On November 26, Zheshang Bank was listed on the Shanghai Stock Exchange. As of the close of the day, the market value exceeded 100 billion. Because Zheshang Bank has repeatedly "touched the chain" in recent years, it has been called the first block of "blockchain concept" banks by analysts.
Accounts receivable chain platform is dazzling, with an issued amount of nearly 200 billion yuan
Babbitt checked the prospectus of Zheshang Bank and found that the receivables chain platform is the main landing application of Zheshang Bank on the blockchain . This platform is designed and developed on the basis of innovative technologies such as the Internet and blockchain, and is an enterprise-bank cooperation platform that specializes in the issuance, acceptance, confirmation, payment, transfer, pledge, and redemption of corporate receivables. Pain points and difficulties of accounts receivable. Through this platform, it can help enterprises revitalize current assets, reduce payables, activate receivables, realize "reducing leverage, reduce costs", help enterprises reduce costs and increase efficiency, and alleviate the financing difficulties and expensive financing problems of SMEs.
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According to Babbitt, the receivables chain platform is the industry's first “receivables chain platform” based on the blockchain technology launched by Zhejiang Commercial Bank on August 16, 2017 based on the underlying blockchain technology of FunChain Technology. The relevant person in charge of FunChain Technology told Babbitt that as of the beginning of 2019, the cumulative amount of platform receivables issued was nearly 200 billion yuan, and there were more than 7,000 corporate customers. According to the prospectus of Zheshang Bank, as of June 30, 2019, there were 1,848 receivable chain platforms. In terms of cost reduction and efficiency improvement, according to Chen Chun, chairman of FunChain Technology, the loan cost can be reduced by 50%, and the audit time can be saved by 80%.
In addition, the prospectus shows that Zheshang Bank also uses blockchain for online banking to strengthen risk prevention and continuously improve customer operating experience. As of June 30, 2019, the number of customers holding the Bank's personal online banking certificate was 1,233,600, and the number of corporate online banking certificate customers was 125,300.
Chairman and President speak together, the results of the blockchain are obvious
Zheshang Bank's deployment of blockchain has been actively supported by the chairman and president.
On November 14th, Zhejiang Commercial Bank and President Xu Renyan appeared in the open course of "Today's Comment" of Zhejiang Satellite TV, introduced the basic knowledge of popular science blockchain to the audience, and introduced how the blockchain can solve the financing difficulties of small, medium and micro enterprises.
On November 25th, Shen Renkang, Chairman of Zheshang Bank, said in an interview with Shanghai Securities News that blockchain is widely used in the banking industry. The specific scenarios can include supply chain finance, trade finance, transaction settlement, cross-border payments, etc. Blockchain is becoming a "strategic source" for banking business model innovation.
It is relatively rare for a technology to get the attention of the top and second banks. Of course, this is related to the recent statement by the Political Bureau of the CPC Central Committee to encourage the development of blockchain technology. In fact, before that, the leadership of Zheshang Bank had paid close attention to the blockchain, and was even very familiar with the technology.
Babbitt found an article titled "Internet Finance Subverting Banks That Doesn't Work" published by Liu Xiaochun, former president of Zheshang Bank in March 2017 in the Shanghai Securities News, which mentioned blockchain in many places.
In the article, Liu Xiaochun used a traditional Chinese medicine cabinet to compare the image with the blockchain, clarifying that the blockchain is a low-level technology with no center, nodes, and transparent information. Liu Xiaochun pointed out that, in theory, blockchain technology can achieve point-to-point transactions, skipping intermediate links, and greatly improving efficiency. However, it should be noted that the essence of the "decentralization" technology of the blockchain is to pursue "de-intermediation" instead of "de-management" in order to improve efficiency. Liu Xiaochun also mentioned, "For cloud computing, big data and blockchain technology, banks must pay attention to it and use it for me."
From July 2014 to April 2018, Liu Xiaochun served as President of Zhejiang Commercial Bank. During the period, Zheshang Bank started from zero on the implementation of blockchain technology and gradually explored a feasible path.
In early 2016, the Zhejiang Science and Technology Bank's Science and Technology Department formed a three-member group, and began to explore the application of blockchain in banking business.
On January 3, 2017, Zheshang Bank and QuChain launched a mobile digital money order business.
In August 2017, Zheshang Bank launched the industry's first "receivables chain platform" based on blockchain technology.
On December 26, 2017, Zheshang Bank successfully issued Shenzhen Stock Exchange's first receivable asset-backed securities based on blockchain technology.
In April 2018, Liu Xiaochun resigned as president and was replaced by former vice president Xu Renyan. According to an insider of Zheshang Bank, the supply chain finance that Zheshang Bank has been doing for public business in recent years is his initiative.
Blockchain has naturally become a training ground for supply chain finance.
