Cryptocurrencies & Platforms

China Continues Blockchain Adoption: Shenzen (12M Population) Implements Blockchain Into Its Subway Systems

While China is known for its harsh rules and regulations regarding the cryptocurrency market – the government has banned ICOs, crypto trading, crypto exchanges, and more – the country is still open to adopting blockchain technology.

According to reports by local finance publication “Securities Daily,” on March 18, Shenzhen, a metropolis in China’s southeastern region, became China’s first city to implement blockchain-based electronic invoices at the Futian Station of the Shenzhen Metro.

Shenzhen is an economic special zone in China, which allows for more free market-oriented economic policies and flexible government measures. This in part made Shenzhen the ideal city to be the first to adopt an application for blockchain technology.

The blockchain-based electronic invoice is a product of the joint operation between the Shenzhen Municipal Taxation Bureau and Chinese tech giant Tencent, the company behind the 1 billion-user social media platform WeChat.

Blockchain-Based E-Invoice for Shenzhen’s Metro

As described by the publication reporting on the development, Shenzhen Metro passengers will be able to see their payment vouchers at the end of each trip via the WeChat Payment voucher page.

Moreover, the report highlighted that as of March 15, 2019, this blockchain-based electronic invoicing system had issued more than 1 million electronic invoices facilitated by blockchain tech. The total invoices amounted up to 1.33 billion Yuan, about $200 million.

The publication also notes that Shenzhen has a large number of subway passengers, and their demand for electronic invoices is high. Once the blockchain electronic invoice system for subway passengers is fully launched, it is expected to record an average of 170,000 online self-service invoices a day.

The implementation of this blockchain invoice system in the Shenzhen Metro is just the first application of this system. It’s reported that other transportation systems including taxis, airport buses, and other means of transportation will implement online blockchain electronic invoicing functions.

Since China is already implementing blockchain for public services, is it only a matter of time before China begins allowing cryptocurrencies to be used with them? Let us know what you think in the comment section below.

Jeremy Wall

Jeremy is a financial writer and aspiring investor. He is also a cryptocurrency enthusiast that’s fascinated with blockchain technology and the financial markets. When he’s not researching and learning about cryptocurrency, he’s traveling the world with his dog and girlfriend.

Share
Published by
Jeremy Wall
Tags: China

Recent Posts

Is A Silicon City Tech Giant Behind BlockDAG Network As Its $11.4M Presale Outcasts Floki Inu Price Surge Amid BOME Fluctuation

With Floki Inu's next bull run approaching, investors are closely monitoring its innovative token burn…

9 months ago

BlockDAG Becomes Top Crypto Investment Choice with $9.9M Presale, Beating Fantom & Apecoin

BlockDAG (BDAG) has continued to stand out with its innovative presale strategy, offering early investors…

9 months ago

Render and Dogecoin Price Predictions Defy Expectations As BlockDAG Emerges as the Highest ROI Crypto for 2024

As we venture into 2024, the crypto market is brimming with potential for unprecedented growth.…

9 months ago

Solana’s 20% Trading Spike Sparks BlockDAG Presale Interest While Memeinator Presale Reaches Edge

This analysis contrasts the flourishing momentum of BlockDAG coin's presale against the backdrop of the…

9 months ago

CryptoGames Review: Bitcoin and Altcoin Casino

Ever wondered what it is like to experience the extravagant casino vibes in the comfort…

3 years ago