Text: Mutual Chain Pulse · Black Pearl
Source: Interchain Pulse
On November 13, Ping An Financial Technology Co., Ltd. (hereinafter referred to as Financial Accounts), a subsidiary of Ping An, submitted a prospectus to the US Securities and Exchange Commission. As mentioned in the prospectus, Financial Accounts has established world-leading technical capabilities with artificial intelligence, big data analytics and blockchain financial services, and introduced businesses based primarily on blockchain technology.
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Mutual chain pulse observation, this year, among the well-known unicorn enterprises, the original block company that has already submitted the prospectus publicly is Jianan Zhizhi. The media said that unicorn companies with IPO dynamics or intentions, such as Ant Financial, Weizhong Bank, Bit China, Jingdong Logistics, Suning Jinfu, Jinshan Cloud, are more or less involved in blockchain business.
But what is embarrassing is that these unicorn companies do not seem to have incorporated the blockchain into the profitable business landscape.
In the prospectus, Financial Accounts has indicated that as of September 30, 2019, the accumulated loss was RMB 3,383.9 million (US$ 473.4 million). It is expected that operating losses will occur in the future and may not be able to achieve or maintain profitability. Spending may be higher than expected.
(Cartography: Inter-Chain Pulse Data Source: "2019 Hurun Global Unicorn" and public information)
Financial credits blockchain technology focuses on the supply chain financial sector, ants, Weizhong, Suning are also head players
According to the information in the prospectus, the main technologies of financial account pass are artificial intelligence, blockchain, and big data. Among them, the main direction of blockchain technology is supply chain finance.
Financial Accounts believes that its business can bring great value to the digital transformation of financial institutions customers. The most prominent contribution to blockchain technology is that it can generate new revenues – blockchain supply chain finance business, which can be built. A network that links SMEs with financial institutions, core corporations, government agencies, and various third-party service providers to serve retailers and small and medium-sized customers, opening up new markets.
(Source: Financial account book pass screenshots and Google translation)
Blockchain supply chain finance has become a hot spot for unicorn companies to seize.
According to the news, IPO is looking forward to the ant Jinfu, Weizhong Bank, Suning Jinfu have blockchain supply chain business. Together with the financial account, all four companies are financial institutions, and relying on large Internet companies, they are faced with a homogeneous competition.
From the technical point of view, Weizhong Bank, Ant Financial, and Financial Accounts all have their own blockchain underlying technology platform, while Suning's alliance chain is based on the super-books Fabric. From the perspective of business landing, Financial Accounts and Ant Financial has launched a special blockchain supply chain financial platform. Weizhong Bank emphasized the need to develop blockchain supply chain finance in February, while Suning Jinfu is in the development zone. Blockchain technology and supply chain finance, but the two do not seem to merge.
On October 18, 2018, the financial account book issued the “Qianqi Chain” intelligent supply chain financial platform. Before the platform was launched, the financial chain business of the blockchain supply chain of financial account has already landed. On August 10, 2018, the financial chain account and the Futian Automobile Group Futian Finance jointly developed the blockchain supply chain system "Fojin ALL-Link" released; on September 28 of the same year, the financial account book and the China Railway Construction completed the contract Financial Credit Link will provide a series of financial technology services including China's identity verification, smart signing, transaction management and information exchange for China Railway Construction in the field of supply chain finance.
Ant Financial also had the first single landing this year. On January 4th, Ant Financial Service released “Double Chain Link”, positioning is the main product of ant blockchain to enter the supply chain finance. At the beginning of the line, Ant Financial Service has been pushing double chain in automobile manufacturing, home appliances and electronics manufacturing. And other industry applications. On July 30, Jiang Guofei, vice president of Ant Financial Services, declared that Double Link will help prevent the issue of “radish chapters and fake contracts” in the supply chain finance sector. Chengdu Bainaohui “Guanyong Store” with a registered capital of only 30 yuan, together with the upstream enterprise Zhongke Daqi, completed the first single financing on the ant “Double Chain Link”.
