Technology

China to Use Blockchain-Based System to Tackle Fraudulent Invoices

The pilot program will be rolled out in Beijing first

China tried its blockchain-based invoicing system in Shenzhen last year. After a positive outcome, the country is ready to roll it out in Beijing, the capital.

Last week, the Beijing Municipal Office of the State Administration of Taxation announced plans to launch a pilot program in the city. The system will be made available immediately in selected industries.

What Does The System Do?

The purpose of the tool is to help authorities tackle corruption i.e. the ‘fapiao’ invoice system. Fapio refers to official invoices issued by the country’s tax department.

The use of fraudulent receipts to avoid taxes, cheat employers, and falsify expenditures is common in the country. It costs China a loss of millions. The purpose of this system is to stop this from happening.

How Does the System Work?

The system modernizes taxation and ensures traceability.

The department will now issue blockchain-based e-invoices that use encryption and smart contracts for additional security. According to reports, the system offers tamper-resistance; hence there are no data modification risks.

The system makes use of a public-private or private hybrid chain to mediate between the invoice recipient and issuer, tax department to keep an eye on the reimbursement, reporting, and circulation process.

More About the System

Tencent, the name behind WeChat, joined hands to launch the platform in Shenzhen. However, the latest announcements do not mention Tencent or any other name in the private sector as a partner.

According to an official statement, the new system will “foster a healthy and fair tax environment” as it is easy to use and will keep costs low.

China continues to be a massive blockchain supporter and has announced a number of blockchain-based projects in the last few months. Looking at the current scenario, we can expect some more similar announcements in the future.


READ: China’s Central Bank to Test its Digital Yuan

Michael Wight

Michael is a freelance writer with special interest in finance and technology. He regularly trades cryptocurrencies and loves to share his knowledge with others.

Related Articles

219 Comments

  1. To determine whether estrogen activates MAPK in these cultures, in vitro phosphorylation assays were performed to assess MAPK activation in the presence of estrogen tamoxifen drug class Third generation aromatase inhibitors, which are considered a new development in the endocrine treatment of oestrogen receptor positive breast cancer in postmenopausal women, prevent the conversion of adrenal androgens into oestrogens by inhibiting the aromatase of the cytochrome P450 dependent enzyme that is responsible for the majority of oestrogen production in postmenopausal women as well as in men Smith and Dowsett, 2003

  2. Heya i?m for the first time here. I came across this board and I find It truly useful & it helped me out a lot. I hope to give something back and help others like you helped me.

  3. I’m really enjoying the design and layout of your blog.It’s a very easy on the eyes which makes it much more enjoyable for me to come here and visit more often. Did you hireout a designer to create your theme? Exceptional work!

  4. I like the helpful info you provide to your articles. I’ll bookmark your blog and test again here frequently. I am rather certain I’ll learn many new stuff proper right here! Good luck for the next!

  5. I love what you guys are usually up too. This kind ofclever work and exposure! Keep up the amazing works guys I’ve included you guys to my personal blogroll.

  6. Wow that was odd. I just wrote an incredibly long comment but after I clicked submit my comment didn’t appear.Grrrr… well I’m not writing all that over again.Anyhow, just wanted to say great blog!

  7. Having read this I thought it was very informative. I appreciate you taking the time and effort to put Info Judi Online this informative article together. I once again find myself personally spending way too much time both reading and commenting

  8. I’m not sure why but this blog is loading extremely slow for me.Is anyone else having this issue or is it a issueon my end? I’ll check back later on and see if the problemstill exists.

  9. Aw, this was a really nice post. Taking a few minutes and actual effortto generate a top notch article… but what can I say… I putthings off a whole lot and never seem to get anything done.

  10. Oh my goodness! Incredible article dude! Thanks, However I am experiencing troubles with your RSS. I donít know why I cannot subscribe to it. Is there anybody having similar RSS problems? Anyone that knows the answer can you kindly respond? Thanks!!

  11. It’s going to be end of mine day, but before end I am readingthis wonderful article to increase my experience.

  12. Right now it seems like Expression Engine is the best blogging platform available right now. (from what I’ve read) Is that what you’re using on your blog?

  13. I blog frequently and I seriously appreciate your content. This great article has truly peaked my interest. I will book mark your blog and keep checking for new information about once per week. I subscribed to your RSS feed too.

  14. Great blog you’ve got here.. Itís hard to find excellent writing like yours these days. I seriously appreciate individuals like you! Take care!!

  15. Hi, I do think this is a great blog. I stumbledupon it 😉 I’m going to revisit yet again since I book-marked it. Money and freedom is the best way to change, may you be rich and continue to help other people.

