Chinese state-owned aviation company turns to Blockchain to manage billions of bills
According to an announcement dated 13 August in the government site, China is taking a new step towards using Blockchain technology. This new step comes from the Chinese state-owned aerospace company "China Aerospace Science and Industry Corporation Ltd.". The company is turning to Blockchain technology to replace the electronic billing system .
Published in the official state newspaper, People's Daily , was published by the National Defense Ministry, Science, Technology and Industry. The article will help explain how Blockchain has conducted surveillance by tax authorities across the country.
According to Makalen notes, statistics show that China's 1.31 billion electronic bills are circulating in 2017. By 2022, it is estimated that the figure will reach 54.55 billion, based on an estimated annual average growth rate of 100 percent.
After 2022, it is predicted that the increase will continue without slowing down. China once again demonstrates its intention to use the technology of the blockchain in aviation as well as many other areas.
The Chinese state-owned aviation company is building Blockchain system
China's aviation electronic billing services are end-to-end, implicit export, delivery, filing, inspection and reimbursement for the taxpayers and authorities of the country. According to Makaley, about 2.5 billion electronic bills have been created to date.
It is reported that electronic billing has entered the "comprehensive promotion and adoption" phase. The article suggests that the current system meets challenging obstacles. These barriers include over-reporting, mis-reporting and traceability in the invoice routing process.
According to the report, China aviation is verified by tax authorities and is building this Blockchain system for electronic bills for "reliable" billing, traceable circulation, and efficient and cost-effective surveillance by tax authorities.
The Chinese state-owned aviation company says the system will provide secure data
A company representative, People's Daily, said Blockchain would solve the "pain points" of the industry and provide and share effective and safe tax information.
Reportedly, China's southeastern city of Shenzhen recently implements a pilot Blockchain billing ecosystem developed by Tencent, developer of WeChat social media platform for the Shenzhen Municipal Tax Office, which has 1 billion users.