To Innovation - Breaking Politics, Economics, Crypto & IT News

learn more
Reporting from Watford, UK and LA, US since 1996
learn more

Traces of water found on Mars

At least in the distant past the Red planet had a liquid bodies of water

China will fight tax evaders with the help of a blockchain

The system will deal with fake accounts.

28.May.18 9:23 PM
By Jeff Bannister


China will fight tax evaders with the help of a blockchain
In China, they want to transfer the tax system to the blockchain system. The site Insider reported this. The administration in Shenzhen City instructed Tencent to develop a system of "Smart Tax," which will identify people who are evading taxes. Thus, the transparency of the taxation system will be ensured.

The initiator of such an idea was the deputy head of the tax bureau of Shenzhen City Li Wei. According to officials, the Smart Tax system will have to track the payment of invoices and identify fake accounts that have become a real problem for China. The fact is that the country is under considerable financial pressure because of a large number of pensioners. Besides, in China, often counterfeit accounts.

Tencent is the largest Chinese provider that specializes in software development for the Internet. Among the most famous products Tencent social network Qzone and the company WeChat, responsible for the development of payment services. It is this unit that will be involved in the new project. Last year, the provider began researching the technology of blockchain in collaboration with Intel.

Now the company is preparing for its practical application. The introduction of such a service in such a city of Shenzhen will allow assessing the potential of services on the blockchain in real conditions. The population of Shenzhen is 10 million people.

Back to the list

Related Information: