Tencent Gets Approval To Draft Blockchain-Based Invoice Standards

Tencent, which is among China’s internet giants and is Wechat’s owner company, has received a nod from the Chinese tax officials to draft blockchain-based invoice standards.

Reportedly, the funding for Tencent’s blockchain invoice project was received from countries including the U.K., Switzerland, Sweden, and Brazil, as well as China’s State Administration of Taxation, at the ITU-T international meeting on e-voice standards Tuesday.

Earlier, what started as an anti-tax fraud initiative in Shenzhen, was shifted to the blockchain road last year as announcements were made stating the same. The firm opted to utilize Blockchain because it wanted to bring transparency in business reporting.

For the standards effort, The China Academy of Information and Communications Technology and the Shenzhen Taxation Bureau get involved with Tencent for the opening drafts. Tencent and firms associated with the project claim that this is indeed a massive leap in realized blockchain business applications.

The distribution and aggregation of data by Blockchain-based invoices for commercial transactions is done between permissioned parties.

Li Ming, director of blockchain research at the China Electronics Standardization Institute, told Global Times that the decision on developing standards indicates the significance of business applications for blockchain technology:

“E-invoicing is an appropriate field for blockchain application [investigations] and trials currently, which could in turn promote tech development.”

The nation’s president, Xi Jinping, told Communist Party constituents last week that they will look forward towards implementing Blockchain and aims to adopt the tech across various diverse use cases. 

On Monday, reportedly, a Chinese central bank official asked commercial banks to look for Blockchain implementation and solutions for digital finance and its applications.

China has continuously been in Blockchain forefront news with the country’s Communist Party announcing a decentralized app (dapp). This was not long ago, and the idea of the app is to allow members to pledge their loyalty for the world to witness.