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6 Million Blockchain Invoices Issued in Shenzhen in Last 12 Months

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. 

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