China Aerospace Using Blockchain Tech For Invoicing

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A Chinese state owned manufacturer of missiles and space rockets has announced the implementation of blockchain technology for internal and external invoicing. According to a rough translation, they say:

“China Aerospace Science and Industry Corporation uses blockchain technology to establish an electronic bill chain for tax bureau supervision, third-party service platform and social organization, and to link electronic bill data, circulation, status and other information.

The lock-up makes the electronic bills credible, verifiable and traceable, and solves the difficulties in the supervision and use of electronic bills.

At the same time, in accordance with the electronic bill chain agreement, in the process of using electronic bills, jointly maintain an electronic bill account, unifying the relevant standards and service portals of electronic bills, greatly facilitating the use of electronic bills by enterprises and institutions.

At present, the blockchain-based electronic billing system provided by Aerospace Information has been in good trial operation in Beijing, Shandong, Hubei, Anhui, Ningxia and other places.

More than 300,000 invoices and non-tax bills will be added, which will help to improve bills. The level of informationization in the circulation field effectively reduces management costs.

Shi Wei said that aerospace information is committed to providing support for the country to change from “ballot control tax” to “information management tax” using blockchain technology to crack industry pain points, so that invoice information sharing between platforms becomes a reality, reducing the cost of corporate supervision, the level of mutual trust, security and convenience will be comprehensively improved.”

They provide little detail on what blockchain exactly is being used, what crypto, if any, whether they are perhaps employing tokenized CNY or just how exactly this invoicing system works. They only say:

“Aerospace information developed a blockchain-based electronic billing system based on the open consensus of blockchain, “centralization”, non-tamperability, distributed consistency, and privacy protection.”

Presumably they mean decentralization, but more interesting would be to know what they mean by the open consensus of blockchain.

That might suggest they are perhaps utilizing a public blockchain, but they might also mean something like Baidu’s private blockchain which might eventually sort of be opened to the public.

Copyrights Trustnodes.com

 

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