The introduction of blockchain technology into the innovative application of supply chain finance allows us to see the quality and gold content of data assetization.
Currently, high-tech revolutions and industrial transformations worldwide are gestating and emerging. New technologies in multiple fields are intersected and integrated. New products, new formats, new models and emerging industries are constantly emerging, and many traditional industrial structures are also facing reshaping. With the development and transformation of the economic structure, the financial needs of my country's entity enterprises are also increasing, and the scale of the supply chain financial market that follows is also expanding, with broad development prospects.
According to data from PricewaterhouseCoopers and Yiou think tank, from 2019 to 2025, the compound annual growth rate of my country's supply chain financial market will reach 5.2%. By 2025, the market size will reach 20 trillion yuan, showing a good growth trend. .
Supply chain finance is the core enterprise's endorsement of the hidden risks of upstream and downstream enterprises and the introduction of external financial institutions to solve the problems of difficult and expensive financing for SMEs. In the traditional supply chain finance model, many problems remain to be resolved. For example: small, medium and micro enterprises are difficult and costly in financing due to information asymmetry and poor credit environment; at the same time, the use of commercial drafts and bank drafts at this stage is limited, and circulation efficiency is low; the application of paper bills and fraud costs Low wait.
Blockchain, as the underlying logic technology for the intelligent transformation of a new generation of industries, can effectively solve the pain points in the supply chain financial scene. Through the combination of blockchain technology and supply chain finance, it can break the data island phenomenon of the supply chain industry ecology, establish a trust mechanism, and realize the cross-level transfer of credit of core enterprises. The application of smart contracts can improve business collaboration and financing efficiency across the entire chain, and reduce contract performance risks. At the same time, it is also possible to establish a blockchain-based corporate credit investigation system, optimize the supervision process, correct unhealthy market trends, and then improve the efficiency of fund operation throughout the supply chain, and further release the development potential of the supply chain ecology.
Today, Wangchain Technology will focus on solving the actual problems of traditional supply chain finance with blockchain technology, and provide some solutions for everyone, and provide some reference content for promoting the intelligent development of my country's supply chain finance.
Provide more flexible financing options
Bank acceptance bills and commercial acceptance bills are the main financing tools of supply chain finance. In the actual financing process, the use of commercial acceptance bills is often constrained by the reputation of the enterprise and is difficult to apply efficiently. The discounting process of bank acceptance bills is even more cumbersome and cannot effectively control the time of receipt.
The credibility problem and the cumbersome process are ultimately due to the lack of credible mechanisms. Blockchain technology can rely on time stamps to record the commercial activities of the target company, forming a credible deposit that does not require third-party participation, is traceable and unmodifiable, thereby assisting companies in realizing digital credit appreciation and solving the problem of "credit crisis" "The problem of poor liquidity of funds.
Building a blockchain financial service platform based on various supply chain scenarios such as accounts receivable, commercial acceptance bills, and movable property financing is a highly feasible solution. Utilize the multi-party signature and non-tamperable digital certificate on the blockchain platform to build a detachable, circulate, and discountable blockchain supply chain bill business model, which makes the transfer of creditor's rights obtain multi-party consensus, and more conveniently transmits the credit of the core enterprise , To speed up the circulation efficiency of bills. At the same time, banks and other financial institutions can also trace the transaction data of each node through trusted deposits, draw up a visible transaction flow chart, clarify the ownership of responsibilities, and control risks.
In the blockchain supply chain financial ecology, the transaction data on the chain is dynamically changing, censorable and traceable, which enhances the liquidity of assets in the supply chain market, thereby improving the stability, efficiency and efficiency of the entire supply chain network. Market Competitiveness.
Empowering supply chain industrialization collaboration
There are many participating companies in the traditional supply chain, and most of them are entities that operate independently. The information communication between each other is limited, like an isolated island of information, which cannot achieve effective collaborative sharing of information resources. The lack of effective links between enterprises, banks and regulatory authorities has also made it difficult for financial institutions to examine the authenticity of financing events.
