Zhang Yu

JeniZhang13@163.com

WALMART Inc. has become the first large retail outlet in China to issue a blockchain-based invoice via Shenzhen’s blockchain electronic invoice platform, the retail giant disclosed.

The invoice, now a part of a blockchain-based network, ensures the secure sharing and storage of transaction records between all parties in the invoicing process, making it impossible for any party to tamper with invoice information.

According to Walmart, the issuance of blockchain invoices has greatly simplified the invoicing process. Consumers can apply for invoices after they pay their bill, which not only enables the enterprise to save on operation costs and ward off tax risks, but also improves the efficiency of invoice reimbursement.

Walmart’s move was an active response to the Shenzhen Tax Bureau’s effort to promote the issuance of blockchain invoices.

On Aug. 10, a blockchain-based invoice was issued to a local restaurant by the bureau, making Shenzhen the first city in China to pilot the issuance of blockchain invoices.

According to the tax bureau in Shenzhen, companies can submit applications for invoices and declare tax on the blockchain platform supported by Tencent. The platform can automatically generate invoices after transactions are complete.