Reshaping industry + value consensus, blockchain helps digitalize supply chain finance

At present, the world-wide high-tech revolution and industrial transformation are gestating and emerging. New technologies in multiple fields are intersecting and integrating with each other. New products, new formats, new models and emerging industries are constantly emerging. Many traditional industrial structures are also facing reshaping. With the development and transformation of the economic structure, the financial needs of my countrys real enterprises are also increasing day by day, and the scale of the supply chain financial market is also expanding, with broad prospects for development.

According to data from PricewaterhouseCoopers and EO Think Tank, from 2019 to 2025, the compound annual growth rate of my countrys supply chain financial market will reach 5.2%. By 2025, the market size will reach 20 trillion yuan, showing a good growth trend. .

Supply chain finance means that core enterprises introduce external financial institutions to solve the problems of difficult and expensive financing for small and medium-sized enterprises by endorsing the hidden risks of upstream and downstream enterprises. In the traditional supply chain finance model, many problems have yet to be resolved. For example: due to information asymmetry, poor credit environment and other reasons, small and medium-sized enterprises have difficulty in financing and high costs; at the same time, the use of commercial drafts and bank drafts at this stage is limited, and the circulation efficiency is low; the application of paper bills, the cost of counterfeiting low wait.

As the underlying logic technology for the intelligent transformation of a new generation of industries, blockchain can effectively solve the pain points in supply chain financial scenarios. Through the combination of blockchain technology and supply chain finance, the phenomenon of data islands in the supply chain industry ecology can be broken, a trust mechanism can be established, and the credit cross-level transfer of core enterprises can be realized. The application of smart contracts can improve the efficiency of business collaboration and financing in the whole chain, and reduce the risk of contract performance. At the same time, it is also possible to establish a blockchain-based enterprise credit reporting system, optimize the supervision process, correct bad market trends, and then improve the efficiency of capital operation in the entire supply chain, and further release the development potential of the supply chain ecology.

Today, Wangchain Technology will focus on solving the practical problems of traditional supply chain finance with blockchain technology, provide you with some solutions, and provide some reference content for promoting the intelligent development of my countrys supply chain finance.

Bank acceptance bills and commercial acceptance bills are the main financing tools for supply chain finance. In the actual financing process, the use of commercial acceptance bills is often restricted by the reputation of the company, making it difficult to use them efficiently. The discounting process of bank acceptance bills is even more cumbersome and cannot effectively control the arrival time.

Reputation issues and cumbersome processes are ultimately due to the lack of a credible mechanism. Blockchain technology can rely on time stamps to record the business behavior of the target enterprise, forming a credible certificate that does not require the participation of a third party, can be traced and cannot be modified, thereby assisting enterprises to achieve digital credit value-added and solve the problem of credit crisis. The problem of poor liquidity of funds caused.

Building a blockchain financial service platform based on various supply chain scenarios such as receivables, commercial acceptance bills, and chattel financing is a highly feasible solution. Using multi-signature and non-tamperable digital certificates on the blockchain platform to build a detachable, transferable, and discountable blockchain supply chain bill business model, so that the transfer of creditors rights can be agreed by multiple parties, and the credit of core enterprises can be transferred more conveniently , to speed up the circulation efficiency of bills. At the same time, financial institutions such as banks can also trace back the transaction data of each node through credible deposit certificates, outline a visible transaction flow chart, clarify the ownership of responsibilities, and control risks.

In the blockchain supply chain financial ecology, the transaction data on the chain is dynamically changing and can be reviewed and traced, which enhances the liquidity of assets in the supply chain market, thereby improving the stability, efficiency and quality of the entire supply chain network. Market Competitiveness.

There are many participating companies in the traditional supply chain, and most of them are independent operating entity units. The information communication between each other is limited, like information islands, and it is impossible to achieve effective collaborative sharing of information resources. The lack of effective links between enterprises, banks and regulatory authorities has also increased the difficulty for financial institutions to review the authenticity of financing events.

The use of blockchain technology distributed ledger technology, encryption algorithms and other means can enable financial institutions to achieve trust penetration for enterprises in the supply chain. On the blockchain financial service platform, the end supplier enterprises are linked into the platform, and on the premise of ensuring data privacy, the multi-party verification of business orders is completed on the chain, and the corresponding business orders are associated to achieve self-certification The effect of business authenticity makes it easier to gain the trust of relevant banks and reduces the difficulty of supply chain corporate financing and bank risk control.

For each enterprise in the supply chain industry chain, the credible order big data on the blockchain financial service platform is itself one of the most commercially valuable industry data. Through the use of their own keys and the authorization of the target node, users on the blockchain financial service platform can have the right to view the target order data, obtain effective industry data, improve the response speed of related businesses, and improve market competitiveness .

The application of blockchain technology can realize distributed collaboration among supply chain financial ecological subjects, and develop continuously towards an open source community ecology.

In the supply chain, the four flows (that is, business flow, logistics, capital flow, and information flow) are the core. At present, most of the business information in the supply chain industry chain is still transmitted in the form of paper bills, and building information systems between enterprises directly through Internet technology will cause problems such as untrustworthy data security and untrustworthy data accuracy. The lack of a unified information transmission system among enterprises makes it difficult to integrate the four streams of the supply chain, resulting in difficulties in lending to small and medium-sized enterprises, difficulty in bank risk control, and difficulty in supervision by relevant departments.

On the blockchain financial service platform, the use of smart contracts can effectively integrate the four streams visually. First of all, many paper documents usually involved in the supply chain process, such as invoice documents, contract documents, customs declaration documents and other paper contracts, have certain performance risks caused by information gaps. With the help of smart contracts, automatic transaction verification of data can be realized , increase the operating cost of transaction forgery, and realize the chain of business flow; secondly, the application of time stamp and unchangeable characteristics can completely and truly integrate the logistics information of all participating enterprises in the supply chain; with the integration of logistics information, At the same time as the delivery of commodities and raw materials, the delivery of commodity ownership and the settlement of creditors rights will also be realized on the chain, realizing the information flow on the chain; at the same time, in cooperation with the banks independent account system, when the ownership and creditors rights are transferred and liquidated, It can trigger the automatic execution of smart contracts, automatic payment of account funds, and complete the integration of capital flows.

The blockchain financial service platform completely closes all links involved in supply chain finance, which is equivalent to making the credit in the entire business system transmissible and traceable, providing financing opportunities for a large number of small and medium-sized enterprises that could not otherwise finance, and extremely Greatly improve the circulation efficiency and flexibility of bills, and reduce the financial pressure of small and medium-sized enterprises.

The transparency of the entire supply chain process is also conducive to the construction of credit reporting systems for various enterprises in the industrial chain.

On the blockchain financial service platform, the regulatory authority, as a participating node, can refer to the information ledger data of the target enterprise through its own key. With the help of the platforms non-tamperable and traceable big data, it is possible to analyze the credit history and contract performance capabilities of the company, and the regulatory authorities can have a comprehensive understanding of the overall business environment, analyze and warn capital flows, and timely monitor the authenticity of trade backgrounds. Analysis and verification.

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