Chinese multinational conglomerate, Tencent Holdings, in collaboration with Shenzhen Taxation Bureau, will draft the first international standard for blockchain-based invoices.
According to a Global Times report today, the project dubbed General Framework of DLT-based Invoices was approved at the ITU-T international meeting on e-invoice standards by tax regulators in China, the United Kingdom, Switzerland, Sweden, and Brazil.
Both firms have been charged with the responsibility of drafting a generally accepted standard for blockchain-based invoices before it will be reviewed, approved, and subsequently published.
As per the report, various analysts believe the project could also help boost the progress of blockchain application in multiple industries for Chinese tech firms, and will also foster international cooperation and exchange.
Notably, representatives at the ITU-T international meeting stated that blockchain-based invoices could play a vital role in the future of digital economic society’s infrastructure, and as such, the need to develop a standard for the sector is imperative.
Commenting on the development, Li Ming, director of the Blockchain Research Department at the China Electronics Standardization Institute was quoted as saying:
The project shows China’s industry and market activity in blockchain tech application. E-invoicing is an appropriate field for blockchain application probes and trials currently, which could, in turn, promote tech development.
Li further added that there is a need to be fully transparent, trustworthy, and verifiable to help improve its efficiency as multiple parties would utilize the project.
According to reports, more than 6 million e-invoices have been issued in China since August 10, 2018, and so far, more than 5,300 firms have used these invoices since its first issuance.
Lately, China has been actively involved in promoting blockchain-related activities.
As reported on Coinfomania last week, President Xi Jinping public recommended the adoption of blockchain across different sectors of the Chinese economy, following a discussion on the matter by the Central Committee of China’s communist party.