The China Aerospace Science and Technology Corporation (CASC), owned by the state, has announced its intention to use the blockchain system to process electronic bills and tax.
Last year, the number of digital accounts was 1.31 billion. According to analysts’ forecasts, by 2022 this figure will increase to 54 billion.
The current system has processed more than 2.5 billion electronic accounts, but it is already facing many problems, including excessive data, false reporting and tracking complexity.
It is assumed that blockchain should solve all these problems and make the accounts easily traceable at any stage.