China is testing a blockchain platform for fighting fraudulent invoices

The Beijing Municipal State Tax Administration will launch a blockchain platform for taxpayers and the fight against the fake account market.

The new tax collection system provides full visibility and protection against unauthorized access, ensuring the immutability of the data.

For reliability and protection of operations from malicious acts, the platform has the function of creating electronic invoices on the blockchain using smart contracts and encryption.

The system is an intermediary between the tax authority, the issuer of the invoice and the recipient. Interaction with her occurs through a mobile phone or laptop, which reduces operating costs. All this contributes to the creation of a “healthy and fair tax environment.”

Previously, the platform was run in Shenzhen and is part of the reforms of the Chinese authorities, including aimed at decentralization of public services using the blockchain.