From space to tax invoices, a Chinese State company implements Blockchain throughout the country
The state-owned China Aerospace Science and Industry Corporation is turning to Blockchain technology to innovate its currently unmanageable electronic billing system, as announced by the Chinese government on the website of a state newspaper.
The article in the newspaper "El Ciudadano newspaper", refers to a report sent by the State Administration of Science Technology and Industries for National Defense and describes how the Blockchain will help to innovate the supervision of invoices for tax purposes at the national level. national.
As indicated in the article, statistics indicate that in 2017 there were 1,310 million electronic invoices circulating in China. By 2022 it is forecast that they will reach 54.550 million, according to the projected annual average growth rate, to an increase of more than 100% per year, which are "extremely safe" according to the report, since they are being issued within a chain of blocks, which allows them to be almost impenetrable when making changes to invoices or scam attempts.
The electronic billing services existing in the Asian country are being covered end-to-end by a state aerospace firm, covering the issuance, delivery, filing, inspections and even reimbursement to taxpayers and state institutions.
Although electronic invoicing has entered a stage of "promotion and integral adoption", the Chinese government article suggests that the existing system of physical invoices faces impossible obstacles to solve, including problems of over false information and impossible traceability in the process of circulation of these.
The China aerospace company, has created a system based on Blockchain networks for electronic invoices that allows emission, traceable circulation and efficient and profitable supervision by the tax authorities of each city.
A representative of the Aero space company, informed the newspaper as an additional to the report, that the Blockchain will solve these weak points of the billing process and will make the exchange of fiscal data efficient and safe.