Onechain and Donghang developing blockchain e-invoicing solutions

Adam Starzynski 2017 - 09 - 07

On June 28th 2017, the Beijing Donggang Ruihong Science and Technology Ltd.  signed a comprehensive strategic cooperation agreement with Shanghai Onechain Ltd., one of the leading domestic blockchain technology companies. At the core of this cooperation lies the application of blockchain and its related technologies to improve the electronic invoicing services in mainland China. 


The companies are planning to build a blockchain based cloud platform for electronic invoicing services. The platform will feature the integrated solutions of electronic bill, depository receipt and derivative financial services to enterprises. It will allow for automation of business management, making it paperless and thus cutting costs and saving company’s resources.  


The Beijing Donggang Ruihong Science and Technology Ltd. is a subsidiary of Donggang Co.,Ltd. With its own E-Invoicing Research Center, the company is a pioneer  of electronic invoicing in China. It is running the first one in China, and currently one of 3 government authorised e-invoicing platforms and is a national leader in industry coverage rates,amount of invoicing and market share.The company’s goal is to provide diversified and personalized electronic invoicing services to companies and individuals across the country. 


Donggang Ruihong provides the electronic invoicing services, management, storage, accounting and reimbursement of electronic invoice to enterprises. At the same time it strives to build a bridge between the invoicing, financing and taxation systems in companies as well as to improve the efficiency of electronic invoicing, reduce costs and free up human resources. The platform will let users check and download their electronic invoice, while also allowing the regulators to gather and analyse data in order to improve the government’s efficiency and accuracy of decision-making. 


Shanghai Onechain Ltd. is subsidiary of Zhiwang Jingke Co., Ltd. Onechain is a member and a contributor(Fabric Explorer) to the Linux Foundation’s Hyperledger project. The biggest advantage of Onechain is a strong team formed by senior technical experts.The company is simultaneously developing other innovative blockchain solutions including P2P lending platform, supply chain platform and crowdfunding platform as well as running a blockchain research center in cooperation with Fudan University.   

More and more countries are becoming interested in the blockchain technology. The Chinese government has been monitoring the development of this technology since the early stages of its development. As a result, blockchain has been officially included in the next national development plan as one of the technological priorities.The cooperation of Donggang Ruihong and Shanghai Onechain is a solid step forward from theory to practice. 


Cui Yongsheng,the general manager of Donggang Ruihong said that at present, with the electronic invoice service based on a centralized platform,there are two main difficulties: complexity of data administration and transfer of electronic invoices.There are a number of domestic electronic invoice service platforms and self-built platforms,and the data between the service platforms is not yet interconnected. It is difficult to safely transfer the electronic invoice data. For business management, electronic invoicing has brought problems of the so called ‘double spending’ resulting in limited trust of businesses and regulatory bodies in the electronic documentation. 


Can the current issues of electronic invoicing be resolved by blockchain technology?  


‘The advantages of blockchain systems would suggest so. Firstly, the decentralized character of the blockchain removes the single point of failure and makes data safe from malicious attacks. Such data is immutable, non-tamperable, consistent, accurate and always time-stamped. 

Secondly, with the use of interconnected public ledger, the problem of double spending is resolved. Every transaction can happen only once, records of which are encrypted and added to the public ledger.  

Lastly, by eliminating the intermediary between the two parties of the invoice, the efficiency and speed of the whole process can be enhanced.’ said Zhou Guangyi,the general manager of Shanghai Onechain. 

友链:建设银行    工商银行    hyperledger    数贝荷包    安兑    融和科技

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