Tencent to lead drafting of Chinese blockchain-based invoice standards

As reported by Global Times, Tencent’s blockchain invoice project was backed by multiple countries including the UK, Switzerland, Sweden and Brazil, as well as China’s State Administration of Taxation, at the ITU-T international meeting on e-voice standards Tuesday.

Originally an anti-tax fraud initiative in Shenzhen, the company’s work on using blockchain tech to provide transparency in business reporting was announced last year. For the standards effort, Tencent is joined by The China Academy of Information and Communications Technology and the Shenzhen Taxation Bureau for the initial drafts, which Tencent and the related firms claim to be a step forward in realized blockchain business applications. Blockchain-based invoices aggregate and distribute information for commercial transactions typically between permissioned parties.