Chinese Aerospace Science And Technology Corporation (CASC) Company Looks For Blockchain Technologies For Improving Electronic Account Management
The China State Aerospace Science and Technology Corporation (CASC) has created a blockchain platform to improve its electronic invoice system, according to an official announcement on August 13th.
The announcement, which was also published in the official Chinese state newspaper People’s Daily, describes how blockchain technology can improve the national system of electronic invoices.
According to the report, about 1.31 billion electronic invoices were put up in China in 2017, and it is expected that by 2022 this number will grow to 54.55 billion. The new platform is designed to solve some problems of the existing system, such as re-compensation, as well as issues of transparency and traceability.
To help solve these “pain problems”, CASC has created an electronic billing system based on blockchain, which facilitates the authentic and reliable issuance of electronic invoices. The system is being tested in Beijing, Shandong, Hubei and other places.