Text ｜ Interchain Pulse
Starting two months in 2020, the blockchain is undergoing a gorgeous turn. From "Central Document No. 1" to "Technical Security Regulations of Blockchain in the Financial Field", from the recommendation of the Ministry of Industry and Information Technology to the dozens of blockchain applications during the epidemic, various phenomena have shown that the blockchain is no longer a concept It is rapidly entering social governance, enterprise production, and residents' lives.
On February 27, Mutual Chain Pulse joined Thunder Chain and Guosheng Securities, and invited the chief engineer of Thunder Chain to Xin, and Song Jiaji, director of the Blockchain Research Institute of Guosheng Securities. Live online. The following is the relevant content of the collation:
- Blockchain + Urban Governance: Obviously there is a strong demand, why are you worried?
- From the perspective of investment, should we focus on business or technology? Babbitt Industry Welcome Class
- Babbitt enters cross-border finance, joins banks to launch China's first blockchain re-export trade product
- I was on site in 2019 | After covering 62 events, I ventured to make 3 predictions
- The first in Beijing! The Blockchain Application Platform of Xicheng District Opens the Information Barriers of Multiple Departments, Citizens "Brush Faces" Can Do Things
- Research report | Breaking the charity problem, blockchain is a good tool for good governance
In Lai Xin's personal sharing, first, the development status of the global blockchain market was introduced in terms of capital, policies, technology patents, and landing projects. Then, I made a detailed sharing of “how companies and institutions can quickly use the blockchain” in combination with cases, and finally made a trend prediction and positive outlook for the future of the blockchain.
On the whole, after going through the "enterprise phase-out period" in 2018, the development of blockchain in 2019 tends to be stable. The application of blockchain in the existing economic system is steadily advancing, gradually infiltrating aspects of people's lives in various countries, and the role of blockchain in solving real industry pain points is becoming increasingly significant. Throughout the application in 2019, 846 projects cover a total of 100+ application scenarios in 12 major application fields. In terms of application areas, finance and government led the way, and the number of landings in the two areas was almost the same throughout the year.
Lai Xin pointed out on the live broadcast that there are two reference standards for judging whether an enterprise or organization should use the blockchain. First, companies must first determine what kind of problems they want to solve with blockchain. If the core pain point is trust, it can be solved with the tamper-resistant and traceable characteristics of the blockchain. The second is whether there are multi-organizations and cross-team collaborations. If multi-party trust is involved, then blockchain is a good solution.
Laixin combined a number of cases to analyze and interpret the methodology of how different companies in the financial sector “on the chain”.
Blockchain + Supply Chain Finance:
Lai Xin introduced that a very important link in supply chain finance is the financing of accounts receivable. In the supply chain of core enterprises, upstream and downstream SMEs often face difficulties such as long account periods and difficult capital turnover, and banks are not aware of SMEs' risk information and financial status, and are unwilling to provide financing services, which also causes SMEs to raise funds. Difficult and expensive financing issues.
A typical case is Zhejiang Commercial Bank. It uses blockchain technology to build a bridge for investors and SMEs to be financed. When small and medium-sized enterprises do receivables financing, this information will be on-chain. After the chain, investors can arbitrarily split the amount of blockchain receivables and pay to upstream and downstream supply chain companies on the receivables chain platform. To build an automated, easy financing solution.
Xunlei Chain itself is also building a supply chain finance + blockchain platform to provide registration of accounts receivable, as well as on-chain contract data and asset information. Core companies and suppliers in the supply chain are registered on the blockchain platform based on accounts payable formed by real trade. All parties on the platform upload real trade contract data, corresponding qualification verification information, asset information, agreements between suppliers and factorers, etc. to the blockchain, and complete the corresponding business processes in accordance with the agreement to form a corresponding account receivable Digital assets.
Suppliers can split digital assets to pay the required amount, and simultaneously notify core companies and factoring companies; they can also discount directly with factoring for financing. Factoring companies can quickly verify the authenticity through the traceable trade information and circulation information on the chain, complete the discount process, and update the information on the chain simultaneously. When the digital asset expires, all holders will be able to settle the digital asset issued by the core enterprise on the blockchain; at the same time, the asset will be recovered on the chain to complete the entire process.
The entire platform uses the distributed ledger of the blockchain to enable multiple access parties to form an alliance chain, and the nodes on the alliance chain can confirm the actual business processes on the chain. Each node can manage the accounts receivable and payable of the enterprise based on its actual business situation, and can realize automatic transactions through smart contracts.
At the same time, Xunlei Chain combines homomorphic encryption and Zero-Knowledge Proof to take the lead in implementing a supervisable privacy protection technology, which can guarantee the validity of the data without revealing the privacy of the data and make data privacy more secure. Good protection provides reliable technical guarantee for the operation of the supply chain financial platform.
Blockchain + Trade Finance:
The bill in trade finance is an important financial product in the financial market. It has the dual functions of payment and financing, and has the characteristics of high value, bank credit or commercial credit. Bill circulation transactions are complicated, there are many bill transaction intermediaries, and multi-level splitting may occur. Asymmetry of information can be used to achieve matching transactions, and one ticket is oversold. There is a built-in risk. In addition, there are operational and credit risks such as falsified data of corporate fictitious transactions and inadequate bank audits.
