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Rongdu Technology: blockchain technology helps the digital transformation of the guarantee industry

Time : 24/12/2021 Author : xscph8 Click : + -
        In the past few years, the national policy has promoted the rapid development of China's guarantee industry. After the State Council clarified the supervision and management measures for financing guarantee business in 2009, China's guarantee industry began to move on the right track. The opinions on promoting the accelerated development of financing guarantee industry issued by the State Council in 2015 led more financial "living water" to small and micro enterprises and the real economy such as "agriculture, rural areas and farmers", promoted mass entrepreneurship and innovation, and ensured the healthy development of economy and society. Looking back on the course of the guarantee industry for more than 20 years, from the establishment of the first credit guarantee company in 1993 to the pilot of credit guarantee for small and medium-sized enterprises in 1999, guarantee companies have played an important role in improving social credit, promoting financing and improving the allocation of financial resources.
        However, in the past two years, the macro-economic growth has slowed down. At the same time, affected by the epidemic and the poor operation of small and medium-sized enterprises, the development of guarantee industry institutions tends to be flat, and the newly established guarantee companies are mostly provincial guarantee companies. According to the statistics of the regulatory department, by the end of 2020, there were 5139 legal person institutions in the financing guarantee industry, of which 2710 were state-owned holding guarantee institutions, accounting for 52.7%; The balance of financing guarantee under guarantee is 3.79 trillion yuan. Among them, the guaranteed balance of direct financing guarantee was 3.26 trillion yuan, an increase of 20.7% year-on-year. The financing guarantee industry as a whole is in the development stage of continuous reduction and quality increase, so accelerating the digital transformation of the guarantee industry is something the industry needs to explore and practice.
        With the release of the outline of the 14th five year plan this year, accelerating digital development and building a digital China have been officially put on the agenda. The outline proposes to drive the reform of production mode, lifestyle and governance mode with digital transformation as a whole. Therefore, the guarantee industry must also speed up the pace of digital construction, innovate ideas and actively act, just as the Party committee members of China financing guarantee industry association Chen Lin, vice president, said, "digital transformation is an inevitable choice for the financing guarantee industry.". COVID-19 has accelerated the digitalization of the guarantee industry to a certain extent. A large number of demands for digital and online financial services provide more opportunities and space for guarantee institutions to carry out business innovation and model innovation. In addition, the needs of customers are constantly upgrading, requiring guarantee institutions to provide all-round, convenient and fast services, and begin to get used to and tend to digital scenes.
        This makes guarantee institutions fully feel the inevitability, importance and urgency of digital transformation. At present, the guarantee industry uses digital technologies such as blockchain, big data, cloud computing and the Internet of things to improve the problem of information asymmetry, so as to enhance the ability to obtain customers, optimize business processes, reduce business costs and improve risk control capabilities. However, from the perspective of the whole industry, the digital transformation has just begun, and more institutions are only staying at the stage of accepting electronic applications. Only a few institutions can do it in the middle and late stages of business access, risk identification, online credit letter sending, insurance monitoring and post insurance management. The digital transformation still has a long way to go. In 2021, Rongdu technology completed a brand-new brand upgrade, positioned as a "digital economy scenario solution service provider", focusing on enabling the digital economy by using blockchain technology, focusing on the construction of digital scenarios, and providing customers with services in the three major fields of "digital government, digital finance, and digital credit".
        In order to further improve the digitalization level of financing guarantee institutions, improve the risk control system of financing guarantee institutions, enhance the business expansion ability of financing guarantee institutions, and better meet the digitalization transformation needs of financing guarantee institutions, Rongdu technology has created a new generation of guarantee business management system (grpv7.0) to support the information construction and upgrading needs of financing guarantee, policy guarantee, agricultural credit guarantee, re guarantee and other vertical guarantee fields, It can significantly enhance the current digital risk management ability of guarantee institutions, effectively meet the expansion needs of large and small batch guarantee businesses, significantly improve the level of intelligent services, effectively reduce operating costs, and help guarantee institutions' digital transformation.
