Shenzhen Issues 6 Million Blockchain-Based Invoices in a Year

Major Chinese city Shenzhen has issued about six million blockchain-based invoices in a year since their establishment in August last year.

According to a report by state news organization Xinhua on August 6, over 5,300 local companies in 113 sectors have joined Shenzhen’s blockchain invoice initiative so far.

As detailed by Shenzhen Municipal Taxation Bureau, the average daily issuance of the invoice is assessed to account for 44,000, while the entire value of the invoices has summed to 3.9 billion Chinese yuan ($553 million).

Shenzhen piloted its first blockchain-powered invoice in August last year when a local Shenzhen restaurant issued an invoice. As earlier reported, Shenzhen’s blockchain invoice framework was created by Chinese web mammoth Tencent — the developer of the social media platform WeChat — in collaboration with the tax bureau of Shenzhen.

According to the new report, since the venture was introduced, the use of blockchain-based invoices has been picking up traction in a number of businesses in Shenzhen, including finance, retailing, catering and hospitality. In March, local media revealed that Shenzhen issued the country’s first blockchain invoice for a subway ticket.

Recently, Standard Chartered completed its first blockchain-based supply chain financing transaction within Digital Guangdong venture, which is a collaboration between Tencent, China Mobile, China Unicom, and China Telecom.