Tencent will lead a project to develop international blockchain invoice standards

Chinese Internet giant Tencent received permission from the country's tax officials to develop standardsblockchain based accounts.

According to the Global Times, the project for processingTencent blockchain invoices have been launched with the support of several countries, including the United Kingdom, Switzerland, Sweden and Brazil, as well as the State Tax Administration of China.

Note that in the field of standardization, Tencent has been joined by the China Academy of Information and Communication Technology and the Shenzhen Tax Bureau.

Li Ming, ManagerDepartment of Blockchain Research at the China Electronics Standardization Institute, said the move to develop standards demonstrates the importance of business applications for blockchain technology:

Currently, electronic invoice circulation is the most acceptable area for blockchain application and testing, which in turn can contribute to the development of technology in general.

The standards announcement comes on the heels of a spate of hotly debated blockchain news coming out of China.

Recall that last week, President Xi Jinping announced to the Communist Party voters about the adoption of a blockchain with the aim of introducing technology in a wide range of use cases.