Chinese city of Shenzhen will use blockchain to bill taxes

new@eBitcoinics.com   13 Dec, 2018   news.eBitcoinics.com   Views: 401

Chinese city of Shenzhen, located in Guangdong province, will use blockchain technology for electronic tax invoices .

The solution consists of connecting the billing system based on blockchain technology with the popular social network and, at the same time, payment platform, WeChat. The project was completed thanks to the joint work of the Municipal Tax Office of Shenzhen and the Chinese technological giant Tencent.

According to the director of the Municipal Tax Office of Shenzhen the difference between a traditional invoice and a blockchain invoice is " the advantages of distributed storage, traceability and non-manipulation ". Likewise, it is highlighted that this initiative arose in response to the real needs of the city's taxpayers: " The application of the blockchain electronic invoice to the WeChat payment platform is a substantial exploration carried out by the Shenzhen Tax Department in function of the real needs of taxpayers to further optimize the business environment . "

Shenzhen was the first economic zone in China, and is one of the most prosperous cities in Asia. In fact, it is considered the "Silicon Valley" of China as it is the headquarters of some of the most successful high-tech companies such as Huawei, ZTE, OnePlus, BYD, Hasee, Konka, Skyworth and the aforementioned Tencent. It currently has about 12 million inhabitants and its total economic output is greater than that of Portugal, the Republic of Ireland, and Vietnam.

The city government had already shown interest in this technology. At the beginning of this year, he established a fund focused on investements for projects with technology based on blockchain. The investment fund was sponsored by the China Electronic Commerce Association with an investment of 500 million yuan ($ 80 million) in initiatives with this technology.



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