Chinese internet giant Tencent, WeChat's parent company, has been given the green light to draft blockchain-based billing standards from the Chinese tax authorities.

As reported by Global Times, the Tencent blockchain billing project was supported on Tuesday by several countries, including the UK, Switzerland, Sweden and Brazil, as well as the Chinese tax administration, when of the ITU-T International Meeting on e-voice standards.

The company's initiative, which was originally a tax anti-fraud initiative in Shenzhen, was announced last year.

Chinese Academy of Information and Communication Technologies and Shenzhen Taxation Office Join Tencent for Initial Projects, Tencent and Associated Companies Claim to Be a Step Forward in Blockchain Business Applications .

Block chain-based invoices bundle and distribute information for commercial transactions generally between authorized parties.

Li Ming, director of blockchain research at the China Electronics Standardization Institute, told Global Times that the decision to develop standards demonstrated the importance of commercial applications for blockchain technology. :

"E-invoicing is an appropriate area for applications (surveys) and blockchain testing, which could in turn promote technology development."

The announcement of the drafting of standards is part of a wave of news from the TV channel from China.

The president of the nation, Xi Jinping, told the Communist Party voters last week that the government would begin a top-down approach to implementing the blockchain, with the aim of adopting the technology in a wide range of cases. 'use. On Monday, a Chinese central bank official asked commercial banks to investigate the adoption of the blockchain for digital financial applications.

In a case of more curious use of technology, the country's Communist Party has just announced a decentralized application (dapp) that will allow members to commit to being loyal to the view of all.

Tencent image via Shutterstock

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