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Blockchain + Internet of things: driving into the new blue ocean of commodity finance

Time : 07/09/2021 Author : k6pyxe Click : + -
        On July 17, a loan of nearly US $200000 was paid from China Construction Bank Qingdao Free Trade Zone sub branch to the Malaysian customer of Qingdao Norton import and Export Co., Ltd. (hereinafter referred to as "Norton"). The pledge of this loan is the electronic warehouse receipt of rubber stored in the warehouse of Norton company. This is the first time Norton has obtained a bank loan since it was founded eight years ago. This is also the first loan pledged by electronic warehouse receipts of bulk commodities issued by China Construction Bank since many large state-owned banks stopped the pledge financing of most bulk commodities after the Shanghai steel trade incident in 2012. In the past eight years, the pledge financing of bulk commodities has been something that large state-owned banks are reluctant to touch.
 
        In the Shanghai steel trade incident in 2012, this business exposed serious problems that are difficult to solve. In the bulk commodity pledge financing, the issue of issuing multiple warehouse receipts for the same batch of inventory and repeated pledge financing in multiple banks is very prominent. In the above events, many large banks at home and abroad were involved and suffered heavy losses. However, the "blockchain + Internet of things" technology is changing all this. Now, when bulk commodities enter the warehouse, they can obtain a blockchain electronic warehouse receipt, which is real and unique. This solves the big problem of commodity pledge financing in the past. Tens of trillions of bulk commodities sleeping in the warehouse can be used as collateral again, helping tens of millions of small and medium-sized enterprises in China to obtain financing more easily.
 
        Bulk commodities will become a powerful support for small and medium-sized enterprises to obtain loans in addition to housing and vehicles. What makes all this a reality is the "goods for treasure" platform. "Huoduobao" is a platform under China storage Jingke Supply Chain Management Co., Ltd. (hereinafter referred to as "China storage Jingke") to provide integrated solutions such as trading and financing for the commodity supply chain. China storage Jingke is a joint venture company jointly established by China Storage Development Co., Ltd. (hereinafter referred to as "China storage"), JD Digital Technology Holdings Co., Ltd. (hereinafter referred to as "JD digital technology"), and Beijing China storage innovation supply chain management Co., Ltd. Among them, China storage Co., Ltd. is China's state-owned bulk commodity storage giant, accounting for about 10% of China's bulk commodity storage market.
 
        JD digital technology is a Chinese digital technology giant. Commodities are a bigger market than consumer goods. Bulk commodities, which are used for industrial and agricultural production and consumption in large quantities, cover three main categories: energy commodities, basic raw materials and agricultural and sideline products. In the upstream of this field, there are a large number of large central enterprises in China; The downstream is the lifeblood of the national economy, connecting the daily necessities of every ordinary person. In the past 16 years, JD mall has become a giant of e-commerce for consumer goods in China. In the past 7 years, JD digital technology has become a digital technology giant in China. Now, China Central Reserve Jingke is entering the commodity finance market, which is larger than consumer finance, starting from the "exchange of goods for treasure".
 
        According to the conservative estimation of China reserve Beijing Branch, the market scale of commodity pledge financing alone is about 5 trillion. It has been 19 years since Yu Zhihong, general manager of China reserve Qingdao Branch, joined the company. This company manages a storage area of 115000 square meters in Qingdao, with an annual cargo throughput of one million tons. The profound blockchain technology rendered on the science and Technology Forum in Beijing, Shanghai and Guangzhou has become extremely simple in Zhihong's eyes. In fact, for this company, the blockchain is the code corresponding to the documents generated by the nodes such as warehousing, delivery, transfer of ownership and generation of warehouse receipts corresponding to the goods in the warehouse. This code not only has numbers, but also letters. It is a "string" composed of a string of letters and numbers arranged irregularly.
 
        Behind this "string" is the blockchain technology applied by the "goods for treasure" platform. When the goods enter the warehouse, the blockchain technology encrypts the documents corresponding to the goods into a "string", which is unique and cannot be tampered with. At the same time, the Internet of things technology has realized the digitization of the traditional storage. Once the goods corresponding to the "string" change abnormally, the alarm will be triggered, so that the storage enterprises and financial institutions can take necessary measures at the first time. This small "string" can bring new benefits to China reserve Qingdao Branch. As a traditional large-scale storage enterprise, the main income of China storage Qingdao branch in the past was the storage and loading and unloading expenses of goods.
 
        But now, if the inventory customer needs to apply for a loan from the bank, China reserve Qingdao branch can issue an electronic warehouse receipt with "character string" to the inventory customer through the "goods for treasure" platform. The inventory customer pushes the electronic warehouse receipt to the bank for loan financing, and the whole process is online. In this process, the Qingdao Branch of China storage Co., Ltd. issues warehouse receipts and can charge corresponding billing service fees, which increases the profitability of the warehouse and enhances the adhesion between customers and the warehouse. At present, the Qingdao Branch of China storage Co., Ltd. has realized the digital transformation of the warehouse through the "goods for treasure" platform. It has made the offline storage service online and the storage information digitized, transformed the traditional warehouse into a warehouse with financial attributes, upgraded the service of the warehouse, improved the management of the warehouse, and increased the income of the warehouse.
 
