Tencent To Establish Blockchain-Based Invoicing Standards

Chinese tech giant Tencent has officially received green light from the Chinese tax officials, in order to create brand new blockchain-based standards for invoicing.

The invoicing documents are part of a much bigger project – the "General Framework of DLT-Based Invoices." The project received approval from several other countries, apart from China – Brazil, Sweden, Switzerland, and the U.K.

The tech giant will cooperate with China's taxation bureau, and the China Academy of Information and Communications Technology. Li Ming, chief of Blockchain research at China's Electronics Standardization Institute, stated that such a project reaffirms China's leading positions and market activity in the field of blockchain technology.

"Blockchain-based invoicing is a superb ground for testing blockchain-based applications. The trials could promote faster development of the Blockchain industry," Li added.

The plan to utilize blockchain-based invoicing is aimed towards counteracting fake receipts, usually purchased through specialized resellers.

China is following its plans for entering the global crypto race. Last week China's President Xi Jinping made an announcement, stating that China must boost the research and development of both hardware and software blockchain products. Also, the People's Bank of China is preparing for a yuan-backed stablecoin project, seeking to improve the liquidity and lower the costs associated with China's native currency.

Blockchain-based invoicing already has proven its concept – earlier in October, Ikea Iceland made the first invoice settlement, using Ethereum. If the idea of blockchain-based invoicing proceeds with the adoption, the technology behind it could find a place in almost every company worldwide. Skeptics, however, are concerned about their freedom because governments can leverage the technology to control the way their citizen interact with the system.