Introduction to Blockchain Invoices in Shenzhen
In August 2018, the bustling city of Shenzhen embarked on a revolutionary path by introducing blockchain-based invoices, a leap toward modernizing financial transactions. Since then, the program has skyrocketed, with nearly six million invoices issued in just one short year!
The Numbers Don’t Lie
With over 5,300 local companies from 113 sectors joining the blockchain invoice bandwagon, Shenzhen has truly transformed its economic landscape. The figures reveal an impressive 3.9 billion yuan ($553 million) flowing through the system, averaging 44,000 invoices issued daily. Talk about efficiency!
From Dining to Transport: The Endless Applications
The blockchain invoice system isn’t just a tech novelty; it has real-world applications across various industries. For instance, the first-ever blockchain invoice was issued by a local restaurant in Shenzhen. Fast forward to March 2019; the city even integrated blockchain functionality into its subway system, marking a historic first for the nation.
Industries Embracing the Change
- Finance
- Retailing
- Catering
- Hospitality
These industries are beating a path to blockchain technology, showcasing its versatility and reliability.
The Technological Backbone: Tencent’s Role
Behind this explosive growth is Tencent, the tech giant known for its popular WeChat platform. In collaboration with the Shenzhen Municipal Taxation Bureau, they crafted this innovative system, proving that technology can indeed make mundane tasks like invoicing exciting.
International Attention: Blockchain Expansion Beyond Shenzhen
Shenzhen’s success has not gone unnoticed globally. Recently, Standard Chartered bank, based merely thousands of miles away in London, completed its first blockchain transaction in alignment with the Digital Guangdong project. This initiative bridges industry giants like Tencent with telecom leaders, pushing the boundaries of what we can do with blockchain.
