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Baidu Finance jointly released the first blockchain securitization project in China

Time : 22/10/2021 Author : 8mw1fu Click : + -
        On May 16, baidu finance, Baiqian leasing, Huaneng trust and other partners jointly issued the first domestic blockchain technology supported ABS Project, with an issuance scale of 424million yuan. The project is a private placement of ABS for personal consumption car rental claims. Among them, Baiqian leasing as the original equity owner, Huaneng trust as the plan manager, together with zhongchengxin rating and jintiancheng law firm, baidu finance as a specific asset service provider to provide financial technology support, and multi-party cooperation ensured the successful issuance of the project. The application of blockchain technology provides a strong guarantee for the transparency of ABS asset operation, and greatly improves the efficiency, security and traceability of the project.
 
        This project has become the first project in China to realize ABS "real assets" with blockchain technology as the underlying technical support. Among them, blockchain mainly uses decentralized storage, asymmetric secret keys, consensus algorithms and other technologies, which have the characteristics of disintermediation trust, tamper proof, transaction traceability and so on. In the case of limited financial institutions participating in the node, in order to retain the technical characteristics of blockchain, baidu finance has also made adaptive transformation of blockchain in practice. Ensure the security of protocol and communication through the protocol attack algorithm of Baidu security laboratory; Through Baidu extreme transaction processing system, it can support the transaction scale of millions of TPS and greatly reduce the transaction cost.
 
        In practice, it also combines Baidu financial brain, artificial intelligence and other technologies, adopts alliance chain to realize ABS full life cycle management, and ensures node information security through authority management and asymmetric encryption; Use distributed storage scheme to realize decentralization; Then provide a set of standard underlying framework to realize the preparation of smart contracts for all parties. These technical features are combined with the ABS industry to solve the industry pain point of the trust of the trading parties in the authenticity of the underlying asset quality. According to the reporter's investigation, since Baidu finance launched its off-site ABS business in October 2016, it has mainly focused on the consumer financial market. According to the relevant person in charge of Baidu finance, at present, the creation scale of Baidu finance OTC consumer finance ABS business has reached 8billion yuan.
 
        After a period of rapid development, the consumer financial market has ushered in market upgrading. "Blue collar", "post-90s" as the main customer group has become the driving force of the rapid development of this field. But at the same time, under the background of imperfect credit reporting system, insufficient refinement of risk management system, non standardized asset evaluation, imperfect pricing mechanism, and lack of authenticity of asset status, there are also mixed ups and downs in the consumer financial market, which makes it difficult for investors to judge and identify ABS risks in consumer finance, so that they give up their investment. In order to solve the above industry pain points, baidu finance combined with its strong data accumulation and analysis ability, through big data risk control and blacklist screening, and then identified some "problem" assets that are difficult to find by conventional risk control means, and through Baidu's research and development in big data, artificial intelligence, deep learning and other technologies, it strengthened the screening, rating and pricing ability of assets, Use blockchain technology to revolutionize the transparency and accountability of underlying asset quality.
 
        Baidu finance positioned itself as an asset service provider and participated in the creation of consumer finance ABS. Its continuous export of financial product creation ability, big data risk control ability, ABS intelligent management system and other comprehensive capabilities, as well as the professional ABS one-stop service platform, have become the basis for the rapid development of Baidu financial ABS business. Technology can profoundly change all aspects of Inclusive Finance. Baidu finance is committed to empowering AI in financial business and providing convenient, safe and efficient financial services for low - and middle-income people and small and micro enterprises.
 
        
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