Tencent Drives China's Tech Hub to a Blockchain Future

Chinese conglomerate Tencent is aiming to launch a range of distributed ledger technology-based solutions with both taxation and ride-sharing onto the blockchain by partnering with government and local developers.

The tech giant announced the joint signing of an agreement with the Shenzhen National Taxation Bureau to establish the "Intelligent Tax" Innovation Laboratory on May 24, 2018, to provide the municipality with blockchain based research for invoicing applications.

"The digital invoice based on blockchain technology has features such as complete traceability of the whole process and non-disruptive information, which is consistent with invoice logic, can effectively avoid false invoices, and improve the invoice supervision process."

By utilizing a blockchain based platform officials hope to streamline the taxation data collection ecosystem to better support tax revenue forecasting, taxation decision-making, and risk prevention and control.

Weixing Chen, the founder of one such app, called Kuaidi Dache, revealed plans to build a new version of his ridesharing service based on the blockchain.

Chen's concept will be supported by Tencent venture capital, with the intention to accelerate and normalize the use of blockchain technology in China.

Chen spoke to China Money Network about his ambitious plans at the recent China International Big Data Expo 2018 in Guizhou City.

"I've been asking myself what's the value of the blockchain. My definition is to see whether and where people can actually use it Ride hailing is the first time blockchain will be tested on a social application on mass scale."

Chinese regulatory bodies continue to embrace blockchain solutions as the future for digital economies, promoting the ability to seamlessly integrate decentralized functionality into existing use cases.

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