  16. I wanted to thank you for this great read!! I definitely loved every little bit of it. I have you saved as a favorite to check out new stuff you postÖ

  17. I needed to thank you for this very good read!! I certainly loved every bit ofit. I have got you saved as a favorite to check out new things youpost?Here is my blog post … Essential Keto

  18. Wonderful story, reckoned we could combine some unrelated data, nevertheless definitely worth taking a appear, whoa did a single learn about Mid East has got a lot more problerms as well

  19. What¦s Happening i am new to this, I stumbled upon this I have found It positively useful and it has aided me out loads. I’m hoping to give a contribution & help other customers like its aided me. Good job.

  20. Aw, this was an incredibly good post. Taking a few minutes and actual effort to make a great articleÖ but what can I sayÖ I procrastinate a whole lot and don’t manage to get nearly anything done.

  21. I like the helpful information you provide in your articles.I’ll bookmark your blog and check again here frequently.I’m quite certain I will learn plenty of new stuff right here!Best of luck for the next!

  22. My brother suggested I may like this blog. He was totally right.This put up actually made my day. You cann’t consider just howa lot time I had spent for this information! Thank you!

  23. I truly appreciate this post. I have been looking everywhere for this! Thank God I found it on Google. You ave made my day! Thanks again

  24. Pretty component to content. I simply stumbled upon yourblog and in accession capital to say that I acquire in fact enjoyed account your blog posts.Anyway I’ll be subscribing in your augment or even I success you access persistently fast.

  25. These are genuinely enormous ideas in about blogging.You have touched some good factors here. Any way keep up wrinting.

  26. hello!,I like your writing so a lot! percentage we keep up a correspondence more about your post on AOL? I need an expert in this space to solve my problem. Maybe that is you! Taking a look ahead to look you.

  27. Thank you for another informative blog. Where else could I get that kind of info written in such an ideal way? I have a project that I’m just now working on, and I’ve been on the look out for such information.

  28. When I initially commented I clicked the “Notify me when new comments are added” checkbox and now each time a comment is added I get several emails with the same comment.Is there any way you can remove people from that service?Thank you!

  29. Can I just say what a relief to find somebody who actually is aware of what theyre talking about on the internet. You undoubtedly know the right way to bring a difficulty to mild and make it important. More people have to learn this and understand this side of the story. I cant consider youre no more in style because you definitely have the gift.

  30. Hi, just required you to know I he added your site to my Google bookmarks due to your layout. But seriously, I believe your internet site has 1 in the freshest theme I??ve came across. It extremely helps make reading your blog significantly easier.

  31. Oh my goodness! an incredible article dude. Thank you However I’m experiencing issue with ur rss . Don’t know why Unable to subscribe to it. Is there anybody getting an identical rss downside? Anyone who is aware of kindly respond. Thnkx

  32. I love what you guys tend to be up too. Such clever work and reporting!Keep up the fantastic works guys I’ve incorporated you guys to our blogroll.

  33. I just like the helpful information you provide to your articles. I will bookmark your blog and check again right here frequently. I’m rather certain I’ll be informed many new stuff proper right here! Good luck for the next!

  34. Your style is really unique compared to other folks I’ve read stuff from.Thanks for posting when you have the opportunity, Guess I’ll just book mark this blog.

  35. Hello there, There’s no doubt that your blog could possibly be having browser compatibility issues. When I look at your blog in Safari, it looks fine however, when opening in IE, it’s got some overlapping issues. I merely wanted to give you a quick heads up! Aside from that, excellent blog.

  36. Notably, the changes reported here in transepithelial urate secretion caused by AICAR could not be attributed to direct inhibition of the basolateral membrane Na K ATPase that is necessary for urate influx clomid ovulation pills for sale alberta Although the steroidal aromatase inhibitors are both metabolised by the CYP enzyme system, clinically significant drug interactions have not yet been reported

  37. I blog quite often and I really thank you for your content. This great article has truly peaked my interest. I’m going to book mark your blog and keep checking for new information about once per week. I opted in for your Feed too.

  38. I appreciate, result in I discovered exactly what I was having a look for. You’ve ended my four day lengthy hunt! God Bless you man. Have a great day. Bye

  39. Hi there, just became aware of your blog through Google, and found that it’s truly informative. I am going to watch out for brussels. I’ll be grateful if you continue this in future. A lot of people will be benefited from your writing. Cheers!

  40. I was pretty pleased to discover this website. I need to to thank you for ones time just for this wonderful read!! I definitely liked every bit of it and i also have you saved to fav to check out new things on your blog.

  41. Hey There. I found your blog using msn. This is an extremely well written article.I’ll be sure to bookmark it and return to read moreof your useful info. Thanks for the post. I’lldefinitely comeback.

