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Blockchain Technology: blockchain technology enables supply chain finance

Time : 02/07/2021 Author : lhw8z4 Click : + -
        As a new mode of Finance + industry + ecology, supply chain finance has built a win-win ecosystem. It has played an important role in helping core enterprises realize their long-term value in the industrial chain through financial services, reducing the transaction costs of each enterprise in the supply chain, and promoting the sustainable development of industrial ecology. Especially after the blockchain technology support, the information and data of enterprises in the supply chain have been accessed, Its credit circulation and operation efficiency have been greatly improved. For the empowerment of blockchain in the field of supply chain finance, the core management of wangchain technology, which has worked hard in the industry for many years and has many successful cases, received an exclusive interview. The following content is sorted out according to the industry views expressed by the core management of wangchain technology.
        In a sense, supply chain finance is to control variables through risk, improve capital liquidity and reduce operating costs of enterprises. However, with the development of the market and the expansion of transaction scale, traditional supply chain finance also has many "insufficient" development pain points in the actual operation process. First, traditional supply chain finance is difficult to break through the barrier of trust. The information among the enterprises in the supply chain is complex, there are many institutional members, and the enterprises "act in their own way". In addition, there are occasional cases of mutual prevarication and lack of close cooperation between the enterprises in the chain, the information between the enterprises is difficult to be symmetrical, it is not easy to establish a trust relationship, and the coordination efficiency between them is low.
        In this process, based on the control of risks, banks always "dislike the poor and love the rich" &mdash& mdash; They tend to lend to core enterprises with good qualifications and direct payment ability, while it is not easy for small and medium-sized enterprises "far away" from core enterprises to obtain corresponding trust. Secondly, traditional supply chain finance cannot bypass the "data island". Data is an important means of production in the digital era. In the supply chain financial system, the real and effective data is the credit assets of enterprises, which directly determines the amount and degree of credit granted to enterprises. The actual situation is that the information of enterprises in the supply chain cannot be fully shared and is in a state of separation. In addition, the data of core enterprises are unilateralized, privatized and closed, and their data and information cannot be connected with other enterprises in the supply chain, so it is difficult to defer to other enterprises.
        Therefore, the "Matthew effect" &mdash& mdash; The core enterprises with strong credit assets are stronger, while those in need of funds and other enterprises in the supply chain are weaker. Traditional supply chain finance is prone to "domino effect". As supply chain finance means that enterprises in the chain borrow the credit of upstream and downstream enterprises from each other and use the method of extending the accounting period to relieve their respective financial pressure, once a certain link has problems, or an enterprise in the supply chain cannot perform the contract, then other enterprises that rely on its credit also have problems. The credit established on this basis should be lost like dominoes, affecting the transaction operation of the whole supply chain finance, There is performance risk.
        In serious cases, if the information is asymmetric or lags behind, this kind of accounting period transmission is likely to lead to the bankruptcy crisis of an enterprise in the supply chain. Before the advent of blockchain technology, the credit problem of supply chain finance could not be solved. "Blockchain technology has the characteristics of traceability and tamper proof, ensuring the integrity and credibility of information, and can solve the trust and security problems in the transaction process." The head of wanglian technology said that blockchain technology has become an effective tool to solve credit problems. "Based on the characteristics of decentralization, blockchain technology eliminates the risk caused by the failure of a single node, and there is no need to centralize the data in one place and save it by a centralized organization.
        Enterprises in the supply chain maintain a distributed shared ledger, which greatly improves the security and transparency of their data. " According to the person in charge of wanglian technology, in the field of supply chain finance, data is the basis of credit, and the data and information of various entities in the supply chain realize the online sharing and real-time update of credit information through the connection of blockchain technology, which means that the real-time disclosure and transparent mapping of credit information become the basis for effective risk control and decision-making of banks, and provide effective financing credit vouchers for small and medium-sized enterprises upstream and downstream of the supply chain. Compared with the serious information asymmetry in traditional supply chain finance, blockchain technology can build trust and make the information and data of enterprises in the supply chain "symmetrical".
        Secondly, blockchain can break the information island, so that all data can be stored based on blockchain technology. A fully transparent ledger can effectively reduce communication costs. For example, it is difficult to build an untrue trade background under a fully transparent ledger. All nodes of the whole trade are highly digitized, and the corresponding data can be easily found and confirmed. It is almost impossible to tamper, making it easier for all parties to collaborate and reach cooperation. In this case, "trust is no longer a commitment given by centralized institutions, but trust based on fully transparent data, forming a penetrable credit asset." The person in charge of wanglian technology introduced.
        Moreover, blockchain technology can penetrate credit assets and make corporate credit "flow" like water. In the supply chain finance model, banks are not limited to the data and credit of an enterprise, but stand in a higher dimension &mdash& mdash; Industry to make overall arrangements for financing, play a key role in the binding and linkage between the credit of core enterprises and small and medium-sized enterprises, and achieve effective circulation in the supply chain. Therefore, credit assets are the basis of credit granting. However, due to the widespread phenomenon of data gap in supply chain finance, the high cost of financial institutions to obtain valuable data is the main reason for the financing difficulties of small and medium-sized enterprises that lack valuable data. "Blockchain technology enables data to confirm rights. Only by realizing data confirmation, can data flow form credit assets and truly realize orderly circulation.
        Based on the upstream and downstream capital flow and logistics of supply chain finance, data-based credit flow can play its value and break through the development limitations of traditional supply chain finance. " The head of wanglian technology said that core enterprises take credit as guarantee to form credit integration within the supply chain; At the same time, core enterprises or platform enterprises introduce cooperative high-quality capital institutions into the whole supply chain, opening up the financing channels of enterprises in the supply chain and empowering all enterprises in the chain.
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