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China tech gi­ant Ten­cent en­ters new agree­ment with Shen­zhen for in-depth blockchain ap­pli­ca­tions

China’s tech gi­ant Ten­cent has en­tered a new agree­ment with the tax au­thor­i­ties of Shen­zhen (the Silicon Valley of China) to fur­ther ad­vance col­lab­o­ra­tion in the area of blockchain ap­pli­ca­tions, according to local news China Banking News.

On 1 Sep­tem­ber Ten­cent an­nounced that it had ex­e­cuted a “Smart Tax In­no­va­tion Lab­o­ra­tory Blockchain Ap­pli­ca­tion Co­op­er­a­tive Frame­work Agree­ment” with the Shen­zhen mu­nic­i­pal tax au­thor­i­ties.

The Agree­ment out­lines the “com­pre­hen­sive up­grade of co­op­er­a­tion in the ‘blockchain + tax­a­tion’ ap­pli­ca­tions area,” fol­low­ing the joint es­tab­lish­ment of the Smart Tax In­no­va­tion Lab­o­ra­tory by Ten­cent and the Shen­zhen mu­nic­i­pal tax au­thor­i­ties two years ago.

Ten­cent has long en­gaged in col­lab­o­ra­tion with the Shen­zhen gov­ern­ment on the ap­pli­ca­tion of blockchain tech­nol­ogy to mu­nic­i­pal gov­er­nance.

Ten­cent and Shen­zhen’s tax de­part­ment first launched the Smart Tax In­no­va­tion Lab­o­ra­tory in May 2018, for the ap­pli­ca­tion of a range of new tech­nolo­gies to mu­nic­i­pal tax op­er­a­tions, in­clud­ing the blockchain, cloud com­put­ing and big data.

The two par­ties were sub­se­quently re­spon­si­ble for launch­ing Chi­na’s first blockchain-based elec­tronic “fapiao” in­voice ser­vice in Au­gust 2018, at a restau­rant in Shen­zhen’s Guo­mao Build­ing.

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