Blockchain-based Digital Invoicing rolling out in China

China’s blockchain-based digital invoicing systems are being increasingly put into large-scale use in major cities and provinces.

• Blockchain-based digital invoicing is being utilized in several industries in Hainan Province, China’s sole free-trade port. Digital invoicing systems are in use in 2,795 institutions, including courts, schools, and banks, according to Securities Daily, a Chinese financial publication.
• Shenzhen, a tech powerhouse, is among the first cities to implement blockchain-based digital invoicing. More than 50 million digital invoices worth 65 billion yuan (US$10 billion) have been issued in industries including retail, hotel, transportation, real estate, and healthcare.
• Beijing, Guangzhou, and Kunming are also experimenting with blockchain-based digital invoicing.
• Chinese authorities have emphasized the development of blockchain technologies, such as digital invoicing, as part of the country’s 14th five-year plan for 2021–25. This is the first time blockchain technology has been included in a five-year strategy.