        With the help of "string", China Construction Bank Qingdao Free Trade Zone Branch can restart the bulk commodity pledge financing business. Based on the "string" credit endorsement, China Construction Bank Qingdao Free Trade Zone sub branch can confirm the authenticity of the pledged goods in a considerable part of its business, so it can safely lend loans to enterprises. The bank's corporate business accounts for half of the bank's business. It is expected that the bulk commodity pledge financing will become a larger growth point in the bank's corporate business in the future. At present, with the increasing downward pressure on the economy, the bank's corporate business has slowed down. Cai Yongjian, deputy general manager of the International Business Department of China Construction Bank Qingdao Branch, disclosed to zero one finance that before 2012, the bulk commodity pledge financing accounted for about 5% of the corporate business of China Construction Bank Qingdao Branch, but it is expected that in the future, it will be far more than this proportion.
 
        The ultimate beneficiaries of this new business are enterprises like Norton in the commodity industry chain. Norton has been established for eight years and has never received a bank loan before. The core of the failure to obtain bank loans is that Norton is a trading company with light assets and cannot provide collateral to the bank. In the past, some companies in the commodity field mainly relied on the pallet business of commodities to solve this problem, that is, some state-owned enterprises provided loans to these companies, and the capital cost was not low. However, on the platform of goods for treasure, the company can pledge the goods in the warehouse and directly obtain loans from the bank. The annual interest rate is greatly reduced and the financing cost is reduced by half.
 
        This is of great significance to enterprises. Song shuchao, general manager of Norton, explained to zero one finance and economics that taking a loan of 30 million yuan as an example, if you loan 30 million yuan to the bank, the interest you need to pay to the bank in a year is 900000 yuan (calculated at an annual interest rate of 3%). While some companies obtain the same loans through state-owned enterprises, the annual interest they need to pay is 1.8 million yuan (calculated at an annual interest rate of 6%). It seems that compared with 30 million yuan, 900000 yuan and 1.8 million yuan are not much, but the profit of bulk commodity trading is not high. For a company, when it needs to pay 900000 yuan interest, the company still has profit, but when it needs to pay 1.8 million yuan interest, the company may have no profit in this business.
 
        In the past, Norton has never made financing through the commodity tray business, which is why. Behind the commodity industry chain, China has a large number of companies like Norton. The scale of China's commodity industry is huge. The global annual output value of commodities is about US $10-20 trillion, accounting for 20% of the global GDP. China accounts for more than 50% of the global mainstream commodity consumption. In 2019, the scale of China's bulk commodities was about 80 trillion. There are about 35 kinds of main commodities in total. Take the steel industry as an example, there are about 7 & mdash; There were 80000 small and medium-sized enterprises.
 
        In the future, this change will enable SMEs to obtain more equal opportunities in financing than before. Cai Yongjian, deputy general manager of the International Business Department of China Construction Bank Qingdao Branch, explained that in the past, it was easier for large state-owned enterprises to obtain bank credit, while some small and medium-sized enterprises could not. The reason is that in the past, banks could not control bulk commodities and could only rely on corporate collateral to guarantee credit, and large enterprises had an obvious advantage. Now commodities themselves can be used as collateral, and the difference between large enterprises and small and medium-sized enterprises to banks has been greatly reduced. Because this allows banks to really control the first repayment source & mdash& mdash; The importance of goods and other sources of repayment to banks will be greatly reduced.
 
        In this series of changes, there is a core question: can we fully trust the "string" generated by the blockchain technology? To what extent can we trust each other?. In terms of commodity pledge financing, there are two key difficulties: control of goods and confirmation of rights. Goods control refers to the control of goods in place. Confirmation of right refers to the determination of the real ownership of goods. If these two problems can be solved perfectly, the trust level can reach 100%. In the warehouse of China reserve Qingdao Branch, Yu Zhihong, the general manager of the company, described the birth process of "string" to zero one finance and Economics: storing goods in the warehouse is similar to the process of depositing money in the bank.
 
        When the goods enter the warehouse, the warehouse staff will use mobile phones or computers to enter the specific information of the goods (including warehousing time, goods category, product name, specification, model, weight, place of origin, packaging, warehousing operator, etc.) in the storage system of China National storage Co., Ltd. After that, these information will be delivered to the Taobao platform synchronously. The platform uses the blockchain technology to encrypt the documents containing these information, generate "strings", and synchronize them to the Beijing Internet court and the Guangzhou Internet court. At this time, the owners, warehouses, and Internet courts that have joined the "cargo to treasure" platform have this string. If the goods are issued, transferred, traded or a new warehouse receipt is generated, the new "string" will be generated by the "goods to treasure" platform and synchronized to the above parties in real time.
 
        Before the application of the blockchain technology, the warehouse receipt of goods was very simple. It was just a piece of paper with all the information of the goods written on it and a seal of the warehouse. This brings great risks, because this simple piece of paper often represents goods worth millions of dollars. If it is tampered with, the warehouse will suffer heavy losses. According to the field visit of zero one finance and economics, there are four lines of defense to ensure that the goods and "strings" correspond to each other after the application of blockchain Technology:. The first line of defense is the standardized management of the warehouse. This runs through the whole process of goods entering the warehouse. In the whole process of goods entering, storing and leaving the warehouse, the credit of the warehouse is included.
 
