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Layout of blockchain by commercial banks: enabling financial scenarios to solve two "pain points"

Time : 23/06/2021 Author : x9osca Click : + -
        As the central government pointed out that blockchain technology is an important breakthrough for independent innovation of core technology, the application of commercial banks in the field of blockchain technology has received unprecedented attention. Previously, large state-owned banks, joint-stock banks and some urban commercial banks all had projects in the application of blockchain technology. However, the application scenarios and exploration directions of banks are different, and the large-scale industrial application value has not been fully reflected. According to the reporter of China business daily, due to the Distributed Accounting and tamper proof characteristics of the blockchain, it plays an important role in solving the two "pain points" of banking business efficiency and trust. From the perspective of technology application, most banks have explored more in clearing, supply chain and cross-border trade, and some banks have enabled the identification of identity information and digital currency in combination with the scenario.
        Market participants say that the application of blockchain technology in the financial field can improve efficiency, increase the cost of counterfeiting in business and reduce the financing interest rate, which can help banks to "prevent risks" and solve "financing difficulties" and "financing costs". On October 18, the State Network Information Office released the second batch of blockchain information service filing list, with a total of 309 domestic blockchain information service names and filing numbers. In the two batches of filing lists, there are 6 banks including industrial and Commercial Bank of China, Ping An Bank, Zhejiang Commercial Bank, Bank of Jiangsu, Weizhong bank and Suning bank, with a total of 14 blockchain services. It is understood that the state-owned banks have explored the application of blockchain technology, and the business types are relatively rich.
        In addition, the state-owned bank's blockchain technology focuses on building platforms, and the implementation of individual projects is enabled according to the actual business needs. ICBC said that it took the lead in establishing a blockchain laboratory in the industry to accelerate the integrated development of technological research and industrial innovation. Over the past three years, it has built a blockchain service system serving the real economy in government affairs, industry, people's livelihood and other fields. In 2018, ICBC released an enterprise level blockchain technology platform with independent intellectual property rights. At present, it has made more than 60 core technological breakthroughs and submitted 41 patents, which have been applied to more than 60 scenarios such as fund transfer and collection, fund settlement, fund allocation and bank enterprise interconnection.
        The reporter learned that ICBC is the first commercial bank to create a targeted poverty alleviation blockchain platform in the industry, and through this technology, the efficient and transparent management of poverty alleviation funds is realized. At present, nearly 5000 poverty alleviation funds have been allocated, with an amount of more than 7 billion yuan. At the same time, the bank also launched the ICBC e-credit network financing financial service platform with the help of blockchain technology, which realized the trust transfer and circulation of the accounts receivable of core enterprises among suppliers. In the first month of online, more than 500 supply chain enterprises including China Railway and China Merchants Group have been registered, and a total of 610 million yuan of bank loans have been issued, with a transaction turnover of 500 million yuan. Agricultural Bank of China's exploration of the application of blockchain technology is mainly focused on the field of "agriculture, rural areas and farmers".
        In August 2017, using the underlying blockchain technology, Agricultural Bank of China launched the Agricultural Internet e-commerce financing system "E-Chain loan", providing credit services such as order purchase, batch credit, flexible pricing, automatic approval, entrusted payment and self-service repayment. In this product, the blockchain technology mainly solves the problems of asymmetric information, high management cost and difficult credit granting of agricultural credit business. At the same time, the bank also tried to use the blockchain technology to mortgage agricultural land. For two large state-owned banks, Bank of China and China Construction Bank, their blockchain technology is mainly applied in the trade field. BOC's blockchain technology is mainly in the field of cross-border payment. Through the establishment of a cross-border blockchain platform, it realizes the information flow on the chain, realizes the query function, adds regulatory nodes, and realizes the interaction between blockchain information and actual transactions.
        CCB's blockchain technology is applied in trade factoring business. In January 2018, CCB launched its first international factoring blockchain transaction, becoming the first bank in China to apply blockchain technology to international factoring business. In addition, the postal savings bank launched the first blockchain based asset custody system in the banking industry as early as 2016. Since then, the "u-chain platform" has been launched in the field of trade finance to realize the whole process chain transaction of inter-bank domestic letters of credit. BOCOM's blockchain technology focuses on asset securitization business, and has created the first asset securitization platform "chain integration" in China. It forms an alliance chain of original stakeholders, trusts, securities dealers, investors, ratings, accountants, lawyers, regulators and other participants, connects the capital end and the asset end, and uses blockchain technology to achieve credit penetration of ABS business system.
        For the application of new blockchain technologies, joint-stock bank projects are also frequently implemented. At present, most of the joint-stock banks have set foot in the blockchain, and the directions of their efforts are different. CMB, known as the "king of retail", has built the "CMB direct link payment blockchain platform", which is the first bank in the industry to realize the three scenarios of applying blockchain technology to the global cash management field: cross-border direct link clearing, global account unified view and cross-border fund collection. China CITIC Bank, China Minsheng Bank and Bank of China jointly designed the blockchain Forfaiting Trading (BCFT) platform. Later, Ping An Bank joined in to upgrade and expand the platform. The platform transaction volume reached 20 billion yuan in one year after its launch, which has strong repercussions in the industry.
        For the exploration of blockchain technology, Everbright Bank and China UnionPay jointly used the blockchain platform of quchain technology in 2017 to build a multi center trusted POS electronic purchase order system. According to the latest news, the bank also cooperated with ant financial services to launch a "double link" platform in xiong'an new area. The platform is committed to solving the problems faced by traditional supply chain finance, such as opaque information, difficult credit transmission of core enterprises, and difficult and expensive financing of small and micro enterprises, so as to improve the effectiveness, convenience and availability of financial services, and promote the construction of a new financial ecosystem of the whole industrial chain. In addition, Industrial Bank announced its first pilot project of applying blockchain technology in 2017& mdash; Blockchain anti-counterfeiting platform.
