Over 10 million blockchain-based invoices have been issued in Chinese tech capital Shenzhen, local tax authorities have confirmed.
Over 10 million blockchain-based invoices have been issued in Chinese tech capital Shenzhen, according to the Shenzhen Tax Service, as reported by English-language local news outlet Xinhuanet on Nov. 1.
Tencent-developed blockchain platform
The tax agency also noted that the city is also actively promoting blockchain-enabled electronic billing. Shenzhen’s blockchain invoice system is reportedly developed by Chinese internet giant Tencent — the developer of the social media platform WeChat — together with the tax bureau of Shenzhen.
The news comes a week after Chinese President Xi Jinping urged the country to accelerate blockchain adoption, calling the technology “an important breakthrough for independent innovation of core technologies.”
Nearly $1 billion processed in total
Over 7,600 companies have used the system with the invoices comprising a total value of over 7 billion yuan (nearly $995 million), according to Xinhuanet. The blockchain invoicing service has been so-far applied in local finance, insurance, retail, hotel catering and parking services.
As Cointelegraph also reported in late October, Binance CEO Changpeng Zhao pointed out that WeChat Pay has been using blockchain technology to track payments on its platform.