Shenzhen, China’s big city, has issued nearly six million bills based on a blockchain in a year since it officially adopted the method in August 2018.
Shenzhen handles about $ 550 million in Blockchain bills in just one year.
According to a report by state-run news agency Xinhua on August 6, more than 5,300 local companies in 113 sectors participated in the Shenzhen blockchain bill program as of the moment.
According to the Shenzhen City Tax Bureau report, the average daily volume of blockchain bills is estimated at 44,000, while the total value has reached 3.9 billion yuan (US $ 553 million).
The first blockchain bill was issued by a local restaurant in August 2018.
Shenzhen, a city in Guangdong Province and the first special economic zone in China, piloted a bill-issuing scheme based on the blockchain on August 10, 2018 and the first place to apply is a home local goods in Shenzhen. The blockchain invoice system in this city was developed by Chinese technology giant Tencent – the developer of social media platform WeChat – in cooperation with the Shenzhen city tax office.
Since the project is deployed, the use of invoices based on blockchain has achieved certain achievements in several industries in Shenzhen, including finance, retail, catering and hotels, according to as the latest report said. In March 2019, local media reported that the city government had for the first time applied blockchain technology to the purchase of subway tickets.
In the latest development, London-based Standard Chartered Bank completed the first blockchain-based supply chain financing in the Digital Guangdong project, a joint initiative between Tencent, China Unicom, China Telecom and China Mobile.