        The second line of defense is the IOT equipment in the warehouse. In the cargo storage area, the warehouse has installed cameras for 24-hour continuous monitoring. At the same time, the warehouse has installed an infrared grating at the main entrance and exit of the inventory area. It is forbidden to enter the relevant area. If someone enters, the infrared grating will give an alarm. The third line of defense is the background monitoring of the "goods for treasure" platform. When the infrared grating gives an alarm on the spot, it will also give an alarm on the platform of "goods for treasure". If the electronic grating is damaged and someone enters the goods storage area, you can directly see the situation on the warehouse site in the background of "goods exchange treasure". If no abnormality is found in the event, the monitoring video can also be retrieved afterwards.
 
        The fourth line of defense is to connect the data of the "goods to treasure" platform and the warehouse storage system (WMS), so as to realize the real-time interactive transmission of warehouse data and platform data. Customers can query the warehousing goods information online in real time, and the goods corresponding to the transaction, transfer and warehouse receipt. The "goods for treasure" platform automatically locks the goods, and only after the corresponding business logic is completed can the goods be unlocked. Among them, there is another problem, which can not be solved simply by technology at present & mdash& mdash; "Authenticity of uplink data". This is also a common problem in the application of blockchain technology. In the scenario of "goods for treasure", what is the data input to the "goods for treasure" platform? The "string" will be truthfully reflected and cannot be tampered with.
 
        The current problem is how to ensure the authenticity of the input data. If the input data is wrong, the blockchain cannot recognize it. At present, the Qingdao Branch of China Reserve Co., Ltd. solves this problem by manual review. In the future, technology will help improve this, but it will take time. Yu Zhihong told zero one finance and economics that in the future, data can not be entered at will, but there are labels on each goods, and sufficient goods labels are required before corresponding data can be entered. This requires the goods to be labeled during production and the cooperation of production links. Therefore, it will take time to realize this. However, at present, the "goods for treasure" platform has won the trust of banks in "controlling goods".
 
        Cai Yongjian, deputy general manager of the International Business Department of China Construction Bank Qingdao Branch, told zero one finance and economics that at present, in terms of cooperation with China Central Bank Beijing Branch, it is relatively reassuring about the control of goods in electronic warehouse receipts. On the one hand, the background of the shareholders of China storage Jingke is the guarantee of the reputation, because the standardized management of the warehouse is very important; On the other hand, with the help of blockchain and Internet of things technology, it is easier to monitor the warehouse. It is equivalent to putting a robot in the warehouse to help the bank look at the goods, which can ensure that the goods and codes are mapped one by one. Compared with the previous operation mode of banks, this has been a big step. Cai Yongjian told zero one finance and economics that before the bank wanted to watch the goods, it needed to conduct a "warehouse inspection" once a month, that is, to go to the warehouse to see the goods on the spot.
 
        It is also formal to go to see the goods. You can only count the goods. It is difficult to know the ownership of the goods. In terms of rights confirmation, blockchain technology has been able to solve the problem to a certain extent, and there is also room for further improvement. Cai Yongjian told zero one finance and economics that some financing with relatively clear property rights can be done, while in some cases with unclear property rights, the confirmation of property rights is the biggest difficulty. At present, e-warehouse receipt financing is feasible in two scenarios: one is the financing of transferring the right of goods to the spot in the future; One is the financing for subsequent exchanges after the spot transactions occur. Cai Yongjian explained to zero one finance and economics that in the future, when the right of goods is transferred to the spot, for example, in international trade, there is a bill of lading authorization certificate for imported goods, which can prove the ownership of the goods.
 
        Therefore, the pledge financing of electronic warehouse receipts can be successfully completed after the bill of lading is converted into electronic warehouse receipts. On the cash exchange platform, in the spot transaction, if the goods enter the cash exchange platform and continue to flow, the bank can finance the subsequent transactions on the platform. Because in the subsequent transactions on the platform, the buyer and the seller are very clear, and the ownership of the goods is relatively clear. However, in some cases of international and domestic trade, it is difficult to determine the right of goods. For example, in domestic bulk commodity spot trading, it is difficult to determine the ownership of the spot before entering the warehouse. Because the railway, waterway and highway transportation of domestic trade is not "one vote to the end", there are breakpoints in the transportation process, which increases the difficulty in determining the ownership of goods.
 
        Zhongchu Jingke was registered on October 17, 2019. In July this year, after the first business was launched, the whole company was excited that in the bulk commodity industry, many internal and external institutions of China reserve have contacted China reserve Beijing Branch, hoping to access the "goods for treasure" platform. For example, Qingdao Guochu Logistics Co., Ltd. has already started to connect with "goods for treasure" and will complete the connection by the end of September. In the view of China storage Jingke, this means the keen attention and initial recognition of the industry. At present, the "goods for treasure" has initially established a commodity supply chain ecology. JD.COM
 
        
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