China’s blockchain-based digital invoicing systems are being increasingly put into large-scale use in major cities and provinces.
- Blockchain-based digital invoicing is being used in multiple sectors in Hainan Province, China’s only free-trade port. Digital invoicing systems are in use in 2,795 organizations, including courts, schools and banks, according to Securities Daily, a Chinese financial newspaper.
- Tech hub Shenzhen is among the first batch of cities in which blockchain-based digital invoicing have been rolled out. More than 50 million digital invoices involving transactions valued at 65 billion yuan (US$10 billion) have been issued in sectors including retail, hospitality, transportation, real estate and healthcare.
- Beijing, Guangzhou and Kunming are also testing digital invoicing based on blockchain technology
- Chinese authorities have prioritized the development of blockchain technology such as digital invoices as part of a digital transformation laid out in the country’s 14th five-year plan for 2021-25. It is the first time that blockchain technology has been written into a five-year plan.