China Using Blockchain And AI To Issue Business Licenses

Once again, Blockchain and AI has been used in collaboration to digitize a particular administrative process, for the purpose of efficiency. The Chinese city of Guangzhou has begun using blockchain and artificial intelligence (AI) technology to issue a business license.

The first such case was reported yesterday, when the technologies were used in collaboration to issuse a license at the administrative center of Huangpu District, Guangzhou. This pilot commercial service blockchain platform has been launched by the Huangpu District.

The new system allegedly helps in reducing the bidding submission time and helps to prevent any double submissions. Additionally, this also makes it much more convenient for companies to receive their licenses and start operating as a legal entity.

The new type of licenses are being marketed as  “scan the code and start the company in one click”. Their popularity is on the rise owing to the ability of the license to allow startups to not only file an application for becoming a company, but also to open a bank account and to submit a tax invoice application using a WeChat mini-program.

It is thereby consolidating a lot of business related services into one single platform, thereby making the process much more convenient for budding businesses. We had previously reported how China had launched Blockchain based invoices for subway rides. That was the first such blockchain based project conducted on a mass scale.

The technology was provided for the subway invoice by Shenzhen Municipal Taxation Bureau and Chinese tech giant Tencent, who are also responsible for making the blockchain technology back-up through WeChat. With such projects, China is gradually making a statment that it is not going to be left behind in the race of innovation involving emerging technologies.

Provinces like Guangzhou, Beijing and Shanghai, are getting comprehensive blockchain legislation which is encouraging more companies to test the technology.