Photo: IC Photo
It’s only been a year since Chinese officials in the southern city of Shenzhen decided to pilot blockchain technology into the city’s invoice system — also known as 'fapiao' — which allows the government to track purchases and prevent tax evasion.
Yet more than 5,300 companies in the city have already gotten behind the initiative, issuing more than 6 million blockchain-based invoices with a total face value of 3.9 billion yuan ($552 million) between Aug. 10 last year and Aug. 5 this year, according to Shenzhen’s tax bureau.
On average, 44,000 invoices are issued each day, with transactions occurring in some 113 sectors including transport, catering, parking, retail, and internet services, the bureau said.
Blockchain technology is essentially a kind of digital ledger that allows data to be stored and traced without alterations, making payment transactions more secure.