Economic Daily: Blockchain empowers supply chain finance

On December 2nd, the Economic Daily published an article entitled "Connecting Upstream and Downstream Information of Enterprises to Solve the Difficulty of Financing for Small, Medium and Micro Customers-Blockchain Enabling Supply Chain Finance". The article points out that the combination of blockchain technology and the financial industry provides a new technical solution for supply chain finance. Blockchain technology has the characteristics of being traceable and immutable. Blockchain technology can transfer the data of goods entering and leaving the warehouse to the relevant system through the blockchain to ensure that the transaction information on the supply chain is authentic and reliable.
Pan Xinghua, deputy secretary of the party committee of Jiaxing Branch of CITIC Bank, said that blockchain technology has become an effective serial key for upstream and downstream information of enterprises and cracking the financing difficulties of small, medium and micro customers. Under the guidance of the Jiaxing Banking and Insurance Regulatory Bureau, CITIC Bank has launched new derivative platforms and products such as "Blockchain Forfaiting" and "Double Link" for corporate customers.
Deng Junyi, senior project director of the strategic development department of Ping An Bank, said that in the field of supply chain finance, both ends of the supply chain can be extended by means of "blockchain + Internet of Things + artificial intelligence" to provide upstream multi-tier suppliers or downstream distributors and Dealers provide credit enhancement for financing business.