The technology giant, Tencent is trialing the viability to incorporate blockchain network for accelerating the WeChat messaging app. Their main focus is to speed up the employees’ reimbursement of expenses.
According to the reports, they are already testing the phenomenon on their WeChat messaging app.
Shenzhen is the lead city to introduce blockchain electronic invoices also known as fapiao worldwide. Tencent is the creator of the new system utilizing “everything app” WeChat. It is the Shenzhen Water Authority, together with the software company Kingdee.
According to the Dezan Shira with their associated law organization:
The fapiao is a legal receipt which is a proof of purchase for products and services. The bigger fapiao invoice system, however, is the important part of tax law in China law with business compliances. Employees routinely yield invoices to their firms to receive reimbursements.
The majority of aspects related to tax, where the fapiao system is mostly misused. However, tax invoices are available on the black market for purchase. There are also advertisements that frequently appear in form of stickers and text messages in public areas.
New Announcement Says…
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
- Intellectual property protection
- Supervision of ex-prisoners
- ID systems for public healthcare
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