Shenzhen rolls out blockchain-based invoicing system for subway rides

Thursday 21 March 2019 10:57 CET | News

Shenzhen Municipal Taxation Bureau in partnership with Tencent has developed a blockchain-based invoicing system for the subway transportation system.

The country has started using this revolutionary technology in public services, and the first area to receive its benefits is public transport. In Shenzhen authorities have started issuing subway ride invoices backed by blockchain according to a local news report of Securities Daily. Since Shenzhen is first Special Economic Zone (SEZ) of China, the e-invoicing system is meant to ease the business processes for authorities who used to work with an outdated system till date.

The technology infrastructure of Tencent provides a credible backing to the system through company’s WeChat platform. The users can see a Shenzhen Metro passenger code on WeChat Payment voucher page after every ride, and by 15th of March 2019 the system had already issued more than a million electronic invoices backed by blockchain. The total value of those invoices was more than USD 200 million.

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Keywords: Shenzhen Municipal Taxation Bureau, Shenzhen, Tencent, product launch, e-invoicing system, blockchain, cloud, Transportation System, SUBWAY, electronic invoice
Countries: World