Blockchain invoices have appeared in Shenzhen Guomao Rotary Restaurant, thanks to the messaging and financial services app WeChat.
WeChat has launched an electronic invoice system, which accepts payment, creates the invoice and compensates, that utilizes blockchain technology. The Guomao Rotary Restaurant in Shenzhen is at the moment the only place in China to use a blockchain invoice system.
The previously complex method of compensating employee expense led the company to develop the modern technology.
The new system allows dropping all excess processes between invoicing and reimbursements like verifications, submissions, and reviews. All payments made using the WeChat app compensate the employee paying, for example, for a company dinner. The invoices can be easily accessed through the companies financial system. And since the blockchain doesn’t permit any tampering, the information is always reliable both for the company and the tax regulators.
The system operates on a self-checkout basis, which means that no personnel is needed to operate it.
WHY IS THIS IMPORTANT?
- This new blockchain technology allows simplifying the process of reimbursing employees and keeping track of payments, alleviating unnecessary in-between processes.
- Blockchain technology is starting to get used more widely. Once the effectiveness of it becomes evident to more firms, the implementation of blockchain technology could soar.