In today's ups and downs of the digital economy, the commodity industry, which affects people's livelihood, has become a bridgehead between the digital economy and the real economy. In order to explore the application and innovation of the blockchain in the commodity industry and discuss the digital transformation of the commodity trading industry, on December 18, 2019, the Ant Blockchain Commodity Industry Digital Synergy Summit was grandly held in Shanghai.
Three Values Drive Comprehensive Innovation in Commodity Trading
In the field of commodity trade industry, due to its wide business scope and the large number of organizations involved, there are a lot of disadvantages and redundancies in the transaction and circulation links. From upstream production enterprises to warehousing and logistics to traders, under the various barriers, the industry lacks simple and clear credible data. False trade, insider trading, commercial fraud and other irregular trading behaviors increase market risks.
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These problems not only make many private enterprises face difficulties in financing and high financing costs for a long time, but also stifle the development of the commodity industry and the real economy. With the rapid development of blockchain, IoT, artificial intelligence and other technologies, innovation and technology empowering industrial transformation have become an opportunity for the commodity trade industry to take off.
Li Jieli, General Manager of Ant Blockchain
The industry generally believes that blockchain technology is most likely to take the lead in making breakthroughs in commodities, trade, supply chain, warehousing and logistics. In response to this forward-looking trend, Li Jieli, general manager of Ant Blockchain, said that blockchain technology has three levels of value in commodity trading:
First, because the characteristics of the blockchain are multi-party participation and non-tampering, the data and certificate in the process of commodity transactions are more authentic and credible, which will comprehensively promote the in-depth development of product traceability and judicial certificate protection;
Second, based on more credible data, it will effectively promote the trading of commodity assets and the circulation of production materials;
Third, when the commodity trading process, production, logistics, finance and other processes are fully upgraded to credible digital assets, a new type of asset will inevitably be born, such as futures trading will also take on a new look.
Wang Jun, Deputy Director, Financial Services Office, Huangpu District, Shanghai
At this summit, Wang Jun, deputy director of the Financial Services Office of Huangpu District, Shanghai, also deeply analyzed the risks facing the commodity trade industry in the digital economy era and the opportunities that should be seized in time, and deeply analyzed from the perspective of national strategy. The practical significance of blockchain technology. She believes: "To understand the importance of developing a blockchain from a strategic perspective, as large as a country, as small as an individual, you need to know about the new generation of information technology and innovation breakthroughs, and blockchain is one of the important representative."
Exchanges: Establishing commodity value chains, opening up physical industries and financial institutions
Zheng Shihui, Chief Technology Officer, International Energy Trading Center, Shanghai Futures Exchange
As the hub linking the real economy and the financial industry, the introduction of the latest technology such as blockchain will definitely give the industry a new definition of value. In this regard, Mr. Zheng Shihui, the chief technical officer of the International Energy Trading Center of the Shanghai Futures Exchange, expressed his views. He believes that for physical enterprises, there are six major needs:
- When purchasing raw materials-the market is stable and reliable
- When selling goods-guaranteed profits
- When signing a contract-reference to pricing
- When funding is scarce-low barriers to funding
- When the fund is surplus-low investment risk and high return
To meet this series of requirements, standard warehouse receipt solutions have played an important role. By comparing the standard warehouse receipt with the warehouse, the transaction participants can ensure that the goods match the warehouse receipt and ensure the authenticity of the goods. At the same time, the standard warehouse receipts also prove that the entities involved in the transaction have a real trading background and their credit has been tested for a long time. Coupled with the exchange as a credit intermediary, standard warehouse receipts can effectively solve the problem of commodity circulation and trading.
"However, when the warehouse receipt is extended outside the market, we cannot ensure the authenticity of the warehouse receipt and the consistency between the warehouse receipt and the goods. It is difficult to keep the logistics and capital flow consistent with the information flow. Enterprises often face difficulties when they have financing needs. Blockchain technology is traceable and immutable, and can track the flow of goods and penetrate the entire process of supervision. It will become an effective hand to solve the industry's dilemma. "Mr. Zheng Shihui said.
To solve the dilemma when commodity trade is extended to the outside world, asset standardization is the first step. With the help of blockchain technology, each asset is effectively identified and tracked and funds are matched. Immediately afterwards, digitization of assets will also take place.
Dong Feng, general manager of Qianhai United Exchange Center, said: "The exchange is a natural provider of market infrastructure. It can rely on blockchain technology to promote the transformation and upgrading of traditional central credit-based centralized systems to industrial chain enterprises, warehouses, and traders. , Banks, and insurance companies jointly build a common decentralized credit system, create financial-grade standardized assets, effectively solve corporate financing problems, and effectively serve the high-quality development of the real economy. "
At present, the Qianhai United Exchange Center already has a relatively complete electronic warehouse receipt system. Through technology empowerment and system docking, the entire life cycle of the commodity spot can be visualized and traceable. The element platform function can be used to provide the real industry with the infrastructure and public services that are urgently needed to build a standardized asset system.
