Viewpoint | Blockchain can solve three major pain points in the commodity industry

Source of this article: "Futures Daily"

Author: History of Mongolian music

Today, blockchain technology is developing at full speed. Recently, many institutions have made great expectations on the application of blockchain technology. However, dreams need to be realized step by step. Back to the present, how will blockchain technology be deduced? For spot trading venues, what changes can blockchain technology bring?

On February 20, according to a report by Fortune Business Insights I, the global cyber security market value driven by blockchain will exceed $ 280 billion by 2027. On February 16th, IDC (Internet Data Center) released the "IDC FutureScape: 2020 Global Blockchain Market Forecast-China Enlightenment" report, which forecasts the Chinese blockchain market in the next five years. In terms of payment methods and digital currencies, IDC predicts that by 2023, 40% of China's first-line financial institutions will bypass SWIFT and central bank infrastructure and use blockchain networks to process peer-to-peer cross-border payments; by 2023, China 10 % Of cities will start using blockchain-based digital currencies to promote economic stability and e-commerce development. In addition, IDC also made predictions on distributed governance, professional service certification, AI and blockchain, blockchain identity, digital rights management, blockchain infrastructure, and distributed supply chains.

• Must master: these latest cryptographic advances will shape blockchain trends
• Perspective | Seeing the arrival of the era of intelligent privacy computing from the development of computing platforms
• Interpretation of SEC Commissioner Hester Peirce's "Token Safe Harbor Proposal" (with translation of the proposal)

As we all know, the application scenarios of blockchain technology are not rich. Everyone is optimistic. What changes will it have this year? Zheng Jie, deputy general manager of Zhengda Information Technology Co., Ltd., said in an interview with the Futures Daily reporter that "With the rise of blockchain as a national strategy, many local government management departments, enterprises and institutions in the country have conducted business scenario investigations, project approvals, etc. Work, this year China will usher in the first year of rapid development of blockchain technology and industrial integration and innovation. "

Talking about who was the first to benefit from the blockchain technology, Zhou Jie said that the decentralized distributed data storage of the blockchain has achieved the openness and transparency of business data, and the immutability and traceability of the business data on the chain. People have become more trustworthy between each other.Based on blockchain technology, a trusted Internet environment has been established. Relying on blockchain technology in finance, education, social assistance, charity, government affairs, insurance, medical health, commodity anti-counterfeiting, Food traceability and other fields have very broad and urgent practical requirements for Internet business. It can be seen that the blockchain technology has achieved good social results in terms of electronic invoice issuance and judicial deposit.

It can be noted that commodity trading venues are also doing useful exploration of blockchain technology, and some have even landed. So, what problems and changes can the blockchain industry solve in the bulk industry, and what should industry professionals pay attention to? Zhou Jie told reporters that the commodity industry, like other industries, is fully capable of promoting the data sharing, optimizing business processes, The role of reducing operating costs, improving synergistic efficiency, and building a trusted system will achieve the goal of cultivating the industrial ecology of the commodity circulation supply chain, opening up the innovation chain, application chain, and value chain of commodity circulation, and assisting the upgrading of traditional industries.

Blockchain technology can solve many pain points in the commodity industry. Zhou Jie said, first, the authenticity of warehouse data promotes commodity circulation. The product information is stored in the warehouse, stored in the warehouse, transferred, out of stock, quality inspection, pledge and other data information on the chain, covering the entire life cycle of the issuance, circulation, cancellation of warehouse receipts, real-time disclosure of information to business parties, data is transparent and cannot be tampered This eliminates false warehouse receipts, repeated pledges, and data falsification. Second, the problem of real and credible transactions to improve synergy efficiency. The commodity supply chain involves many links, such as production, supply, procurement, warehousing, logistics, sales, distribution, etc. In the traditional financial services business process, the credit, credit enhancement, and audit links are inefficient, and the application of blockchain technology can be implemented. Ensure that the business is real and credible, can avoid false trade, and effectively improve the efficiency of multi-department and multi-post business collaboration. Third, realize value transfer and solve the problem of difficult financing. In the supply chain financial market, small and medium-sized enterprises are the most in need of funds. We put the accounts receivable data they formed for large enterprises on the chain. The data on the chain is traceable and cannot be tampered with. Realized the penetration of the underlying assets, and solved the difficult and expensive financing problems of upstream multi-tier suppliers of large enterprises.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!