Some time ago, the Suzhou Museum in China fund, the fund held a museum by the Chinese as well as Chinese block chain applied research center jointly sponsored the "museum of the financial Auditorium Auditorium 129 block chain." CreditEase block chain laboratory director, Wing Kai, director of cloud services business block chain in Ming Yang was invited to attend and share the theme of "block chain Exploration and wealth management," the content, the content of the site from the Ming Yang speech.
(CreditEase block chain laboratory director, business director for cloud services wing Kai Ming Yang Block Chaining)
First, the block chain application situation in the financial sector
As a financial technology company, Yixin has already begun technical aspects of the industry chain research in the block a few years ago, because we realize that technology block chain can have a very important value throughout the supply chain, finance and financial services in.
In the financial field, we block chain is divided into three levels: basic, respectively layer, service layer and application layer.
The base layer is the core technology underlying, we mainly look at the service layer, service layer in the country now have a number of companies providing this tile-based chain service platform, including the letter should develop BaaS platform, Tencent cloud TBaaS, One Account chain BaaS platform, ants BaaS platform and so on. On top of this platform we can help the industry to build the application, and this application can relate to all sectors.
From the beginning of 2018, the chain on the block have different application scenarios fall in the financial business. Currency terms from the field, including a liquidation trade and supply chain finance, financing, as well as including common is to collect information to provide financial industry risk control.
Second, the appropriate channel before the block chain platform
CreditEase block chain team as early as 2016 on the establishment, on each key node we have some success. 2017, we took the lead on the internal supply chain finance platform for customers to deploy the application block chain, and this application is mainly to provide customers throughout the transaction chain tracking and traceability of financial transactions on the platform of steel, while providing the company's internal risk control and financial authorization. 2018, letter should block chain BaaS platform first released, after several domestic platform has been released in a similar platform services. 2019, Yixin traditional supply chain financial services have been gradually carried out within the company.
Why do CreditEase block chain? From a financial point of view, the main financial services to the real economy. Some banks and financial institutions have licenses, as the main channel of financing economic entities, there are many pain points:
- Asymmetric information, can only rely on historical operating data of the enterprise while providing asset collateral or security.
- Lending business life cycle is short, many companies, especially start-ups survive three years, financial institutions can not reach the threshold of the current risk control.
- Financial data of enterprises doubt the authenticity of the loan, some financial data on suspicion of fraud.
- Bad debt rate corporate loans, high cost of post-default reminder method, the process is long, low efficiency.
So how to solve this problem? Block chain with distributed storage, data can not be altered and forged a unique advantage of asymmetric encryption, intelligent contracts, etc., which determines the trust agreement as a value chain block transfer, multi-party help build trust and consensus. CreditEase as a financial technology company, based on the block chain platform for enterprises to help finance credit, to solve the pain points of banks and other financial institutions in question.
CreditEase block chain Blockworm Baas internet and encapsulated optimization six operation management module hyperledger fabric based on open architecture. While the development of asset distribution, two intelligence asset trading contracts. It can help companies quickly create a block chain of the underlying platform for rapid deployment of applications, improve efficiency, reduce the threshold, reducing the cost of enterprise deployment and operation and maintenance.
Third, the letter should block chains internet application mode
We do block chain application to be considered for what people? First, we face the industry customers, this industry's customers include a wide range of vertical industries, in terms of education, healthcare as well as including other industries like logistics, and this electricity supplier industry, which is what we want services client. So who are these customers financed? Banks and various licensed financial institutions.
Through what means, we put the data associated with these institutions take place by means of block chain in the industry and among these institutions open up, while ensuring the authenticity of data transmission among agencies. This solves the problem of credit, we now have with the text travel industry and electricity supplier industry customers have deployed the system.
Mode key credit information system is to say, we account information, build customer in the transaction process by deploying them on a platform for a big total industry accounts, sub-accounts establish a platform for the participants in each industry among his main business produced with funds flow between total accounts, while total will account reconciliation between the bank and to generate transactions.
the solution:
- The first can collect information of each merchant on the platform by a total account platform, then put together this summary of business information, it will form a very large amount of data.
- The second credit and financial services to communication from the bank account operators and conditions. As the operator mastered most of the member units of information, it can be very effective mechanism to establish such a member of the credit, but as a representative of an industry, with the bank to communicate, banks are willing to have secured such a large platform to provide this endorsement credit.
We solve the shortage of small amounts of data between the client and the bank communication and its multiples such credit is not such a problem in such a way.
This is the first step, and then we did a second job, we have the relevant judicial bodies and related justice agencies to pull our chain. We are the first enterprise data on the chain, then the chain of corporate data on whether we need an impartial third party as an endorsement of it? We lead the impartial body to the chain up, impartial body to play a fair role as evidence of our chain data, as evidence for a fair while retaining a copy of the data submitted by some judiciary hashed this area platform block chain.
Internet is now the courts have established a number of judicial chain block, we put impartial judicial institutions and corporate data together on the chain, so that we can ensure that the data on the chain is authentic.
