Tencent to apply blockchain to employee refunding system

Posted 10 August, 2018

A giant Chinese company Tencent believes that blockchain can help to speed up the refunding for employees. The new technology is reportedly being tested via WeChat.

The company has launched a pilot project in China's Shenzhen enabling users to pay their bills using the payment service – WeChat Pay. Specifically, the system is said to sent payment data from the restaurant to the client's employer via blockchain avoiding the delays observed during the manual processing of the operations. Tencent expects that this project will be put to good use and may help to restrain bill faking as an attempt to avoid taxes.

China runs quite complicated payment pattern – individuals and companies receive different bills. This means that if a client wants its company to pay for the bill, it will be necessary to provide a corresponding tax code of the company. In this situation, this tax code is written by hand every time when needed. Moreover, a collection of bills and payment are made manually which slows down the refunding dramatically.

In addition, the parking service, auto shop and Tencent's restaurant are reportedly taking part in the joined the tests of the new system.

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10 August, 2018 15:12

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