According to a report by state news agency Xinhua on Aug. 6, more than 5,300 local companies in 113 sectors have joined Shenzhen’s blockchain invoice program so far. As reported by Shenzhen Municipal Taxation Bureau, the average daily issuance of the invoice is estimated to account for 44,000, while the total value of the invoices has amounted to 3.9 billion Chinese yuan ($553 million).
Shenzhen, a city in Guangdong province and the first economic special zone in China, piloted its first blockchain-powered invoice on Aug. 10, 2018, when the invoice was issued by a local Shenzhen restaurant. As previously reported, Shenzhen’s blockchain invoice system was developed by Chinese internet giant Tencent, the developer of the social media platform WeChat together with the tax bureau of Shenzhen.
Since the project was launched, the use of blockchain-based invoices has been gaining momentum in several industries in Shenzhen, including finance, retailing, catering, and hospitality, the new report says. In March 2019, local media reported that Shenzhen issued the country’s first blockchain invoice for a subway ticket.