China are no strangers to adopting various forms of blockchain technology. The Asian super power have managed to integrate this technological asset into more than a few means. And now they’re taking it a step further, by going through new advancements that will address old forms of corruption that still plagues the countries integrity. State funds and fake invoices are just some factors which will be properly addressed in the near future. But how exactly will China follow through with this?
The whole idea will be centred around a concept known as ‘fapiaos.’ Which acts as a legal receipt that stands as a proof of purchase for goods and services on a grounded level. The Chinese government will be able use these invoices in order to track certain types of tax payments, while being able to forestall potential tax evasion. Individuals who wish to reclaim business expenses will need fapiaos in order to make the proper arrangements. The system itself was established in the 1980’s, however, thanks to the benefits of blockchain technology. They are able to properly transmute it into a much better platform, so they may utilise its functionality in a more stabilised fashion.