Shenzhen businesses issue some 6 million blockchain invoices in a year
Blockchain

Shenzhen businesses issue some 6 million blockchain invoices in a year

Shenzhen businesses issue some 6 million blockchain invoices in a year

Around 6 million blockchain-based invoices have been issued over the past year in the Chinese city of Shenzhen, Chinese news agency Xinhua has reported.

In August 2018, by a Shenzhen-based restaurant used a system developed by Chinese Internet giant Tencent to launch the first blockchain invoice in China. Since then more than 5,300 companies in the city have registered to use blockchain invoices, according to Xinhua.

The news agency cited data from the tax bureau of Shenzhen, which showed that, on average, some 44,000 invoices have been issued per day over that period. The invoices’ value totalled 3.9 billion yuan, or $553 million. The system has been used by local businesses in 113 sectors, including finance, retailing, catering and hospitality.

While the China banned exchange cryptocurrency trading and initial coin offerings (ICOs) nearly two years ago, the local authorities have been keen on exploring blockchain technology. Furthermore, some of the country’s largest businesses have been at the forefront of blockchain development.

Earlier this year, it was reported that China was leading the world in terms of new blockchain projects. News outlet China.org.cn said in April that, as of November, last year, 263 projects had been underway in the country. This reportedly accounted for 25% of such projects globally.

In addition, at the end of March, the country’s cyberspace administration revealed that 197 companies had registered as blockchain service providers. The list included major tech giants Baidu, Alibaba and Tencent, which had launched proprietary blockchain-as-a-service (BaaS) platforms. Financial institutions, such as the China Zheshang Bank and Ping An Insurance Company, as well as online retail giant JD.com were also on the list.

Featured image: Pushish Images / Shutterstock.com

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