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Shenzhen: China’s First Blockchain Issued Subway

The Futian Station of the Shenzhen’s metro of China has become first in the country that issued blockchain technology based electronic invoice for the rider of the subway, it was reported by the local finance publication ‘Securities Daily’ on 18 March 2019. It is the first economic special region in China.

The e-invoice function at subway is the combine development assignment of the Shenzhen Municipal Taxation Bureau and Tencent a major tech company in China, which enables the blockchain technology back-up by its 1 billion users social media messenger platform ‘WeChat.’ The Security Daily reports that at the ending of the ride, the Shenzhen Metro rider’s code can be seen on the WeChat Payment voucher option.

On 15 March 2019 the Shenzhen City Blockchain electronic invoicing function has released to more than one million electronic invoices that were backed up with the Blockchain technology, with the final invoices counting up to 1.33 billion yuan i.e. around $200 million. The report stated that the blockchain enhanced electronic invoice function for the subway riders, once released, and is anticipated to register 170,000 online self-function invoices each day.

This application of the Shenzhen Metro is the initial step in the execution of blockchain-based e-invoicing that will influence all public transportation systems, such as “cabs, airport buses and other transportation mediums at the same time with the online blockchain electronic invoicing system.” As on December 12, as per our report that the Shenzhen Municipal Taxation Bureau and Tencent declared that they had effectively linked a blockchain based invoice function with the social media messenger WeChat’s payment program.

It was reported that SUBE (Sistena Unico de Boleto Eletronico), the Argentinian state public transportation card made a deal of partnership with Bitex last month, which gives the blockchain-drive economical services to businesses to give the payments function powered by Bitcoin (BTC).

 

 

About Arushi Dubey

Arushi Dubey is a student of Bachelor in Arts( Psychology). She is pursuing Psychology in arts with English literature and French Language. She is well versed in the English language. She is good at expressing her thoughts into words. She is still getting more and more trained in gathering knowledge related to Crypto Currencies and expressing them.

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