Tencent will develop international standards for blockchain-based invoices

The Chinese corporation Tencent has received approval from the country’s tax authority to develop international standards for electronic invoices based on the blockchain.

Representatives of Switzerland, the UK, Sweden and Brazil supported this initiative, noting that electronic block-based invoices will make the business more transparent.

The project was called “General structure of accounts based on distributed registry technologies”. In addition to Tencent, the Chinese Academy of Information and Communication Technologies, as well as the country’s tax department, will participate in the development of standards.

“Electronic invoices are well suited for using blockchain technology, and now this area is being actively tested. This could contribute to the development of technology, ”said Li Ming, Blockchain Research Director of the China Institute of Electronics Standardization in Electronics.

Recall that recently, Chairman of the People’s Republic of China Xi Jinping announced the need to accelerate the implementation of blockchain in the country.