Chinese internet giant Tencent Corporation is leading the drafting of the first international standard for blockchain tech-based invoices, after the project was approved by China's taxation regulators and supported by other countries, the company said.
The project, named "General Framework of DLT based invoices," was approved and supported by countries such as the UK, Switzerland, Sweden and Brazil during an ITU-T international meeting on e-invoice standards, the tech giant said in a press release on Tuesday.
The project was also recently approved by the State Administration of Taxation, which means the drafting work of the standard has been launched, read the press release.
Tecent, the China Academy of Information and Communications Technology and the Shenzhen Taxation Bureau, have jointly begun drafting the standard, the first of its kind globally, and are responsible for its discussion and revision before it is approved and published.
Representatives from different countries agreed during the ITU-T meeting that blockchain tech-based invoices are an important part of the future digital economic society's infrastructure, and stressed the importance of developing a standard, according to the press release.
The project represents Chinese companies' tech strength and progress in blockchain application, and will also advance international cooperation and exchange, according to analysts.
"The project shows China's industry and market activity in blockchain tech application," Li Ming, director of the Blockchain Research Department at the China Electronics Standardization Institute, told the Global Times on Tuesday.
"E-invoicing is an appropriate field for blockchain application probes and trials currently, which could in turn promote tech development," Li said.
The elements of transparency, trust and verifiability of the technology are needed for application scenarios involving multiple parties, and they largely improve efficiency, Li added.
"As of August 10, more than 6 million blockchain e-invoices have been issued, and more than 5,300 companies have been registered in China to use blockchain e-invoices since the first...was issued by Tencent on August 10, 2018," the Golden Sun Securities Co said in a recent report, according to the Xinhua News Agency on Tuesday.