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Tencent Pushing Blockchain-Based Invoices in China

Tencent Calls Facebook’s Libra a Threat to Existing Payments Systems
Tencent Calls Facebook’s Libra a Threat to Existing Payments Systems

Tencent, one of the largest holding companies in the world, is also one of the first to embrace blockchain-based invoicing, according to the Global Times.

Interestingly, the company is only allowed to be doing so thanks to China’s recent promotion of blockchain technology and pushing it as something they should start to adopt.

They’re naming the project the “General Framework of DLT-Based Invoices,” with the DLT standing for distributed ledger technology, a term often used to describe blockchain. It will be available in the United Kingdom, Brazil, Sweden, and Switzerland, the publication reports.

Of course, many look to blockchain technology for its automatic transactions made as soon as the recipient’s work is verified. That and the money should process in a matter of hours rather than days as it tends to take nowadays with more traditional technology.

Moving payments forward

Speaking on the matter is one Li Ming, the director of China Electronics Standardization Institute’s Blockchain Research Department:

“The project shows China’s industry and market activity in blockchain tech application. E-invoicing is an appropriate field for blockchain application probes and trials currently, which could in turn promote tech development. The elements of transparency, trust and verifiability of the technology are needed for application scenarios involving multiple parties, and they largely improve efficiency,” he said to the publication.

However, one should note that the project has already been used quite a bit. In fact, since August, over 6 million “e-invoices” have gone out and more than 5,300 companies have taken advantage of the technology. The very first invoice went out on August 10th, 2019.

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