CASIC, the biggest Chinese space company, is turning to distributed ledger technology in order to enhance the efficiency of its accounting. According to China’s state-owned media outlet, the utilization of the Blockchain-powered software will let the Beijing-based firm properly manage the gargantuan electronic invoice system while eliminating its numerous challenges, including the tractability problem. Every bill can be traced and verified with the help of the Blockchain.
The new technology has already entered into a testing phase. The system is expected to add more than 300,000 invoices.
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