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…