Source: China Business News Original title: "Supply chain finance risk prevention and control of new weapons: block chain embedded in the trading process." Author: Jiang Mu-yun, Zhang Rongwang
Recently, several consecutive supply chain financial risks have been exposed. For a time, everyone pays special attention to the issue of risk control in supply chain finance. Some people believe that blockchain technology can solve this problem. However, some people believe that blockchain can only solve the problem of information transmission, and information source fraud can still be solved. .
However, the application of blockchain to supply chain finance has been regulated. Not long ago, the China Insurance Regulatory Commission also issued the "Guiding Opinions of the General Office of the China Banking Regulatory Commission on Promoting the Supply Chain Financial Services Entity Economy", requiring supply chain finance to adhere to the real trading background and strictly guard against false transactions, fictitious financing, and illegal profit-making. It is mentioned that banks and insurance institutions are encouraged to embed new technologies such as the Internet of Things and blockchain into the trading links.
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So, what is the current development of “blockchain + supply chain finance”, and what can the technology blessing bring to supply chain finance?
Increase the cost of doing evil
The reporter of China Business News learned in the interview that the authenticity of information in supply chain finance is difficult to verify. In addition to the fact that the authenticity of the transaction certificate is difficult to distinguish, sometimes the fraud party even rents an office or conference room at the property of the core company to sign the contract, so as to gain the trust of the other party.
So, what advantages does the blockchain bring to the verification of the authenticity of information in supply chain finance? Song Wenpeng, general manager of Zhongan Technology Beijing Branch and senior expert of Zhongan Technology and Technology, told reporters that the blockchain supply chain finance trading platform will digitize the assets under the chain and confirm the rights in the blockchain. After the chain is opened, each asset side and the capital side can conduct business with low friction.
“Blockchain as a technical means, the issue of fraud in the process of digitizing assets under the chain cannot be solved.” Song Wenpeng said frankly, “But through the blockchain, the cost of fraud can be increased.” For example, the blockchain supply chain trading platform has three processes: pre-certification, in-process review, and post-audit.
Among them, the pre-certification uses the alliance chain, and has strict KYC and KYB mechanisms; the censorship will use the voucher verification for each transaction; after-the-fact auditing, through the accumulation of data on the chain, forms the cumulative credit utility, that is to say Once there has been fraudulent behavior, other subjects in the entire chain can understand it.
At the same time, in this process, in addition to financial institutions outside the organization, such as third-party wealth management, blockchain data can be confirmed by Zhongan Technology's titanium contract products. In addition, Zhongan Technology has opened up institutions such as CA, notary office and electronic appraisal center. After the data is confirmed, it also provides legal documents protection for professional organizations.
Regarding the problem that the blockchain cannot completely solve the fraud, the head of the supply chain finance division of a retail business group holds a similar view. He believes that it is very important for the core enterprises to control the supply chain.
Specifically, the blockchain ultimately serves the scenario, and the various participants of the scenario, that is, the various entities on the chain, are inseparable from a long-term leader in accordance with the rules. Core companies can actually dominate transactions or participate deeply in the supply chain, so the ability to control the authenticity of data is stronger. "So we say that what we are involved in in the current supply chain is a business that is led by the group or has cooperation," the official said.
In terms of the right to confirm, the person in charge told the reporter:
“At present, the company's blockchain supply chain is not authorized. The members must be recognized before they can enter the alliance chain. Then the group will provide financial services after the rights are confirmed, or push them to the cooperative banks.”
In particular, data is a very core presence in the blockchain, so it is not open to subjects outside the alliance. The person in charge added:
“That is to say, if a third-party company holds the bank’s relevant bank receipts and vouchers, it is very likely to be fraudulent.”
The reporter also learned that Zhongan Technology and Medical Chain Technology have jointly established a platform for the blockchain supply chain. Regarding the reasons behind this, Song Wenpeng told reporters that supply chain finance is a typical multi-party cooperation scenario. The best application scenario of blockchain is multi-participation and cross-industry cooperation. The so-called industry has a specialization, Zhongan Technology is more of a technical service provider, providing commercial-proven blockchain technology solutions for partners in different industries.
Flow acceleration, detachable
In addition to the increase in the cost of doing so, the blockchain can also play a role in speeding up the flow and expanding the range of radiation in the process of credit circulation.
Specifically, Song Wenpeng uses the factoring business of supply chain finance as an example.
“The funds are often credited to the core enterprises. After the core enterprises are radiated to the first-tier suppliers, due to the high cost of credit control and the low efficiency of credit transfer, it is often difficult for secondary to N-level suppliers to obtain credit. As a result, most of the current factoring business can only be radiated to the Tier 1 supplier."
However, after the blockchain is applied, the digital asset credit certificate will be formed, and most of this certificate is issued by the core enterprise to facilitate the cross-level circulation of credit.
In addition to the improvement of the transfer efficiency, the above-mentioned person in charge said that the blockchain can also split the value of the voucher. Taking the commercial ticket as an example, the billing method was originally based on the ticketing system. The original amount cannot be changed during the process of circulation. However, the voucher is issued in the blockchain, which is based on the property law and the amount can be split. For example, a certificate of 1 million yuan can be split into 200,000 yuan and 800,000 yuan, which can also radiate to more levels of suppliers.
However, despite the fact that the blockchain's blessing on supply chain finance has made a significant change in the industry, in fact, the "blockchain + supply chain" model is still a long-term development path in China. There are still places where development is constrained.
In this regard, Song Wenpeng said,
First, the current business encounters more of a single fund side and a single asset side, and the blockchain is more suitable for the "N to N" scenario. This scenario is also the blockchain supply chain of Zhongan Technology. One of the development directions of the financial platform;
Second, due to the addition of the blockchain, the existing collaborative relationship within the industry has changed, and the certain interest pattern has also changed. Therefore, the industry needs to have an open mindset;
In addition, the understanding and cognition of the blockchain are at an early stage, and the degree of understanding of what the blockchain technology can solve is still different. The above-mentioned person in charge said that the current laws and regulations on the blockchain are still not perfect; secondly, what kind of effect can the blockchain technology produce in supply chain finance also needs to be explored by the industry; more importantly, supply Chain finance itself needs to be improved. At present, the market's understanding of the supply chain is not deep enough. It is around the core enterprises, and how to do business in the upstream and downstream, so the products are very simple.
At the same time, the blockchain is currently using more or less small scenarios in the supply chain. The person in charge further stated that if the platform only receives a node in the supply chain and cannot obtain the cooperation in the entire supply chain, it may cause the core enterprise not to be willing to confirm the chain. For example, in the case of accounts receivable, for suppliers and core enterprises, it is the commercial terms between the two. If there is financial shortage, the two parties will agree on the delayed payment date. Once the rights are confirmed in the chain, there are responsibilities and obligations, and the cost of default will become higher.
Therefore, the future development of blockchain supply chain finance cannot be limited to a single customer, but relying on the entire big scene, the whole scene is combined.