Tencent to lead drafting of international blockchain-based invoice standards

posted 20 days ago
WeChat’s parent company, Chinese internet giant Tencent, received the green light to draft blockchain-based invoice standards from China’s tax officials. Originally an anti-tax fraud initiative in Shenzhen, the company’s work on using blockchain tech is being used to provide transparency in business reporting.

Blockchain-based invoices aggregate and distribute information for commercial transactions, typically between permissioned parties. Li Ming, director of blockchain research at the China Electronics Standardization Institute said “E-invoicing is an appropriate field for blockchain application [investigations] and trials currently, which could in turn promote tech development.”
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