China plans tax collection using Blockchain tech

Aug 12, 2017, 3:24 AM EDT
(Source: Robin Zebrowski/flickr)
(Source: Robin Zebrowski/flickr)

Blockchain, best known as the technology underpinning crypto currency Bitcoin, could soon be employed at a much wide scale if China’s plan comes to fruition. The Asian state plans to collect social taxes and send electronic invoices with the help of blockchain technology, an effort that is a part of its “Thirteenth Five-Year” National Informatization Plan in 2015.

Given the levels of transparency and security in blockchain, the technology has impressed many a sections, with calls that it should be used in elections as well, notes Futurism.

While China’s haste to embrace the technology is evident, the U.S. appears quite distant from tapping blockchain for official purpose, writes MIT Technology Review.