Take the Shanghai Stock Exchange as an example. Shanghai Bills Exchange's digital bill trading platform includes four subsystems: the clearing house, the bank, the enterprise, and the monitoring: the clearing house subsystem is responsible for managing the blockchain and monitoring the digital bill business; the bank subsystem has the acceptance of digital bills Business functions such as sign-off, discount sign-off, re-discount, collection and settlement; the enterprise subsystem has business functions such as digital bill issuing, acceptance, endorsement, discount, prompt payment, etc .; the monitoring subsystem monitors the status of the blockchain and business occurrences in real time . The digital bill issuance, acceptance, discount and rediscount services based on blockchain technology on the Shanghai Bills Exchange's digital bill trading platform have reduced the intermediate links of bill transactions and greatly improved the efficiency of business operations.
Blockchain + Asset Securitization ABS:
Asset securitization is to support assets that lack liquidity but have predictable income, and use the cash flow generated in the future to support the repayment. Through structured design, credit enhancements are issued, and securities are issued in the capital market to be sold for financing. To maximize the liquidity of assets. The traditional pain point is the complex product structure design and financing process, which must be ultimately issued by the promoters, securities companies, rating agencies, accounting firms, law firms, and dealers. Investors cannot reach the asset status of the capital pool, resulting in difficulty in asset pricing. , Which in turn leads to insufficient investment confidence and poor market liquidity.
For example, Guotai Junan uses ABS, a securities company's dual-financial debt, as its basic asset to use the blockchain to realize the construction of a regulatory system from three aspects: information disclosure, risk management and control, and ex post accountability. Utilize the blockchain on-chain to save the original basic assets, and use smart contracts for on-chain and screening to ensure the quality of the original asset data; use smart contracts to implement ABS key business processes, improve business efficiency, and at the same time implement supervision system construction; design smart contract templates, Support a variety of underlying infrastructure assets to achieve flexible business logic; build a common ABS information service platform between brokers to achieve interconnection and data sharing.
As the members of the alliance chain share the ABS ledger data, the inter-institutional trust is strengthened, which helps to conduct business collaboration more efficiently and transparently and improve business efficiency. Second, it uses smart contracts to implement ABS's key business processes, enabling ABS's full life-cycle business processes to be effectively managed, to a certain extent, reducing risks at the same time, and also making business processes more automated. All parties participating in the system enjoy equal status, which is conducive to the participation of heterogeneous financial institutions, reducing the risk of loss of benefits due to information asymmetry. In addition, the supervisory authority can join as a node, which can obtain the complete data of the ledger in real time, which is helpful for the supervisory authority to implement the supervisory requirements in a timely and efficient manner, reduce the intermediate links, and improve the intelligent supervisory capacity.
In addition, with the implementation experience of more than 100 blockchain projects, Lai Xin also shared Thunderchain's blockchain solutions in the fields of government affairs, justice, and people's livelihood. "Xunlei Chain has solved the obstacles of blockchain application in many aspects such as performance, privacy protection, supervision, etc., and can make the blockchain truly realize the landing industry and service industry." Lai Xin said.
After the personal sharing, Lai Xin and Song Jiaji also expressed their views and opinions on media observation missions and user questions.
Golden Finance: In 2019, the alliance chain has a good beginning in to B and to G, and it has also opened the era of "industrial blockchain". So in 2020, how will the alliance chain break the game and create a benchmark scene? What are the opportunities for industrial blockchain? In this process, how can some companies avoid blockchain for the sake of blockchain?
Lai Xin: The focus and basic points of breaking the game and benchmarking are to solve practical problems. For example, businesses such as Forfaiting's current bank, while improving the efficiency of collaboration among multiple banks, have also created real benefits for economic life.
There are huge industrial blockchain opportunities in the fields of finance, people's livelihood, and the establishment of alliances and cooperative member marketing through the blockchain. There is also a large number of government affairs areas that have been implemented since 2019. According to the current situation of the economy and society, blockchain will be of great use.
In addition, generally rational companies will first evaluate whether the blockchain solves practical problems and bring me actual benefits, and will not "blockchain for the sake of blockchain."
Firebird Finance: The People's Bank of China has officially released the "Financial Distributed Ledger Technology Security Specification" recently. The standard specifies the security system of financial distributed ledger technology. How does this affect the rapid application of enterprises?
Song Jiaji: This standard formulated by the central bank specifies how the entire security system is structured. The details include hardware, software, passwords, communications, ledger, consensus protocols, smart contracts, etc., which are summarized in great detail. From the perspective of the application, this standard divides an appropriate “square circle” for the enterprise, so that the company knows which areas it should focus on, and clarifies the boundaries and dimensions of its own innovative technology attempts. It can be seen that the blockchain application of the entire financial industry is constantly moving towards a more standardized and secure direction.
However, from an application point of view, companies do not go directly to the chain because of a specification. Whether to go on the chain still needs to start from the needs. In the future digital economy era, especially after the central bank's digital currency comes out and the supply chain finance matures, it will provide more references and demonstrations for guiding enterprises to “on the chain”.