        As mentioned above, digital technologies such as blockchain play a very important role in helping the digital transformation of guarantee industry institutions. The current practical problems, such as asymmetric information between the market and customers, the information of cooperative institutions such as banks is separated from each other, and the information of competent departments of various industries cannot be shared, make the risk of financing guarantee business rise sharply, the compensation rate and loss rate continue to increase, and the ability of sustainable development is limited. It is urgent to find a breakthrough in the operation mode and technical support. Based on its unique advantages, blockchain can theoretically provide various support for financing guarantee and credit enhancement. Blockchain has the technical characteristics of distributed storage, tamper proof, collective maintenance, traceability and so on. It has built a unique trust mechanism and has been widely used in the field of digital economy. For the guarantee industry, it can bring new development opportunities for guarantee institutions in risk identification, risk control, project management, business innovation and other aspects, and a new model of pure credit guarantee for guarantee institutions.
        The trust building mechanism is to achieve multi-party cross verification through "decentralization". In the blockchain system, all information is linked in chronological order, and each block points to the previous block, creating a chain that can always be traced back to the first block. Therefore, information exchange activities on nodes can be queried and tracked, so as to solve the credit problems of the guarantee industry, Make every transaction in each block searchable, traceable, unchangeable, safe and reliable. In recent years, in order to further improve the technical capacity of blockchain and continuously increase the investment in technology research and development, Rongdu technology began to deploy blockchain technology in 2018. With the approval of the Department of civil affairs and the Department of science and technology of Zhejiang Province, it jointly initiated the establishment of Zhejiang Zhijiang blockchain science and Technology Research Institute to explore the application and implementation of blockchain technology in government affairs, finance, education, agriculture, medical treatment, public welfare, public services and many other social fields, Promote the healthy and orderly development of blockchain technology and industrial ecology.
        In addition, Rongdu technology will also focus on blockchain technologies such as zero knowledge proof, federal machine learning and distributed file storage. It will optimize the transmission standards, standardize the data uplink, improve the efficiency of cryptographic algorithms, and enable blockchain technology to share data under the condition of giving priority to ensuring data privacy in the digital economy. For the core technology and mechanism of blockchain, we will deeply study the formation of blockchain infrastructure platform (baas) covering blockchain coding, operation, management and other links, as well as solutions for specific scenarios. In the past public resource trading activities, enterprises must pay cash bid security to participate in bidding, and enterprises applying for project bidding must go to the site to handle business, but this on-site mode has brought severe challenges to epidemic prevention and control.
        Therefore, the general office of the national development and Reform Commission issued the notice on actively responding to the epidemic, innovating, doing a good job in bidding and ensuring the smooth operation of the economy (FGD [2020] No. 170), which proposed to accelerate the electronization of the whole process of bidding and tendering, and vigorously promote the use of letter of guarantee, especially electronic letter of guarantee, to replace cash deposit, so as to realize online submission and online verification. Electronic guarantee is a legally effective electronic guarantee certificate issued by banks, insurance companies, guarantee companies and other financial institutions to the beneficiary through computer network with electronic documents as the medium at the request of the applicant.
        In the electronic guarantee platform of bid security of the public resources trading center, qualified guarantee industry institutions can apply for docking. As the last kilometer of the electronization of the whole bidding process, the electronic guarantee market has huge capacity and broad prospects. The electronic guarantee management system developed by Rongdu technology, using blockchain and other technical means, helps banks, insurance companies, guarantee companies and other financial institutions to realize the online encryption of the whole process of electronic guarantee, such as online insurance, review, payment, issuance, surrender, reimbursement, etc., which ensures safety, simplifies procedures, shortens the cycle, reduces the cost of bidders' bidding funds, and is of great significance to optimizing the business environment. In addition, Zhongbao Digital Intelligence Technology Co., Ltd., a wholly-owned subsidiary of Rongdu technology, actively cooperates with the national public resources trading center to build a "smart city e-guarantee comprehensive service platform", which has been launched in many provinces and cities.
        Up to now, SINOSURE digital intelligence has reached cooperation intentions with more than 100 cities across the country to provide one-stop solutions for electronic guarantees for many places, allowing bidders to handle relevant matters "at home", which plays a positive role in promoting the growth of small and micro enterprises and helping to optimize the business environment of local governments. In the wave of digital economy, Rongdu technology will continue to explore and tap the pain points of the digital transformation of the guarantee industry, further improve the informatization level of guarantee institutions, improve the risk control system of guarantee institutions, help guarantee institutions build a digital and intelligent service system, and promote the acceleration of digital transformation and sustainable development of the guarantee industry through digital technology means with blockchain as the core.
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