Approximately 6 million blockchain- based invoices have been issued in the past year since the first invoice was issued in the southern metropolis of Shenzhen, authorities in the city have said.
According to the tax bureau of Shenzhen, Guangdong Province, this type of invoice is issued approximately 44,000 times per day, for a total of approximately 3.9 billion yuan ($554 million).
So far, more than 5,300 companies in the city have registered to use blockchain invoices.
The use of blockchain-based invoices has been steadily expanding in the tech hub since a number of local restaurants, banks and supermarkets launched the service last August.
The service is now widely used in finance, retailing, catering and hospitality in Shenzhen.
Proponents say it helps to curb malpractice and document forgery in taxation, as well as simplifying procedures.
In March, the tax bureau in Shenzhen and tech giant Tencent announced that blockchain-based invoices had been introduced to the city’s transport system, including the metro, taxis and airport shuttles.
This followed a 2018 agreement between the tax bureau and Tencent to open an innovation lab exploring solutions to optimize tax services and prevent the risks posed by cloud computing, artificial intelligence, blockchain and big data. DB/Xinhua