On March 2, China had introduced the Blockchain technology in its capital because of its traceability factor and transparency. In China, the Tax Bureau has activated the city pilot based on Blockchain technology for the giants in different industries.
Through Blockchain technology China ensures that no taxpayer can fraud the government because of its transparency and traceability. With the help of Blockchain technology, the government can trace any person any time and can keep check and balance of invoices of the taxpayers because of the transparency of this Blockchain technology.
Blockchain technology traceability helps china overcome invoices fraud
Authorities in Beijing have introduced the Blockchain technology because of its immutability feature. This feature in particular ensures that nothing can be manipulated once stored in the system neither can be deleted. The incoming data and its security is defined with the help of smart contracts, public and private key features and the authorities have made full use of it to ensure that the system is completely secured and along with these features they can trace any person because of its traceability which ultimately helps the Tax Bureau to keep an eye on Taxpayers and invoices.
Clients require minimal in excess of a mobile phone or individual PC to interface with the framework, which keeps operational costs low and will encourage “a sound and reasonable duty condition” in Beijing’s eyes.
Those at the highest point of the state mechanical assembly have made a decision about the innovation to have had “generally excellent applications over varying backgrounds.” The Beijing pilot is accordingly introduced as a major aspect of a progression of changes committed to the decentralization of state administrations utilizing Blockchain technology.
China extending its Blockchain program in other sectors!
China is looking forward to investing more in this newly introduced Blockchain technology in other sectors also to improve trading. Several applications are being developed in China using Blockchain technology in different sectors which includes medical, several industries and vice versa.