September 18, 2020

Tencent will lead a project to develop international blockchain invoice standards

Tencent will lead a project to develop international blockchain invoice standards

Chinese Internet giant Tencent received permission from tax officials to develop standards blockchain 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, Department Headblockchain research at the China Institute of Electronics Standardization, said the move to standards development demonstrates the importance of business applications for blockchain technology:

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

The announcement of the development of standards came after a stream of hotly debated blockchain news from 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.