Ma Zhitao, deputy governor of Weizhong Bank, said in an interview with “Daily Economic News” in February this year that Weizhong Bank will develop supply chain finance based on blockchain technology. On the one hand, Weizhong Bank develops its own core enterprise, on the other hand, it provides the underlying technology and conducts “bank cooperation” with city banks.
Suning Jinfu began to lay out supply chain finance business in 2011. The 2016 annual report mentioned the use of six major technologies such as blockchain to strengthen financial technology construction. In 2017, Suning Financial Research Institute established a blockchain laboratory. However, Suning Jinshen blockchain technology application has more to land in other financial scenarios. For example, in March 2018, Suning Jinshang launched a financial industry blockchain blacklist sharing platform and blockchain IoT movable property pledge financing platform. .
In the prospectus, Financial Accounts has made blockchain technology one of the three major technologies for development, and highlighted its role in the supply chain finance sector. This year's ant Jinfu and Weizhong Bank's dynamics also indicate that we must focus on the development of blockchain supply chain finance. Suning Jinfu has three years of business foundation in the supply chain finance field and cannot be ignored. The blockchain track chosen by Financial Accounts is facing the threat of multiple unicorn companies, and competition may affect its or customer cost and profit.
Blockchain investment is not limited to supply chain finance, but it has not yet carried out the task of profitability.
In fact, in addition to the supply chain financial scenarios highlighted in the financial credit chain, some unicorn companies have invested in multiple blockchain technology applications.
For example, the financial account of the credit account FiMAX has applications in the fields of medical, real estate, smart city, industry, etc.; Ant Financial Blockchain is used in multiple scenarios such as universal traceability, electronic bills, cross-border payment, etc.; There are still many attempts in the field of financial services in the field of financial services; the FISCO BCOS platform of Weizhong Bank is practiced in the fields of traceability, government affairs, and energy.
In addition, Jingdong Logistics and Jinshan Cloud mentioned above have also acted.
Jinshan Cloud initially optimistic about the blockchain game market and launched the online game asset chaining solution. On September 25, 2018, Jinshan Cloud released the Jinshan blockchain cloud, including the Kingsoft Blockchain as a service and the Blockchain ecosystem, Project-X. Jinshan Cloud will rely on Project-X. The plan is to expand from the game industry that has already landed. The strategic plan will cover five industries including finance, medical care, AI, games and intellectual property.
Jingdong Logistics' blockchain application is very focused – empowering its existing logistics business. In July 2017, JD Logistics Cooperation Y Division tested the blockchain technology. On January 31, 2018, JD Logistics officially joined the global blockchain freight alliance. On October 29 this year, Jingdong Logistics Group released the blockchain product supply chain industry platform (OPDS), through the full supply chain services, to open up the production and sales; through the construction of the supply chain technology platform to enhance the efficiency of the industry.
Accompanied by the attempt to launch blockchain applications in various enterprises, the blockchain business is only in the “investment period” and has not yet carried the KPIs that are profitable.
The blockchain original company Jianan Zhizhi lost 330 million yuan in the first half of the year, and the financial account book has not yet determined when it will be profitable. Other unicorn companies, due to their main business support, profitability is still good, but most of them have not publicly disclosed the profitability of the blockchain business.
From the perspective of the survival of the current blockchain native technology companies, the blockchain is still difficult to bring considerable economic benefits. For example, Taiyi Yun and Ju Chain Group had no profit in the first half of the year. Li Wei, the fun chain CEO, also said that the profit should be at least two years later and is still in the investment period.
However, technology output earnings are becoming a development direction. According to media reports, Ant Financial wants to be listed overseas and the company, and the technical output is also the main direction. In May of this year, Zhang Shinan, the public service department of Ant Financial Service, said that the large income of Ant Financial is mainly technical income, including blockchain technology, artificial intelligence technology and output technology solutions for other companies. Ant Financial is seeking a shift from payment and consumer finance to technical services.
In the future, it will not be known how the blockchain will bring back the unicorn enterprises and technology companies that are “load-bearing”.
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