Beijing pilots blockchain e-invoicing

Source: Xinhua| 2020-03-05 21:07:21|Editor: huaxia

BEIJING, March 5 (Xinhua) -- Beijing has started to implement blockchain-based electronic invoicing as a parking service operator issued the city's first-ever blockchain regular invoice on Tuesday.

The municipal taxation authority said Wednesday that it will progressively promote blockchain e-invoicing in all parking lots and local parks throughout the city to simplify paperless invoice issuance and make life and tax service more convenient.

By using distributed ledger technology and cryptographic algorithms, Beijing is seeking to build an ecosystem that features the transparency, traceability and immutability of blockchain to better connect tax offices, e-invoice issuers and recipients.

Blockchain-based invoicing will be adopted in more application scenarios and cover more trades and types of invoices, the municipal tax service said.