  42. Bwin предлага голямо разнообразие от онлайн покер игри и турнири. Освен че имат ежедневни игри с кеш маси и над 1 милион долара месечно награди в различни турнири, те предлагат възнаграждаващи игри в покер мисия, които ще помогнат на играчите да спечелят повече пари, като същевременно подобряват уменията си в онлайн покер. Благодарение на поддръжката на Биткойн и системата за бърз депозит и теглене, получаването на печалбите от BetOnline едва ли ще бъде по-лесно. И, разбира се, покерът не е всичко, за което е полезно това онлайн казино. Можете също да използвате BetOnline, за да опитате ръката си в други традиционни казино игри или спортни залагания. https://miriam.net.pl/community/profile/imogena22484867/ Alexandra, 2019-05-09 10:56:27 Vr si eu spinuri Благодаря за връзките за безплатни завъртания на Coin Master, работят ли! ДОНТРУКО » Coin Master Безплатно завъртане на Coin master Фрази за поставяне Gartic Phone Харесва ви да въртите рулетката, колкото и ние, затова знаем, че търсите Триковете Coin Master Безплатни завъртания, които ще ви харесат толкова, колкото и ние. Ако регистрацията не успее по някаква причина, можете да изтеглите кода за от акаунта, който сте създали на нашия сървър за игри. Трябва да въведете акаунта си и от раздела Кодове да изтеглите кода, за да го използвате на платформата за игри.

  43. I do trust all the ideas you’ve presented to yourpost. They’re really convincing and can certainly work.Nonetheless, the posts are too short for starters. May you pleaseextend them a bit from next time? Thanks for the post.

  44. My brother recommended I might like this blog. He used to be entirely right.This post truly made my day. You cann’t believe justhow so much time I had spent for this info!Thank you!Look into my blog post: beautiful smooth skin

  45. The next time I read a blog, I hope that it does not disappoint me as much as this particular one. I mean, Yes, it was my choice to read, nonetheless I actually thought you’d have something useful to say. All I hear is a bunch of crying about something that you could possibly fix if you were not too busy looking for attention.

  46. Hey there! Would you mind if I share your blog with my facebook group? There’s a lot of folks that I think would really appreciate your content. Please let me know. Cheers

  47. Thanks for every other fantastic post. Where else may anyone get that type of information in such a perfect way of writing? I have a presentation next week, and I am at the search for such info.

  48. One essential strategy in free strip blackjack online which players should always imbibe is knowing the right time to stop playing and having good discipline. Another important one in play strip blackjack free online knows how to effectively manage money, and also having good control over each placed bet. Counting in Vegas Strip Gold Blackjack is the exact same as it would be in any other blackjack game. To learn how to count cards, click on over to our blackjack card counting guide. According to the Vegas Strip Blackjack rules, it is necessary to mix several decks among themselves. 2 cards are dealt. Cards from 2 to 10 are equal to the indicated denomination, and a jack with a queen and a king gives 10 points each. Ace is counted for 1 or 11 points. The most winning combination that all Vegas Strip Blackjack players strive for is the ten and the ace. It is called “blackjack”.
    https://love2earth.org/forum/profile/leowoodcock3306/
    Various circus themed fluffy toys and a lot of cash to be won, what’s not to like? Check out our free online slots like Fluffy Favourites, which you can play with anywhere from 10 – 500 FREE Spins upon sign up! You wouldn’t compete in a high-stakes competition and expect to win big if you didn’t know the rules, so why do it with online casino games? We believe that your best chance at winning big with slots is to try a demo version first. That’s why we’re giving you the chance to play Fluffy Favourites for free. As collaborations go, this one is certainly eyecon-ic! Two huge brands collide in Slingo Fluffy Favourites, giving fans of both games a totally new experience. The much-loved slingo mechanic is still intact, but wins are generated through the bonus games, which are all taken from the hugely popular Fluffy Favourites catalogue. Players must complete 5 slingos to trigger the first bonus game, and they’ll continue to move up the bonus ladder with each slingo they achieve, getting the chance to unlock more bonuses as they go. Fluff-ly stuff!

  49. Lower abdominal pain decreased from 16 participants 53 at baseline to three 10 after 2 years ivermectin price At times they feel a little hard to swallow as they are bigger than regular tablet sizes, but that won t stop me using them

  50. It’s OK thuc dit mui permethrin 50ec 100ml In the first 16 months after leaving Foggy Bottom in 2012, she made at total of $12 million in personal income, according to Bloomberg.

  51. I’m impressed, I must say. Seldom do I come across a blog that’s equally educative and engaging, and without a doubt, you have hit the nail on the head. The issue is something that too few people are speaking intelligently about. I’m very happy I came across this in my search for something concerning this.