Speaking of the significance of blockchain warehouse receipts, Dong Feng said: "A trusted asset system based on blockchain warehouse receipts will help enterprises, especially small and medium-sized enterprises and traders, to solve the worries of the capital chain and enable enterprises to Focusing on technology research and development and product iterative upgrades will help improve the competitiveness of China's physical manufacturing industry, which may become an important entry point and the first application scenario for industrial blockchains, with great market value and social significance. "
Ma Linghai, President, Warehouse Receipt Information Registration Service Co., Ltd. Fortunately, Mr. Ma Linghai, President of China Warehouse & Warehouse Receipt Information Registration Service Co., Ltd. revealed in his speech: China Warehouse & Warehouse will issue a system outline under the guidance of the four major banks, and generate all warehouse receipts based on the system outline under the system outline The registration will be carried out. During the construction of the registration platform, the implementation rules for each sub-area will be formulated for different categories, and corresponding technical services will be provided. Pilots have been conducted in some banks.
Ma Linghai, President, Warehouse Receipt Information Registration Service Co., Ltd.
Fortunately, Mr. Ma Linghai, President of China Warehouse & Warehouse Receipt Information Registration Service Co., Ltd. revealed in his speech: China Warehouse & Warehouse will issue a system outline under the guidance of the four major banks, and generate all warehouse receipts based on the system outline under the system outline The registration will be carried out. During the construction of the registration platform, the implementation rules for each sub-area will be formulated for different categories, and corresponding technical services will be provided. Pilots have been conducted in some banks.
Multi-chain linkage to build a digital network for industrial collaboration
Ma Shitao, Chief Blockchain Solution Architect, Ant Financial
"A chain is not a network. To build a digital network for industrial synergy, many chains need to produce effects." Said Ma Shitao, chief blockchain solution architect of Ant Financial.
For different perspectives such as the value chain perspective, block chain perspective, and system planning perspective of commodity futures, Ma Shitao shared the technical aspects of the ant blockchain after more than a year of exploration, and proposed a complete set of commodity warehouse receipts. Solution framework and product framework.
We hope that on the blockchain, in different business fields, and in industry alliances, standardized digital assets can be formed on the chain. When there is one day, it is hoped that the digital assets carried on the blockchain are expected to pass through the form of interaction between the chain and the chain, and the form of synergy between the alliance and the alliance produces a better, faster, and more efficient value circulation, and industrial synergy. High costs in the process will be significantly reduced.
Peng Yujun, Ant Financial's Blockchain Product Director
Ant Financial, Director of Blockchain Product of Ant Financial Peng Yujun announced the specific service content and product details of the blockchain for warehouse receipts of commodity blockchains, and hopes to support the blockchain technology through the support of the Internet of Things and AI. , To achieve business model innovation, complete the circulation and realization of warehouse receipts.
He said: "Whether from the perspective of warehousing, from the perspective of traders, from the perspective of exchanges and banks, we build warehouse receipt alliances based on different industries, but this is all isolated. In the end, we want these warehouse receipt alliances. To form a truly collaborative network. "
Industry Dialogue: Blockchain Empowers Digital Collaboration in the Commodity Industry
In the roundtable dialogue at the end of the summit, Commodity Exchange represented Dalian Commodity Exchange and Zhengzhou Commodity Exchange, industrial customers represented China Fuel Group, Sinochem Energy Technology Co., Ltd., and traders represented Zhejiang Tomorrow Holdings Group, Huatai Great Wall Investment Company, and Warehouse industry representatives, including GEK, and other industry colleagues, sat down and put forward many expectations and visions for the future development of the commodity blockchain from many dimensions such as exchanges, suppliers, and investors. The brainstorming of the round table forum has brought new vitality and more possibilities to the integration of blockchain technology and commodities.
Jiang Wei, director of the market development department of Dalian Commodity Exchange, pointed out that the development of blockchain is particularly necessary: "Blockchain technology will significantly reduce financing costs, which will reduce the cost of the entire industry. Of course, some benefits may be affected in the process, but From the perspective of social progress, this is bound to go. "
Zhang Zhuoya , deputy general manager of Zhengzhou Commodity Exchange Yi Sheng, said: " Blockchain can make the entire industry more open in the future, and data sharing based on an open architecture can build trust more. Finally, it must be combined with intelligence to enable the industry to Intelligent. "
He Minqiang, Chairman of China Fuel Group, said: "Internet technology has indeed developed well in the consumer field. If these technologies are truly advanced to the industry, China will inevitably become the world's first level. I hope to use the real economy as a means. , The strength of the country as a whole, including its place in the world, can be truly established. "
Yuan Jiong, general manager of GKE North Asia, also raised his own hope for the blockchain: "If Ant Financial uses blockchain technology to prevent financial institutions or funders from endorsing with the current centralized trust, large state-owned enterprises The endorsement is to provide funds, but to provide funds by the technology itself, not to see people, and the importance of blockchain is very important if this can be achieved. "
Industrial synergy will be the focus of commodity trading. Zhang Fan, general manager of the Canghai Gang Division of Sinochem Energy Technology Co., Ltd., pointed out that the Industrial Internet has now entered the second half and currently requires the most collaborative efforts to achieve industry change. "We want to make business in the petrochemical industry simple and efficient."
Li Yemeng, deputy general manager of Zhejiang Tomorrow Holdings Group, also raised the importance of industrial informatization: "In terms of enterprise digitalization, we are still confined to internal informatization. And the nature of technology such as blockchain is more asset growth Let more people work together to prove that they are more valuable. "
"Blockchain credit can accelerate the circulation of commodities, which is of transformative significance to the trade ecology of commodities." Said Wan Honghong, general manager of Huatai Great Wall Investment.