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 used in multiple sectors in Hainan Province, China’s only free-trade port. Digital invoicing systems are in use in 2,795 organizations, including courts, schools and banks, according to Securities Daily, a Chinese financial newspaper.

Tech hub Shenzhen is among the first batch of cities in which blockchain-based digital invoicing have been rolled out. More than 50 million digital invoices involving transactions valued at 65 billion yuan (US$10 billion) have been issued in sectors including retail, hospitality, transportation, real estate and healthcare.

Beijing, Guangzhou and Kunming are also testing digital invoicing based on blockchain technology.

Chinese authorities have prioritized the development of blockchain technology such as digital invoices as part of a digital transformation laid out in the country’s 14th five-year plan for 2021-25. It is the first time that blockchain technology has been written into a five-year plan.

Source: Forkast