        Zheshang Bank has created a "receivables chain platform" to issue asset-backed medium-term notes in the inter-bank market for enterprise receivables based on Zheshang Chain Finance on the blockchain to help enterprises solve the problem of accounts receivable activation. Compared with joint-stock banks, urban commercial banks have also tried to apply in specific business. It is understood that bank of Jiangsu cooperated with Wuxi perception group to launch the Internet of things chattel mortgage loan service, which enhanced the objectivity of regulatory data and used blockchain technology to write the original perception information into the bank's "Suyin chain" platform to ensure the safe storage and transmission of data, strengthen the pre loan and post loan management of chattel mortgage business and improve the risk management ability. Among private banks, Weizhong bank and Suning bank are more prominent in the development and utilization of blockchain.
        In 2015, Weizhong Bank launched the investment in blockchain technology, and in the following year, initiated the establishment of the financial blockchain cooperation alliance (hereinafter referred to as the "gold chain alliance"). In 2017, the gold chain alliance open source working group launched the open-source blockchain underlying technology platform fiscobcos. Currently, more than 500 enterprises and institutions have participated in it. Suning bank mainly launched a chattel pledge financing platform in the exploration of blockchain. Relying on blockchain technology, the records of bulk goods can be viewed in real time on this platform to improve the bank's risk control ability in the front and back of credit. When commercial banks compete in the blockchain technology, the practical application of blockchain in business is concerned by the market.
        The reporter learned from the interview that due to the improvement in efficiency and trust, blockchain technology is mostly used in clearing, cross-border trade, supply chain, information identification and digital currency. It can not only help banks enhance their risk control ability, but also help solve the financing difficulties and high financing costs of enterprises. This has also become an important reason for the supervision to promote the application of this new technology. "Weizhong bank applied the blockchain technology to clearing, which solved the problems of high business cost and many errors." Relevant personages of Weizhong bank said that the traditional bank reconciliation often needs t + 1 or T + 2 to complete, and the possibility of file loss is high. After using innovative technology, the blockchain reconciliation can confirm a batch of transactions at the second level, which can not only ensure the consistency of records, but also keep detailed records through the block.
        It is understood that since wechat bank applied the blockchain technology to the clearing business, the number of cleared businesses has reached more than 20 million, and zero error has been realized, which is impossible to achieve by traditional reconciliation methods. Blockchain technology plays a greater role in solving trust problems. This involves a series of issues such as banking risk and pricing. According to the relevant research report of Oriental Securities, the application scenario of blockchain has three characteristics of "new database, multiple business entities and mutual distrust". In essence, blockchain is a new type of database with time stamp. Its data is authentic and effective, non forgeable and difficult to tamper with, which is the application requirement for upgrading traditional databases.
        Blockchain is suitable for application in untrusted environment. At the technical level, the blockchain ensures the reliability of the system's data, results and history. It is especially suitable for industrial applications where the collaborators are not trusted, the interests are inconsistent or there is no authoritative third party involved. GUI Hefa, vice president of Modern Finance Research Institute of Jiangxi University of Finance and economics, said that at present, the application of blockchain technology in finance is mainly in supply chain finance, and also in payment and settlement, poverty alleviation and other fields. "In the field of poverty alleviation, the use of blockchain technology can realize point-to-point transactions, bypass many intermediaries, and directly give money to beneficiaries.". "In fact, the bank does not develop some underlying technologies by using blockchain technology, but uses the technology and application scenarios to solve the industry pain points.
        ”Liu Zheng, director of corporate Department of Suning bank, told the reporter. He believes that the blockchain is a distributed accounting method. For example, there are 20 banks in China, each of which records the personal credit information of users on its own platform. At the same time, accounting is carried out on a shared blockchain, so there is no such data unique to one bank. Instead, 20 banks have a set of such data, which records the data information of all users. Each bank has a backup, Blockchain is this concept. According to its introduction, Suning bank uses blockchain technology to operate in combination with business logic and business background. First of all, we should rely on the background of shareholders to integrate the resources of corresponding suppliers and channels, and rely on shareholders to support more small and medium-sized suppliers.
        In this context, according to the basic business principles, there are receivable businesses, goods pledge businesses, prepayment businesses, and so on. "Whether it is cross-border business, supply chain business or syndicated loan business, the biggest problem is the risk caused by the untruthful information. The bank's risk control system is a risk control model based on information, and the risk caused by information fraud is the largest. The non tamperability of information in the blockchain solves the trust problem, makes the risk assessment more accurate, and is also conducive to pricing." ICBC said. According to this person, from the perspective of industry development, the supply chain is the most important application area of banks for blockchain.
        The supply chain can play an important role in solving the "difficult financing" and "expensive financing" of small and micro enterprises. Earlier, the CBRC issued the guidance on promoting supply chain financial services to the real economy. It is mentioned that banking financial institutions are encouraged to use Internet, Internet of things, blockchain, biometric, artificial intelligence and other technologies to cooperate with core enterprises to build a supply chain financial service platform serving upstream and downstream chain enterprises, improve risk control technologies and models, innovate and develop online financial products and services, implement online approval and lending, Better meet the financing needs of enterprises.
        However, the barriers and obstacles to the development of blockchain technology applications are that the alliance chain between large institutions is difficult to form. Large institutions have high requirements for the right to speak, and it is not easy to reach an agreement on system construction. "Many banks have an independent chain inside, but they have not opened up to realize cross chain. This also involves some information privacy and customer competition issues." The aforementioned ICBC personage said that the application of new technologies has a process. At least now, there are more and more application fields and exploration of bank blockchain technology.
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