In 2019, blockchain technology gradually entered the "mainstream application year". Not only many giant companies have high-profile layout of blockchain fields, but application has become the main theme of the industry.
Due to the decentralization of blockchain, data non-tampering and redundant design, it is highly compatible with the financial industry's requirements for information and data security, transaction data traceability, etc., making blockchain development in the financial industry earlier, application Also relatively mature. Especially in the field of supply chain finance, blockchain technology is regarded as an important means to solve the "pain point" of the industry.
Financial industry application blockchain is maturing
"Blockchain is a distributed ledger. Its recorded data information has the advantages of trustworthiness, traceability, and non-tamperability. It can be applied to many physical industries to improve connection efficiency, reduce trust costs and transaction costs. In an interview with Shanghai Financial News, Yuan Haoming, CEO of Firecoin China and the director of the Fire Coin Research Institute, said that in 2019, blockchain technology has shifted from basic cognition to practical application. Among them, the financial industry is particularly outstanding.
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“For example, IBM is collaborating with the digital business chain alliance of the seven largest banks in Europe to build a trade finance platform based on Hyperledger Fabric, which aims to simplify and promote domestic and cross-border trade among European SMEs and help companies improve the overall financial transactions. Transparency," said Yuan Yuming.
“As another example, the Nasdaq exchange, with the permission of the US Securities and Exchange Commission, launched the blockchain-based enterprise application Linq for the trading of primary market companies, the issuance and trading of private corporate securities. Registration management provides end-to-end services. At the same time, Linq has opened blockchain services to more than 100 market operator customers around the world, with the ability to record corporate IPO pre-equity transactions, track corporate equity transactions, and shareholder and investor information. The analysis of the assets of the private equity market is obvious." Yuan Yuming further said.
“In terms of enterprises, Facebook, Huawei, Tencent, Ali, etc. have already owned a number of blockchain patents. At the same time, in order to integrate resource advantages and accelerate the development of blockchain technology, a number of influential blockchain industry alliances have been born. Such as Super Account, Ethereum Enterprise Alliance, R3 Blockchain Alliance, CBSG Operator Blockchain Alliance, etc., said Yuan Yuming.
It is worth mentioning that in the first batch of domestic blockchain information service registration numbers of the national network letter office cloth this year, in addition to the Internet giants such as BATJ, there are also many financial enterprises, such as Ping An, Zheshang Bank, Banknote credit card, Zhongan Insurance, etc.
"At present, the burst of large-scale commercialization of blockchain is becoming more and more clear and predictable. For the financial industry, the blockchain is not only a breakthrough in a certain business or a certain point, but It will change the underlying logic and infrastructure and connection methods of the financial industry. I believe that in the near future, the blockchain will become the bridge between people and people, enterprises and enterprises, and the basis of information interaction like the Internet." Ant Yang Jun, product manager of Jinshang Blockchain, said in an interview with Shanghai Financial News.
Supply chain finance into the mainstream landing scene
From the specific commercial landing scenarios of blockchain technology, supply chain finance is undoubtedly the most mature and the most active area of financial institutions. The White Paper on Blockchain and Supply Chain Finance issued by China’s ICT Academy recently pointed out that the industry pain point of supply chain finance is just right for introducing blockchain technology to solve it. In the case of 42 financial real-life blockchain cases, based on There are as many as 16 financial cases in the supply chain of the blockchain.
It is noteworthy that, in response to the recent turmoil in supply chain finance, the China Insurance Regulatory Commission recently issued the “Guiding Opinions of the General Office of the China Banking Regulatory Commission on Promoting the Supply Chain Financial Services Entity Economy” (hereinafter referred to as “Opinions”), requesting supply. Chain Finance adheres to the real trading background and strictly guards against false transactions, fictitious financing, and illegal profit-making. It is mentioned that bank insurance institutions are encouraged to embed new technologies such as blockchains into trading links.
In an interview with the Shanghai Financial News reporter, Zhuang Haijun, the head of the financial account-to-supply chain finance, said that blockchain technology can solve the problem of risk control in supply chain finance. "One of the important points is mutual trust. Under the traditional supply chain finance model, due to the small scale of SMEs, the lack of mortgage guarantees, and the confusion of their financial statements and imperfect credit system, it is difficult for SMEs to 'self-certify'. The relationship with the core enterprise. The traditional paper documents and manual operations also bring challenges to the bank to verify the authenticity of the information, and there are hidden dangers of repeated financing.” Zhuang Haijun said that the blockchain technology can be traced and retained. The information on the supply chain can be recorded, the transaction can be traced, the credit can be transmitted, and the authenticity of the enterprise information on the chain can be guaranteed. At the same time, cross-certification of many data sources such as logistics, warehousing, industry and commerce, taxation, etc., can greatly solve the bottlenecks such as information asymmetry between banks and enterprises, and difficulty in verifying trade authenticity. In addition, the blockchain zero-knowledge authentication technology is applied to the trade and financing platform, which enables banks to achieve cross-validation of information, effectively prevent redundant financing, and build a system-wide trade mutual trust network.
Zhuang Haijun also pointed out that through the use of blockchain technology, supply chain finance can achieve multi-level credit penetration, free exchange of electronic voucher payments and intelligent risk control of the entire chain, benefiting a large number of SMEs. "In the traditional mode, banks, especially small and medium-sized banks, lack sufficient means to verify the authenticity of trade between upstream and downstream enterprises. Plus small and medium-sized banks have weak risk control capabilities and high financing risks. Therefore, large enterprises are often used as loan main services, with more than 70%. Mid-stream and downstream enterprises are unable to obtain financing.” Zhuang Haijun said, “The supply chain financial platform with blockchain technology is applied, and the core enterprises use electronic certificates to pay accounts payable. The upstream enterprises as first-tier suppliers can free electronic certificates. By dividing the payment, the core enterprise's strong credit can be transferred to the second, third and even multi-level suppliers, greatly improving the financing dilemma of a large number of long-tailed SMEs in the supply chain, significantly reducing the financing threshold and interest rate costs, and improving SMEs' access. The ability to finance."
Yang Jun said, “The problem of risk control in supply chain finance is concentrated on the authenticity of the trade background, and the blockchain technology requires both parties to purchase and sell to be sure. At the same time, the blockchain can also require digital signatures. An additional contract is signed to replenish the previous contract with conflicting or defamatory provisions."
"Under this situation, it is very difficult for enterprises to jointly falsify." Yang Jun pointed out that "Ant Jinfu cooperated with a number of banks to carry out the online banking system, and met the number through the blockchain and settlement account-level nuclear mechanism. The requirements and guidelines of the signature law. The chain operation of any enterprise represents the true will of the enterprise, and the pure operational risk will be eliminated. If the enterprise has a collective evil behavior, its internal approval process and the core collective fraud are Will be recorded on the blockchain as evidence, the company's cost of fraud and fraud threshold will be very high."
Source: Shanghai Financial News
Reporter Li Si