In a bid to issue tamper-proof invoices and attract more tourists to the region, China’s Yunnan province has integrated distributed ledger technology (DLT) into its processes. The new blockchain-based invoicing system is cost-efficient and easy to use, according to an ECNS report on July 21, 2019.
Boosting Tourist Attraction with DLT
Per sources close to the matter, the first blockchain-based invoice for tourists was issued during an international forum held in Yunnan, a province in southwestern China on July 20, 2019.
Reportedly, Yunnan’s first blockchain-based invoicing system which is aimed at attracting more tourists to the province was unveiled during the “Digital Yunnan” Blockchain International Forum.
Interestingly, the event had over 1,000 attendees from Internet companies, government organizations, and research institutions in over 10 countries including the UK and France.
Importantly, the team behind the new blockchain invoicing system has made it clear that tourists will be able to submit their applications for invoices directly from their smartphones and the invoices will be sent to their emails within 48 hours.
The team behind the innovative solution firmly believe that the immutability property of DLT will ensure that invoice information cannot be tampered with. The solution also significantly reduces the costs of printing paper invoices for tourists.
China Loves Blockchain Not Cryptos
China’s adoption of blockchain technology goes contrary to its draconian stance towards bitcoin and altcoins.
China banned cryptocurrency trading and initial coin offerings (ICOs) in 2017. China’s National Development and Reform Commission (NDRC) in May 2019 also categorized bitcoin mining as an activity that needs to be eliminated due to its massive energy consumption.
However, according to a report by China.org on April 2, 2019, China currently has the highest number of blockchain projects in the world. It also accounts for a huge 25 percent of projects around the world that are focused on this segment of the market.
In related news, on June 25, 2019, BTCManager informed that VeChain, a supply chain-focused blockchain project had partnered with Walmart China for traceability of perishable foods.
Earlier in April 2019, reports emerged that China’s online courts had integrated DLT and artificial intelligence (AI) into their processes to foster transparency and efficiency.