Blockchain’s ability to offer transparently and permanence on a single ledger allows it to be honest about the various activity posted to it. Apparently, Shenzhen Metro, a Chinese subway system, has chosen to implement the technology for their own issuance of electronic invoice.
According to reports, the first invoice was officially published at the Futian Station on March 18th. Shenzhen is China’s first economic special zone, and the work to launch this e-invoice option has been the joint creation of the Shenzhen Municipal Taxation Bureau and Tencent, which is a major tech company in the country.
The blockchain technology was provided by Tencent, using the WeChat social media platform. After each trip for the user, the WeChat Payment voucher page will include the subway passenger’s code associated with their account. As of March 15th, this year, the new electronic invoicing system has already backed over one million electronic invoices with the use of blockchain tech.
So far, the total invoices amount to 1.33 billion yuan (around $200 million). Ultimately, once this system is fully launched, there should be about 170,000 self-service invoices posted to the blockchain daily.
By adding this new feature for the Shenzhen Metro, the subway system is starting a process that will ultimately add blockchain-supported invoicing to the entire public transport systems. It will end up impacting traffic scenes like taxis and airport busses at the same time, for a full database of invoicing data.
On December 12th, Cointelegraph had reported that the blockchain invoice system had been linked with the WeChat payment platform.
Last month, the Argentinian SUBE (Sistema Único de Boleto Electrónico) public transport system established a partnership with Bitex, which is known for the financial services that it provides via blockchain technology to businesses for the use of Bitcoin.