The use of blockchain technology, distributed ledger technology, encryption algorithms and other means can enable financial institutions to achieve trust penetration for companies on the supply chain. On the blockchain financial service platform, the end supplier company is linked to the platform. Under the premise of ensuring data privacy, the multi-party verification of business orders is completed on the chain, and the corresponding business orders are correlated to achieve self-certification The effect of business authenticity makes it easier to gain the trust of relevant banks, reducing the difficulty of supply chain corporate financing and bank risk control.
For all companies in the supply chain industry chain, the credible "order big data" on the blockchain financial service platform is itself one of the most commercially valuable industry data. Through the use of their own keys and the authorization of the target node subject, users on the blockchain financial service platform can have the right to view the target order data, obtain effective industry data, improve the response speed of related businesses, and improve market competitiveness .
The application of blockchain technology can realize the distributed collaboration between the main bodies of the supply chain financial ecology, and it will continue to develop toward an open source community ecology.
Integrate the "four streams" into one
In the supply chain, the "four flows" (that is, business flow, logistics, capital flow, and information flow) are the core. At present, most of the business information in the supply chain industry chain is still transmitted in the form of paper notes, and the establishment of information systems between enterprises directly through Internet technology will cause problems such as data security and untrustworthy data. The lack of a unified information transmission system between enterprises makes it difficult to unify the "four streams" of the supply chain, resulting in difficulties for small and medium-sized enterprises to obtain loans, difficult for bank risk control, and difficult for supervision by related departments.
On the blockchain financial service platform, the use of smart contracts can effectively visually integrate the "four streams". First of all, many paper documents that are usually involved in the supply chain process, such as invoice documents, contract documents, customs declaration documents, etc., have performance risks caused by certain information gaps. With the help of smart contracts, automatic transaction verification of data can be realized. , To increase the operation cost of transaction forgery, and realize the business flow on the chain; secondly, the application of time stamp and the immutable characteristics can integrate the logistics information of all participating companies in the supply chain completely and truly; with the integration of logistics information, At the same time as the delivery of commodities and raw materials, the delivery of commodity ownership rights and the settlement of creditor's rights will also be realized on the chain to realize the information flow on the chain; at the same time, in cooperation with the bank's independent account system, when ownership and creditor's rights are transferred and liquidated, It can trigger the automatic execution of smart contracts, automatic payment of account funds, and complete the integration of capital flows.
The blockchain financial service platform completely closes all the links involved in supply chain finance, which is equivalent to making the credit in the entire business system transmittable and traceable, providing financing opportunities for a large number of small and medium-sized enterprises that could not be financed. Dadi improves the efficiency and flexibility of bill circulation and reduces the financial pressure on small and medium-sized enterprises.
Optimize the supervision process
The transparency of the entire supply chain process is also conducive to the construction of the credit investigation system of each enterprise in the industrial chain.
On the blockchain financial service platform, the regulatory authority, as a participating node, can refer to the information ledger data of the target company through its own key. With the help of the platform’s non-tamperable and traceable big data, the company’s credit history and contract performance capabilities can be analyzed, and the regulatory authorities can have a comprehensive understanding of the overall business environment, analyze and pre-warn the flow of funds, and timely check the authenticity of the trade background. Analysis and verification.
The application of blockchain technology has greatly optimized the work process of the regulatory authorities, and has also provided a good environment for the integrity of the supply chain industry chain to promote the sustainable and stable development of the industry.
Conclusion
The introduction of blockchain technology into the innovative application of supply chain finance allows us to see the quality and gold content of data assetization. Encouraged by favorable policies, supply chain finance, as one of the important tools to promote social and economic transformation, has broad development space, and its system construction will be a long-term process. WangChain Technology, as an evangelist of blockchain technology, will focus on practice and innovation through technological empowerment, and promote the realization of a virtuous cycle and healthy and orderly development of the supply chain financial ecology.
Source: Wanglian Technology