The Chinese aerospace company CASIC wants to manage its accounting system with blockchain technology in the future. As the state newspaper People’s Daily reports, it is expected that this will bring savings in terms of administrative costs.
A basic function of blockchain technology is the automated management of databases. Now, the Chinese aviation and aerospace company CASIC wants to take advantage of this and upgrade its accounting system with distributed ledger technology.
As reported by the Chinese newspaper People’s Daily on Monday, August 13, the currently active electronic accounting system for participating companies and suppliers of the state organization is reaching “operational limits”.
With the conversion to Blockchain software one wants to avoid errors such as wrong or double sending of bills and set up an effective shipment tracking. In addition, it is planned to comply with tax standards and thus, above all, “significantly reduce indirect administrative costs.”
The Beijing-based China Aerospace Science and Industry Corporation, CASIC, is developing most of the Chinese aerospace industry. In addition to the production of satellites and spacecraft technology, the group is China’s largest manufacturer of military missile and air defence systems. Among other things, the group is dependent on a large number of suppliers.
According to the article, the reason for the technological transition of the technology group is above all the view into the near future. While in the past year only 1.31 billion electronic settlements circulated in the Middle Kingdom, the organization assumes a veritable explosion for the coming years. Forecasts predict that the number of electronic invoices in China will rise to 54.55 billion by 2022. This would correspond to an annual growth rate of over 100 percent.
China in blockchain rush
A similar thrust dares these days in the southeast of the country located in metropolis Shenzen. The local city council is currently working with social media provider Tencent. Together they want to set up a blockchain-based billing system for the urban area.
Meanwhile, especially the government in Beijing decided on the growth moment of the blockchain technology.
As BTC-ECHO reports this week , the Communist Party is now giving its leadership cadre a Blockchain primer. In addition to the small crypto multiplication table, the reader contains information on future hurdles and challenges of the technology. The intention is to increase the understanding of the party members for possible Blockchain application and thus promote the development in the country, state sources.