China has issued its first blockchain-based tax invoice in the southern city of Guangzhou, as part of an effort to stamp out fraud and increase the ease of reimbursements.

The initiative was launched in Huangpu district of the Guangzhou Development Zone, with Guangzhou Gas Group Co. issuing the first tax invoice of its kind. The documents, known as fapiao (发票), are used by businesses and individuals alike for the purpose of tax deductions and reimbursements. However, the system is often exploited, and a black market for these official documents has emerged.

The Southern Daily reports that “Tax Chain” (税链, our translation) will provide an alternative in which data cannot be modified, and its safety can be guaranteed.

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Chris Udemans

Christopher Udemans is a Shanghai-based data and graphics reporter. He covers Chinese artificial intelligence, mobility, and cybersecurity. You can contact him at chrisudemans [at] technode [dot] com.