According to the Southcn.com news platform, the Guangdong Municipal Taxation Bureau will implement a blockchain based electronic invoice platform for the e-commerce industry. –meaning that, the platform will allow consumers to view their tax invoice electronically.
‘’Timely and Normative’’ Customer Experience
Guangdong is a province in South China that borders Hong Kong and Macao and is among the most populated regions in China. According to the news outlet, the province has opened its first blockchain electronic invoice service for customers and merchants and is planning to extend their experience to the large scale e-commerce industry.
Using the blockchain-based electronic invoices will make it easier for the tax authorities in regards to maintaining efficiency and ensuring transparency. The news outlet states that;
‘’Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”
Due to the technical features of the weak centralization of the blockchain, the Guangdong Provincial Taxation Bureau decided to make full use of the ‘open and distributed deployment framework of the “tax chain” blockchain electronic invoicing platform, and also integrated with the Ali invoice platform to realize the invoice by Ali.’
A Ready Market
With an aim to develop applications for the digital ledger in the e-commerce sector, the Alibaba Group Holdings issued its first blockchain-based invoice on its premium Tmall platform. Alibaba is an online based shopping platform that has for a while now, been testing blockchain invoices in conjunction with the local tax authorities in the southern Guangdong province.
After a consumer places an order at the Tmall Merchant, the Alibaba invoice platform will automatically open the blockchain electronic invoice based on the consumer’s purchases. The platform also allows customers to preview their invoices in real time before they can download or save them in their Taobao Apps. Merchants on the other hand, need to complete the ticket type verification of the blockchain electronic invoice.
In December last year, Shenzhen had decided to use blockchain technology to issue electronic tax invoices as well. However, it was in connection with the WeChat payment platform.