 billion electronic invoices were issued in China in 2017, and that number is expected to grow to 54.55 billion by 2022. The new platform is intended to solve some of the problems in the current system, such as repeat reimbursement, as well as issues of transparency and traceability.
To help solve these “pain points,” China Aerospace has created a blockchain-based electronic billing system that facilitates the authentic and reliable issuance of electronic invoices, and improves the efficiency of invoice circulation and tax authority supervision, according to the official statement.
The system is being trialed in Beijing, Shandong, Hubei, and elsewhere.
This statement follows a May 25 announcement by the Shenzhen Municipal Office of the State Administration of Taxation, which described a partnership with tech company Tencent. The two entities are reportedly working on a joint project called the “Intelligent Tax” Innovation Laboratory, which is intended to help solve the problem of falsified and counterfeit official government invoices.
Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!
Don’t forget to join our Telegram channel for Crypto, Business & Technology news delivered to you daily.