Beijing Implements Blockchain Invoicing

Beijing’s tax bureau has officially announced the introduction of an invoicing blockchain for taxpayers.

The department calls transparency, traceability and the impossibility of changing accounts to be the main advantages of distributed ledger technology. At the same time, the authenticity of tax notifications can be verified on the official website of the tax service.

“To reduce taxpayers operating costs, save social resources, increase consumer convenience for saving invoices and build a healthy and fair tax environment […]The tax bureau of Beijing has decided to pilot the application of blockchain electronic general invoice,” the official statement reads.

Electronic accounts on the blockchain will gradually begin to be applied to other areas of the life of residents of Beijing, for example, paying for parking or tickets for visiting attractions and parks.

Recall that in March last year, the Shenzhen authorities introduced payment for public transport using the blockchain app.

Author: Marko Vidrih

Featured image credit: Pixabay