How Is China Fighting Corruption With The Help Of Blockchain Technology?

China has an invoicing system that works as a legal receipt that you can use as a proof that you purchased some goods or services. These receipts are provided by the seller and the government can track tax payments via these receipts and prevent tax evasion.

However, this system isn’t really functioning today. The system is extremely corrupt so you can basically find invoices like these sold on the streets so buyers use them to cheat on employers and evade taxes. Here you can find all kinds of receipts such as travel ones or added value taxes. The worst part is that some government entities joined in on the scheme and embezzled more than $20 million via fake invoices. This is a serious crime in China and it can even be punished with a death sentence. This is why they are considering implementing the blockchain technology.

Because of its technology, the blockchain can provide records of all the transactions that went through it and this will stop the false reporting or false invoice circulation. The Chinese National Taxation Bureau works with the internet titan Tencent to fight tax evasion and they joined forces to create an ‘’Intelligent Tax’’ that will be developed with the help of AI.  Just 10 days ago, a local news platform in China announced that the first invoice on the blockchain was issued in Shenzhen. E-invoice as they call it requires only a single click from the customer during checkout. This way data privacy is improved and blockchain is providing a cost-effective method of working.

Soon, if this proves to be the best way to end corruption in China, the next to join in on the blockchain bandwagon is the China Aerospace.
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