Shenzhen will use Blockchain technology for electronic tax invoices

Shenzhen, a major city in China that operates under its economic special zone has announced that it will begin using blockchain technology for electronic tax invoices. The city’s Municipal Taxation Bureau has “successfully connected the blockchain invoice system with the WeChat payment platform” to enable this service, according to a statement.

The blockchain-based electronic invoice has been praised for having the “advantages of ‘distributed’ storage, traceability and non-tamperability”.

Also read: Telecom Regulatory Authority of India has completed Blockchain pilots with tech giant IBM to improve mobile data records

Source: https://www.cryptodigest.com/featured/shenzhen-to-utilize-blockchain-tech-for-tax-invoices/