"People's Chain" builds a credit system to ease financing difficulties for small, medium and micro enterprises

Author: Hao Wei, Yang, Lee West

Source: People's Network

People's Daily, Beijing, March 25th. Recently, the People's Daily Public Opinion Data Center / People's Online opened the "people's chain" credit system, which aims to provide "one-stop" services such as risk control, credit enhancement, and supply chain finance for small and medium-sized enterprises' financing. . The "People's Chain" credit system opens up a green channel for financial services by integrating platform services to provide enterprises with accurate, efficient and low-cost financial services.

The problem of "difficult financing is expensive" has been accompanied by the emergence of small and medium-sized enterprises, and the new pneumonia epidemic has exacerbated the plight of small and medium-sized enterprises. According to the data survey report released by the Ministry of Industry and Information Technology at the 2019 China Supply Chain Finance Summit, 33% of medium-sized enterprises, 39% of small enterprises, and 41% of micro-enterprises still have unsatisfactory financing.

Under the traditional credit model, the bank ’s financing needs for small, medium and micro enterprises have the problem of “Dare to Loan, Unwilling to Loan”. One of the important reasons is that banks lack credit evaluation methods for small and medium enterprises. It is difficult to support small and medium-sized enterprises. In response to the lack of pain points and difficulties in the credit of small and micro enterprises, the People's Daily Public Opinion Data Center / People's Online leverages its “social evaluation big data” advantage, and jointly builds a “people's chain” credit system with financial institutions. This system uses blockchain technology to establish Trust Network, to achieve "one-click authorization of corporate data, one-click credit of financial institutions" credit transfer.

It is reported that the "people's chain" credit system consists of people's cloud enterprises, people's enterprise credit, people's financial services and other platforms. In actual scenarios, small and medium-sized enterprises accessing the people's cloud enterprise platform can query public opinion data, operations, industry and commerce, justice, industry, macro policies and other information, so as to timely discover the enterprise itself, the upstream and downstream of the industry chain, and potential risks of the industry; Enterprise Credit establishes an online matchmaking platform for small, medium and micro enterprises and financial institutions. Enterprises independently authorize the sharing of their own data, break the current situation of information asymmetry between banks and enterprises, and build trust relationships between financial institutions and enterprises with the help of industry-wide data. After the core enterprise accesses the platform, its upstream and downstream companies can rely on the real trade credentials with the core enterprise to directly initiate financing needs on the People's Financial Services platform, and financial institutions accept the demand on this platform and realize the release of financial loans.

In the era of big data, data resources have become the core competitiveness of enterprises. The "people's chain" credit system provides a channel for financial institutions to query corporate data in compliance with regulations while protecting corporate data security through an enterprise data authorization and credit evaluation interaction model. The "people's chain" credit system has released big data productivity, ensured data security and compliance, realized effective financial interaction between financial institutions and small and medium-sized enterprises, and helped to resolve the difficulty of financing small and medium-sized enterprises.