Shenzhen Issues China’s first Blockchain-based Subway Invoices

ABR
April 5, 2019

Futian Station of the Shenzhen Metro in Shenzhen, China, has issued the country’s first ever blockchain-based electronic invoice (e-voice) for subway passengers, in a project jointly developed by Chinese tech giant Tencent and the Shenzen Municipal Taxation Bureau.

The blockchain backup was provided via Tencent’s WeChat social media platform, which boasts one billion users.

The director of the Information Center of Shenzhen Taxation Bureau had previously discussed the advantages of blockchain-based e-voices over traditional invoices, noting that they benefited from distributed storage, traceability and non-tamperability.

Shenzhen, located in Guangdong Province, is China’s first economic special zone. At the end of every trip, the code of each Shenzhen Metro passenger can be viewed on WeChat’s Payment voucher page, which also noted that the Shenzhen City Blockchain e-voice system has issued over one million invoices supported by blockchain technology as of March 15th, 2019. Total e-voices were valued at 1.33 billion yuan or approximately US$200 million.

Once launched, the blockchain subway e-voice system is projected to log a daily average of 170,000 online self-service invoices.

The Shenzhen Metro application is considered an initial step in what is expected to be a wider adoption of blockchain-based invoices across a range of public transportation systems, including taxis and airport buses, along with functions involving online electronic invoices.

Tencent and the Shenzhen Municipal Taxation Bureau last year announced the successful integration of a blockchain invoice system with the WeChat payment platform.

In February, Argentinian state public transport services card Sistema Único de Boleto Electrónico (SUBE) collaborated with Bitex, a blockchain financial services provider for businesses, to enable payments by Bitcoin.

Source: cointelegraph.com

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