China Implementing Blockchain Technology to Collect Taxes

Blockchain

HEADLINE! Here is another example of the U.S. not keeping up with technology. Seems China will begin using blockchain technology to collect taxes and send out invoices. Not that collecting taxes really faster and more efficiently is something to celebrate, BUT the Chinese are vastly ahead in embracing the newest technology in a whole lot of other ways as well. Let’s go Washington. Leading from behind in tech is NOT a good strategy.
(Bill Taylor/CEO)

“The Chinese government listed blockchain in its “Thirteenth Five-Year” National Informatization Plan from 2015, and since that time the nation has been working diligently toward incorporate the technology into daily life. The tech’s inclusion in the plan signals the importance China has attached to it, and this was just confirmed by the government’s announcement that it “will utilize blockchain technology for social taxation and electronic invoice issuance matters.”

This is a major development, and given that the Chinese economy is the world’s largest, with a 2016 GDP of over RMB 70 trillion (approximately U.S. $10.4 trillion), this should be an interesting test case for the implementation of blockchain technology. China has already launched a test of its own cryptocurrency based on the technology, so these initiatives should be able to build on each other.

Furthermore, we should also see implementation at the city level in China, as several local and provincial governments have recently promulgated pro-blockchain policies. In fact, a smart cities initiative has already enticed a Chinese automaker to integrate the tech into its business model. Additionally, blockchain-based industrial parks have gone up in Chengdu, Hangzhou, and other major cities, and agencies at different levels of government have created blockchain R&D teams.

Blockchain Technology Application

This latest development in China is a good example of how blockchain technology can be used in a broad array of applications. Blockchain tech has been proposed for use in elections do to its potential for both transparency and security. It’s these features that make it appealing for taxation as well…”

Full Story at Futurism

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