Six million blockchain-related invoices were processed through in Shenzhen, a city in Guangdong province, in the past 12 months.
According to a report by Xinhuanet, local authorities reported that around 44,000 of these invoices are issued daily, with a total value of around US$500 million. Currently, more than 5,300 local companies across 113 sectors are registered use these invoices.
Shenzhen is China’s first economic zone and it piloted its first blockchain-powered invoice on 10 August 2018, when the invoice was issued by a local restaurant.
The current blockchain invoice system which is in use was developed by Chinese tech giant Tencent in collaboration with Shenzhen Municipal Taxation Bureau.
Since the inception, blockchain-based invoices have been used by a number of industries in Shenzhen, including finance, retail, catering and hospitality.
Local media also reported that Shenzhen issued China’s first blockchain invoice for a subway ticket in March 2019.