China adopts blockchain technology and artificial intelligence in fighting tax evasion

in china •  7 years ago  (edited)

Giant Tencent has entered into a partnership with the Shenzhen City Tax Authority, following which the Chinese will use blockchain technology to fight tax evasion, according to CoinDesk. The Shenzhen and Tencent National Bureau of Taxation announced on Thursday that they set up an innovation lab called "Intelligent Fee," which promotes the technological innovation underpinning taxation processes.


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The lab will combine theoretical research with innovative technologies such as cloud, artificial intelligence, blockchain and Big Data to change the way charging and collection work.

Shenzhen has a whole underground economy, according to the New York Times. Several economic actors use fake bureaucracy for tax evasion, and detecting fake documents is a difficult challenge for tax collectors. According to statements by Ma Huateng, CEO of Tencent and chair of the Board, Intelligent Taxation Laboratory is already working on a new digital system based on blockchain technology.

Within this system, all receipts for goods and services would be issued in digital format and would remain forever written in the blockchain. The product will be based on the blockbuster platform developed by Tencent, announced in April, and is the first time China adopts this technology in a public system.

Li Wei, deputy director of the Shenzhen National Bureau of Taxation, argues that the main features of this system are security and complete traceability of payments, which will help identify fake documents.

And to tell you the truth, if China is doing this there is but one step to the world adoption and recognition. They understood that the first country that will embrace the blockchain and cryptocurrencies would be the first power in the world and it seems they are ahead of all the others. Not, if they will limit their development inside the border only that is another matter to address, but nevertheless it is an example for the entire world in which direction we are moving to.
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Altough this is clear progress in yhr space, I have a felling that china will show us how distopian can blockchain be. Da you know about their social score program?

Yes...indeed...China might not be he best example, but we need to admit the contribution and the fact that they are speeding up things. Indeed, they control everything in China,but I believe that until the technology matures any help is welcomed.

Yep, for sure we need people to make mistakes with blockchain so we have from where to learn :)

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