Blockchain invoices hit 10 million in China tech hub

More than 10 million electronic blockchain invoices have been issued in China’s tech hub Shenzhen.

The rise comes after the city began to promote e-billing, the Shenzhen Tax Service said yesterday.

Officials say more than 7,600 companies have accessed Shenzhen’s blockchain electronic invoice system so far, with an aggregate invoice amount of more than 7 billion yuan (about $1 billion).

A statement adds that blockchain invoices have been widely used in finance and insurance, retailing, hotel catering, and parking services in Shenzhen since the city issued its first electronic blockchain invoice in August 2018.

The city’s invoice system — also known as ‘fapiao’ — was set up to allow the government to track purchases and prevent tax evasion.

Last week, Chinese President Xi Jinping said blockchain is vital to the future of the country and has urged officials to focus on its development.

Xi made the remarks in a meeting with the political bureau of the Chinese Communist Party’s Central Committee.

According to the state-funded Xinhua news agency, Xi stressed that it is “necessary to strengthen basic research, enhance innovation, and strive to let China take the leading position in the emerging field of blockchain, occupy the commanding heights of innovation, and gain new industrial advantages.”

He added: “It is necessary to promote collaborative research, accelerate the breakthrough of core technologies, and provide safe and controllable technical support for the development of blockchain applications.

“It is necessary to strengthen the research on blockchain standardisation and enhance the right to speak and rule in the world.

“It is necessary to speed up industrial development, leverage market advantages, and further open up the innovation chain, application chain, and value chain.”