(Yicai Global) Aug. 10 -- A restaurant in southern China's Shenzhen has issued the first electronic invoice based on Tencent Holding's blockchain technology, which will ease the verification process of such receipts.
Shenzhen government chose firms from different fields to participate in the trial operation of blockchain e-invoice, including canteens, cafes, payable parking lots, and car repair shops, local news outlet China News reported today.
Invoices that are used for tax deductions and are based on the public ledger can be traced to avoid fake receipts that are common in China. The technology that is used in cryptocurrencies helps in streamlining the process of issuing and verifying invoices.
Shenzhen taxation authority will support more enterprises to start giving out such e-invoices in the future.
Editor: Emmi Laine