China Aerospace Explores Blockchain Solutions for Billion-Invoice Challenge

China’s state-owned Aerospace Science and Industry Corporation Ltd. (CASIC) is exploring the potential of blockchain technology to enhance its electronic invoice system, aiming for improved efficiency and user-friendliness, according to a report by the People’s Daily.

The State Administration of Science, Technology and Industry for National Defence has also proposed methods for leveraging blockchain to innovate the invoicing process for tax purposes nationwide.

The official publication of the Communist Party of China highlighted that electronic invoicing can lead to a significant reduction in corporate invoice purchases and associated management costs. CASIC’s developed system can integrate smoothly with a company’s internal information network, enabling comprehensive digitization of invoicing processes.