Then we submit data on the chain to the bank or financial institutions, banks and other financial institutions to obtain business data, help control risk, effectively prevent trade fraud and over-financing, trade financing significantly reduces business risk. Effectively reduce the difficulty and cost of financing for SMEs, improve financing efficiency.
At the same time, with judicial blocks chained to the introduction of certification bodies, courts and other judicial and justice at the node, the company's personnel contracts, management contracts as electronic evidence stored on the block chain platform. If customers encounter legal disputes, it can be used as a pipe, a controllable, efficient and cost-effective means of judicial rights.
With this complete system, we can help many small and medium micro enterprises solve the financing difficulties of financing your problem.
We all know that the letter should have a lot of employees, there are a lot of stores in the country, so we use technology inside the block chain made an attempt - an electrical sign labor contract personnel, not only improves the efficiency and reduces the personnel management the cost of.
We also found a situation, we have to do background checks on the financial industry practitioners, the traditional method is to hire a third-party organization or allow respondents to provide information. Taking into account as evidence of the labor contract, we use the electric sign of practice, time-stamped electronic documents and electronic signatures, then this part of the data to the block chain platform for interaction with a notary public, justice institutions we upload the data as evidence to do it as evidence notarized.
So that in the future other financial institutions, for when they do these background checks of employees, they can very easily obtain a labor contract information before he engaged in a financial institution to provide him from public office zheng, so that you can provide very fast authentication. Currently we have applied for the patent, but also with the Shanghai Zhangjiang Gong zheng at the ongoing cooperation in this area, and we hope that the work can be recognized by more people.
Letter should have a lot of high net worth clients, we offer a wealth of heritage data storage services for these customers. These high net worth people they often have some concerns, such as they worry about the disclosure of personal assets, significant transaction information, but also worried that one day in case there was an accident, personal disability, if he did not do it before the commission, there may be a big problem is that many of his future business of the company and related to his business will not be carried out, the problem is how to allocate and inherited his legacy in the future.
We take into account the needs of these high net worth groups, to provide them with a family trust. Commissioned under disability as well as his own personal will in this respect serve as evidence that he is actually a family trust of major digital assets and his personal appearance. This as evidence the services we can offer very convenient online way to provide third-party authentication methods to help them do it as evidence in this regard, we have introduced insurance companies and courts, such a situation arise in the future, we can quickly help him to provide such services. This service is now recognized by many high net worth crowd, and they think the risk control for their future is a very effective means.
There is also a new attempt, is a collaboration with the vision of our recent China. Now some copyright disputes often arise when we do not know, because of copyright disputes can be submitted to the court you were just copyright of time, this situation often sometimes overthrown by a third party. For example, the other party may offer me this long to see the copyright or other channels to see something like that over there somewhere, you want to authenticate the copyright is attributed to you, this difficulty will be relatively large, in particular, for the terms of the court and judicial arbitration institution, they will face a bigger decision-making difficult.
Our main customers for these copyright as evidence of the process, is that you in the creation of such a work, you can be part of the middle as evidence in real time, such as evidence would bring the credibility of your time than a single credibility to much higher. And the use of block chain technology also greatly improved efficiency, if every time you do a procedure as evidence, then you're going to run a public zheng at this is that we can not accept. But in the block chain can be very simple, for as long as his middle creation a key point on the chain on his data, and automatically time-stamped, thus forming a complete chain of evidence, in which copyright as evidence time to avoid copyright disputes occur in the future you how to prove.
Fourth, to explore the future direction of application
4.1 Securitization (ABS)
There are all kinds of negotiable securities by mortgage notes, promissory notes before the central bank can there have been such a problem, Promissory Notes may not be monitored in the middle part of the transfer process, the bill may appear to be misappropriated third party, go out any mortgage, resulting in the risk and overdue.
The use of technology block chain, the whole bill transfer process will be tracked by everyone, middle overdue or misappropriated abuse cases will be put in the future can be reflected in the supply chain finance.
4.2 establishment of enterprise credit system
Small and medium micro enterprises is an important part of the social economy. However, due to the small micro-enterprise capital flows opaque, difficult operating conditions of security, making them difficult to obtain credit banks and other large financial institutions facing difficulties in financing, financing slow, expensive financing difficulties. In recent years, national policy began to tilt toward the small micro-enterprise financial services.
Small and medium micro enterprises from financial institutions to obtain credit support, the key is to establish its own credit, to establish business credit, companies need to have a stable cash flow data and asset holdings may be mortgaged. At present, China's personal credit information system has been gradually established, and if they can establish a personal credit system similar to the corporate credit information system, based on the assessment of data on the block chain payment behavior of companies, funds flow, income, etc., can be shortened time corporate credit, corporate finance simplify the process, making it easier for small and medium micro enterprises in financing.
We want that block chain technology, to establish a sound social credit system, as appropriate letter-founder, CEO Downing advocated "Everyone has the credit, credit valuable."
Based on the letter should block chain laboratory director, business director for cloud services wing Kai Ming Yang block chain in the "museum auditorium of 129 financial block chain Forum" to share the contents of the resulting order, starting in the original "letter should Monthly ", please contact an authorized reprint.