On 10th August, Tencent declared the release of the new invoice system. Unlike the excessively complex process to send the physical fapiao and wait for the approval which mostly includes Excel tabs, special forms, delivery services, etc.; the electronic invoices are now available for issuance directly via WeChat.
After the payment, users can directly apply to get a virtual fapiao and put them in their respective “Card Bag”. Using this card bad they can select to yield the invoice for reimbursement. The Invoice details will synchronize in real-time at both sides: Enterprise and Tax Bureau.
Tencent says that the blockchain will make sure that every single invoice gets the trackback. However, this will not tamper the information and the entire process will be monitored in real time.
In China, this is not the initial blockchain electronic invoice system. Back in June, the “Tax Chain” system came into existence, following many more applications. However, the Chinese government has been implementing many other blockchain applications such as
