China Witnesses Its First Blockchain-Based Invoice Emerge

Today, Shenzhen ushered in the first blockchain-based invoice nationwide, according to Sharing Finance. This invoice was issued by Shenzhen Guomao Revolving Restaurant, where government officials from the State Administration of Taxation, the People's Government of Shenzhen Municipality and Shenzhen Tax Service witnessed this important moment.
However, there should be some signs earlier before the birth of this blockchain-based invoice. On May 24, this year, Shenzhen Tax Service, State Administration of Taxation and internet giant Tencent announced the joint establishment of a smart taxation innovation lab, utilizing cloud computing, AI and blockchain to promote the reform and innovation in taxation. The parties issued China's first blockchian-based research result applied to invoice simultaneously.
With blockchain-based electronic invoice, taxation authorities could monitor the whole process, making tax management paperless and smart
With the blockchain-based invoice emerging, you can say goodbye to queuing up, pasting invoices and needn't worry about invoice loss. "Trading and invoicing, and invoicing and reimbursing" may become a reality.