China’s Aerospace Authority Looks To Blockchain For Streamlining Invoice System

China’s own aerospace organization will be using blockchain technology for its invoice system.

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The China Aerospace Science and Industry Corporation Ltd. announced that it will be using blockchain technology to streamline its invoice sector, according to People’s Daily on August 13.

The article, which was originally written in Chinese, said that state-owned organization believes that the move will help enterprises to improve the efficiency in accounts processing and provide timely decision to support business operators.

Only Necessary

This is only necessary, as statistics show that in 2017, the country recorded up to 1.31 billion electronic invoices, and is expecting to reach 54.55 billion by 2022—an average annual growth rate of over 100 percent.

Thus, the organization will be using blockchain technology in creating an electronic bill chain for tax bureau supervision, a third-party service platform, and social organization. Also, the technology will be employed in linking electronic bill data and circulation. Blockchain technology will help promote the integrity of electronic bills due to its immutable properties, not to mention the possible reduction in transaction and maintenance fees.

As of the moment, the blockchain-powered electronic billing system made by the organization is already being trialed in Beijing, Shandong, Hubei, Anhui, Ningxia, among other Chinese provinces.

Cracking Industry Pain Points

This recent update follows the many innovations that the aerospace authority has accomplished recently. According to the article, the organization has promoted the VAT anti-counterfeiting tax control system by applying the anti-counterfeiting technology on the invoice. At this moment, the platform created by the organization has already served tax authorities and taxpayers in the country, and has already recorded a total issuance of 2.5 billion electronic invoices.

One representative of the organization stressed that they are committed to supporting the government in changing its “ballot control tax” to “information management tax” management through blockchain technology. Furthermore, they see blockchain technology to be the one to “crack industry pain points” so as to make “invoice information sharing between platforms” a reality.

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