In August 2018, “Zheshang Chainlink's 2018 Phase I Enterprise Accounts Receivable Asset-Backed Notes” was successfully issued. This is the first single application of blockchain technology in the interbank market to directly use corporate accounts receivables as the underlying asset. Securitization products,
On October 22, 2018, Zheshang Bank, Zhejiang Petrochemical Trading Center, and Sinochem Xingzhong Petroleum Transfer (Zhoushan) Co., Ltd. jointly launched the nation's first oil products trading blockchain warehouse receipt platform.
On March 30, 2019, the National Internet Information Office released the first batch of domestic blockchain information service filing lists, and Zheshang Bank's "Receivables Chain Platform" was selected.
(Image source: National Internet Information Office )
On November 20, 2019, Zheshang Bank and Ruikang Pharmaceutical announced that they will jointly build a blockchain medical and health service platform and cooperate to innovate the supply chain financial model of the pharmaceutical industry.
On November 23, 2019, Zheshang Bank completed the signing of a ten-billion-level strategic cooperation agreement with the second-hand car trading platform vehicle "Che Zhibao". Zheshang Bank's overall comprehensive credit line for Che Zhibao was 10 billion, based on Zheshang Bank The low-cost Zheshang Bank's car loan products based on blockchain technology can greatly reduce car financing costs.
Two blockchain-listed companies were born in a week, and Hangzhou grabbed the country
First, on the 21st of November, Canaan Technology was listed on the NASDAQ, and the first block chain mining machine was born. Today, Zheshang Bank is listed on the A-share market, and the "first block of blockchain concept bank" is born. In less than a week, the listing of two companies involved in the blockchain business is undoubtedly a great benefit for blockchain practitioners.
It is worth noting that Zheshang Bank is a national joint-stock commercial bank with its headquarters in Hangzhou. Canaan Technology is the second largest manufacturer of cryptocurrency mining machines in China, and its headquarters is also in Hangzhou.
It is no accident that such a clever merger is inseparable from the strong support of Hangzhou for the blockchain in the local government.
In terms of policy, Hangzhou was the first region to write the blockchain into the government work report . On February 4, 2018, the former mayor of Hangzhou Xu Liyi pointed out in the government work report that in 2018, Hangzhou will accelerate the transformation of kinetic energy and structural adjustment by deepening supply-side structural reforms, and "accelerating the cultivation of artificial intelligence, virtual reality, and block Future industries such as chain, quantum technology, commercial aerospace, etc., so as to realize the focus on innovation-driven and structural optimization, and strive to promote the goal of high-quality economic development. "
In May 2018, the Zhejiang Province government held a special study session on "Blockchain Technology and Application". Governor Yuan Jiajun pointed out that we must seize opportunities, take the initiative to run away, vigorously develop the blockchain industry economy, and leverage high-quality economic development. . And put forward the concept of "three highlands and one ecology", that is, "create a blockchain highland, a blockchain application highland, a blockchain talent highland, and a blockchain superior ecology", indicating the development of blockchain in Zhejiang Province. Out of direction.
At the 2019 NetEase Future Conference held recently, Zhou Jiangyong, member of the Standing Committee of the Zhejiang Provincial Party Committee and Secretary of the Hangzhou Municipal Party Committee, said that he must actively seize the air outlets such as “5G × AI × blockchain” and continuously improve the innovation chain, industry chain, talent chain, capital chain, The “five-chain integration” ecosystem of the policy chain strives to build the nation's first city of digital economy and a strong manufacturing city in the new era.
In terms of industry, Zhejiang is the province with the second largest number of blockchain companies in the country. Most of these companies are located in Hangzhou. For example, Ant Blockchain, Netease Planet, Babbitt, FunChain, Cloud Elephant, Secret Ape Technology, Complex Beauty, etc. In terms of the number of patents, the number of companies, and the popularity of the industry, Hangzhou is the first echelon of Beijing, Shanghai, Guangzhou, and Shenzhen.
In terms of universities, Zhejiang University is located in Hangzhou, which has become a high ground for blockchain research, talent training, and technological innovation . A large number of outstanding blockchain entrepreneurs were born here, such as Li Wei, CEO of FunChain Technology, Huang Butian, founder of Yunxiang Blockchain, and Xie Yanjian, founder of Mystery Technology. On October 24th, Chen Chun, who explained the blockchain for the Political Bureau of the CPC Central Committee, is a professor at Zhejiang University. In 2018, Zhejiang University established the Blockchain Research Center, with the research team led by Professor Chen Chun.
In terms of scientific research, Hangzhou has established many blockchain research institutions . In September 2017, China Banknote Printing and Minting Corporation established the Blockchain Research Institute in Hangzhou. In March 2018, Zhejiang Zhijiang Blockchain Technology Research Institute was unveiled in Hangzhou. In October 2018, the Blockchain Research Institute of the Chinese Academy of Management Sciences was unveiled in Hangzhou. In November 2018, Zhejiang Blockchain Technology Research Institute was unveiled in Hangzhou. In December 2018, the Hangzhou Working Group on IEEE Blockchain was formally established.