Major Chinese city Guangzhou has issued a business license using blockchain and artificial intelligence (AI) technology, local news agency Sohu reports on April 22.
The license was issued at the administrative center of Huangpu District, Guangzhou, and represents the first blockchain and AI-powered business license in China, according to the news outlet.
The type of the license, touted as “scan the code and start the company in one click,” reportedly allows startups to not only file an application, but also to open a bank account and to submit a tax invoice application using a WeChat mini-program.
According to the report, by using blockchain and AI, Huangpu District piloted its commercial service blockchain platform that purportedly reduces the bidding submission time and helps to avoid repeated submissions, as well as provides an easier way for companies to form.
In mid-March, China's first blockchain-based electronic invoice for a subway ride was issued in the Shenzhen Metro through a project developed by the Shenzhen Municipal Taxation Bureau and Chinese tech giant Tencent, which provided the blockchain technology back-up through WeChat.
In late 2019, Cointelegraph reported that Guangzhou, along with Beijing and Shanghai, have become the biggest concentrated areas of relevant blockchain legislation in China. Previously, Guangzhou was selected as the headquarters for a new local blockchain alliance that involved 54 companies focusing on blockchain use in finances, trading and funds.
Recently, executive chairman of the Blockchain Research Institute Donald Tapscott predicted that the official Chinese currency, the renminbi (RMB), will become a cryptocurrency.