Several courts in China have implemented blockchain technology as a way to secure properties with an electronic seal. The Executive Bureau of the People's Court in Haidian District, Beijing, has reportedly deployed a blockchain-based electronic seal to secure a property in Chaoyang district. E-sealing system applies blockchain to protect the property By applying blockchain-powered e-sealing, courts are able to securely monitor a property in real-time with help of video surveillance, local news agency the Global Times reported on July 5. Specifically, if the property is disturbed or being damaged, the blockchain system automatically turns on a surveillance mode and sends …
The tax bureau of Beijing has officially announced that it will start implementing blockchain invoicing within the city on March 2. Beijing hopes blockchain invoicing can bring more transparency to taxpayers Beijing aims to bring blockchain’s unique transparency, traceability and immutability to its future governance with the usage of blockchain invoicing. The official announcement said that: “To reduce taxpayers operating costs, save social resources, increase consumer convenience for saving invoices and build a healthy and fair tax environment [...]The tax bureau of Beijing has decided to pilot the application of blockchain electronic general invoice” According to the announcement, the Beijing …
Shenzhen, a major city in the Guangdong Province and the first economic special zone in China, will use blockchain technology for electronic tax invoices. This development was reported by the China Economic Net, а domestic news website focusing on economics, on Dec. 12. The Shenzhen Municipal Taxation Bureau and Chinese tech giant Tencent have “successfully connected the blockchain invoice system with the WeChat payment platform.” The article reports that WeChat, the 1 billion user social media platform operated by Tencent, has opened its payment platform for the blockchain invoice function. According to the director of the Information Center of Shenzhen …
The Chinese state-owned Bank of Communications (BoCom) has successfully issued $1.3 billion of residential mortgage-backed securities (RMBS) using blockchain technology, national securities outlet China Securities Times writes Wednesday, September 27. BoCom — the fifth largest bank in China according to S&P Global recent stats — used an independently developed platform called Juicai Chain to issue 9.3 billion yuan worth of RMBS, which is approximately $1.3 billion. By using blockchain, all parties participating in the loan are able to track assets, manage cash flow, and perform other business operations. As China Securities Times writes, the use of blockchain will help reduce …
China’s first digital invoice on the blockchain has been issued in the southeastern city of Shenzhen, local news platform EEO reports August 10. This is the first implementation of a pilot blockchain ecosystem for invoices that has been developed by Tencent — the developer of the 1 billion-user social media platform WeChat — together with the Shenzhen Municipal Taxation Bureau. It is the only such pilot to have received the official approval of the State Administration of Taxation, and has been designed for comprehensive use by consumers, merchants and tax authorities, according to EEO. In China, official invoices are dubbed …