Over 10 million blockchain-based invoices have been issued in Chinese tech capital Shenzhen, according to the Shenzhen Tax Service, as reported by English-language local news outlet Xinhuanet on Nov. 1. Tencent-developed blockchain platform The tax agency also noted that the city is also actively promoting blockchain-enabled electronic billing. Shenzhen’s blockchain invoice system is reportedly developed by Chinese internet giant Tencent — the developer of the social media platform WeChat — together with the tax bureau of Shenzhen. The news comes a week after Chinese President Xi Jinping urged the country to accelerate blockchain adoption, calling the technology “an important breakthrough …

China has been on the verge of blockchain adoption as of late. The technology, in fact, has become part of the country’s national, president-signed program. The latest advancement in the field relates to the country’s old corruption staple — fake invoices used to embezzle corporate and state funds. Tax authorities of the city of Shenzhen and a state-owned aerospace firm have recently turned to blockchain for immutable and transparent record-keeping, steadily putting an end to paperback corruption. China’s complex ‘fapiao’ invoice system To understand the nature of the latest blockchain solutions for China’s invoicing system, its general context should be …