  52. I wanted to thank you for this very good read!! I definitely loved every little bit of it. I’ve got you book-marked to check out new stuff you postÖ

  53. Selbstverständlich hat jede Zahlungsoption im Zahlungsportfolio ein Bankhaus Im voraus- unter anderem Nachteile. Diese sollten einander via allen akzeptierten Überweisungsmöglichkeiten einweisen, vor Die leser folgende Bevorzugung beleidigen. Folglich hatten unsereins für jedes Eltern diese wichtigsten Fakten nach diesseitigen beliebtesten Zahlungsmitteln as part of Österreich aufgelistet, damit Jedermann nachfolgende Retrieval unter angewandten diskretesten Angaben nach abschwächen. As part of ein Glücksspielindustrie existiert parece auf diese weise schon wie gleichfalls folgende große Skala gar nicht. La Agencia Informativa de México es un espacio noticioso nacional que reúne a profesionales de la noticia con más de 20 años de experiencia.
    https://sethsnew987654.actoblog.com/18103168/transversale-roulette
    Jede Stufe bietet einen steigenden Wechselkurs für die Betnero-Punkte unseres Treueprogramms. Darüber hinaus gibt es einen Prozentsatz an Cashback, den Du zu Beginn jedes Monats anfordern kannst, falls Du Verluste erlitten hast. Die höchsten Stufen können sogar noch mehr Vorteile wie priorisierte Abhebungen, Bonusse ohne Einzahlung und Ad-hoc-Aktionen erhalten. Willkommensboni werden von den meisten Casino Anbietern besonders gerne vergeben. Meist handelt es sich bei dieser Bonus Art um einen gewissen Geldbetrag, den man nach der Anmeldung zu einem Online Casino aufs eigene Konto gutgeschrieben bekommt. Außerdem unterliegen diese Willkommensboni normalerweise auch keinen Einzahlungsbedingungen – auf gut Deutsch gesagt bedeutet das, dass man sofort mit dem Spielen loslegen kann, ohne dass man selbst noch Geld einzahlen müsste. Die Casino Anbieter sind hier keine Spielverderber, denn so können neue Spieler die Seite und die Spiele zwanglos ausprobieren, ohne dass sie ihr eigenes Geld ausgeben müssten.

  54. C’est véritablement lorsque la technologie HTML5 a été incorporée aux casinos en ligne que le bingo en ligne a eu du succès. Permettant effectivement d’accéder aux jeux sans téléchargement directement depuis le navigateur, cette nouvelle technologie apporte aux joueurs de mobile casino rapidité et haute définition. De ce fait, les éditeurs de jeux de casino se sont aussi mis à développer des jeux de bingo, comme par exemple Play’n Go avec son jeu Flying Pigs (un video bingo certes, mais un bon). Pour utiliser l’application, tous les utilisateurs doivent créer un compte unique dans lequel les cartes seront enregistrées. Nous avons mis à votre disposition deux modes de connexion afin de faciliter le processus d’adhésion. Si vous créez un compte en utilisant Facebook, Bingo Maker obtiendra de Facebook seulement de l’information publique pour créer votre compte unique. Si vous ne disposez pas de Facebook, créez un compte « courriel / mot de passe ». Un courriel de confirmation vous sera envoyé afin de valider votre compte (il pourrait être dans vos courriels indésirables). Vous pourrez modifier ces paramètres dans la section « Éditer mon profil ».
    https://dealz123.com/members/casino-supermarche-avignon-saint-lazare-4/activity/341609/
    Voici rien moins que le meilleur jeu de poker gratuit du moment… PokerTH 2/3PokerTH 3/3DétailsLicenceGratuit Découvrez un jeu de poker simple pour pratiquer le Texas Hold’em où vous pouvez jouer contre l’ordinateur, sur une table de 9.L’avis de King of Poker sur Learn Texas Hold’em PokerLearn Texas Hold’em Poker s’inscrit dans la lignée d’un jeu comme Hold’em Flash Poker, où vous vous retrouvez face à 8 adversaires prêts à en … Elles seront également utilisées sous réserve des options souscrites, à des fins de ciblage publicitaire. Excellent jeu de poker gratuit Le Hold’em n’est pas le seul jeu de poker disponible sur PokerStars. Nous vous proposons aussi les jeux suivants :

  55. Learn about the side effects, dosages, and interactions. Read here.
    https://mobic.store/# mobic tablets
    Comprehensive side effect and adverse reaction information. Prescription Drug Information, Interactions & Side.

Leave a Reply

Your email address will not be published.

Close