China to Use Blockchain Technology in Tax Collection and Electronic Invoice Issuance

China’s government has announced that it will use Blockchain technology for tax collection and electronic invoice issuance. This will be a major test case for Blockchain technology as China is currently the second largest economy in the world with a gross domestic product (GDP) of more than $10 tln in 2016.China’s announcement furthers the likelihood of Bitcoin and Blockchain becoming important financial and technological forces in the future. Though China is ahead in Blockchain adoption at the moment, several American legislators are promoting the technology to both their peers and constituents. Republican Congressman David Schweikert of Arizona and Democratic Representative Jared Polis of Colorado have established the Congressional Blockchain Caucus in response to the growing interest of their colleagues about Blockchain. According to Polis, they aim to provide a forum to educate people about the technology. “Members of Congress are starting to get visits from people that are doing things with the Blockchain and talking about it. They are interested in learning more, and we hope to provide the forum to do that.” Polis also cited some possible applications of the technology in the government such as managing health records, tax returns, and identity management.