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Trusted upgrade: stepping on the accelerator of "blockchain + supply chain finance"

Time : 20/10/2021 Author : j32kri Click : + -
        The problem lies in the accounting period of accounts receivable. Because the size and capital strength of small and medium-sized enterprises are not as large as those of large enterprises, plus the low popularity, small and medium-sized enterprises are often in a very passive position in the accounting period. Many times, in order to keep their jobs, they have to make concessions repeatedly in the accounting period. Although the measures for the administration of timely payment to small and medium-sized enterprises (Draft for comments) issued by the Ministry of industry and information technology stipulates that state organs, institutions and large enterprises that purchase goods, projects and services from small and medium-sized enterprises should pay within 30 days; As otherwise agreed in the contract, the maximum payment period shall not exceed 60 days, but the reality is still cruel. According to a group of survey data of SMEs in more than 20 countries, the average accounting period of SMEs in the world is about 66 days, 53 days and 51 days in Britain and America respectively, while the average accounting period of SMEs in China is as high as 92 days.
        The accounting period of accounts receivable has thus become a "hoop curse" that can not be removed from the neck of small and medium-sized business owners, and even tighter and tighter & mdash& mdash; Not only do small and medium-sized enterprises often get out of breath, but also greatly increase the capital cost of small and medium-sized enterprises. Some enterprises even have to "take 10 million jobs and prepare 40 million funds". The huge financing demand of small and medium-sized enterprises has promoted the prosperity of supply chain finance in China and gradually become the consensus solution of the whole society. Since 2017, the term "supply chain finance" first appeared in national policy documents & mdash& mdash; Since the guiding opinions on financial support for the construction of a manufacturing power proposed that "actively carry out various forms of supply chain financial business to effectively meet the financing needs of upstream and downstream enterprises in the industrial chain", there have been at least 7 relevant key documents issued by departments above the ministerial level.
        The so-called supply chain finance is to extend the credit of the core enterprises to the upstream and downstream small and medium-sized enterprises in the supply chain based on the supply chain management and the real transaction background, so as to solve the financing needs of the small and medium-sized enterprises in the supply chain. Since the assets with poor liquidity in the operation of the supply chain and the determined future cash flow generated by the assets are used as the repayment source, and the channel advantages of intermediary enterprises are used to provide comprehensive financial services, improve the coordination of the supply chain and reduce its operation cost, the supply chain finance is more scientific, personalized and targeted than the traditional trade financing methods. For example Prepayment and other methods to achieve financing.
        Because of this, under the policy support and demand promotion, China's supply chain finance industry has ushered in high-speed development. According to the report released by insight consulting, in 2019, the scale of China's supply chain financial market was 23 trillion yuan. It is expected that by 2024, the scale of China's supply chain financial market will reach 40.3 trillion yuan, with an average annual compound growth rate of 11.8%. Although after many years of penetration and development, supply chain finance has become a sharp tool to solve the problem of difficult and expensive financing for small and medium-sized enterprises, there are still some structural pain points to be solved in specific practice. First, data sharing is difficult. The supply chain has a long chain, complex processes and numerous links & mdash& mdash; Taking the financing of accounts receivable as an example, verifying the authenticity of accounts receivable involves many links. It is necessary to obtain and check the corresponding transaction contracts, delivery orders, transportation orders, acceptance orders, and payment receipts. These information are in the hands of different participants. However, due to the independence of information systems between different entities, it is difficult to exchange information, resulting in "stacks" and "data islands". The information is timely, accurate Sharing effectively is even more difficult.
        This not only hinders the participants in the supply chain from grasping the information flow, capital flow and logistics data in time, reduces the overall operation efficiency of the supply chain, but also causes serious obstacles to the construction of the supply chain credit system. In particular, there is a high degree of information asymmetry between enterprises at the end of the supply chain and core enterprises and financial institutions, which leads to financial institutions being cautious and conservative in consideration of the difficulty of risk control and the cost of supervision, and finally increases the financing difficulty of enterprises at the end of the supply chain. Second, credit transmission is difficult. Supply chain finance uses the credit of core enterprises as guarantee to provide financing services for small and medium-sized enterprises. The premise is to realize the cross level transmission of core enterprise credit.
        However, due to technical and other reasons, traditional commercial bills and other paper bills have problems such as confirmation and verification, and cannot be split, resulting in the credit of core enterprises cannot be transferred to multi-level small and medium-sized enterprises. However, suppliers or dealers are often small and medium-sized enterprises, which are not only small in size, lack of brand strength, weak in risk resistance, but also lack of collateral, so it is difficult to achieve financing. Under the dual background, financial institutions often "dare not lend", which makes it difficult to meet the financing needs of small and medium-sized enterprises, and further makes it difficult to promote the supply chain financial services. Third, it is difficult to verify the authenticity. Due to the limitation of supply chain management technology, the efficiency and transparency of information flow in the upstream and downstream of the whole supply chain need to be improved.
        In addition, some core channels or technologies are controlled by upstream and downstream enterprises, and it is difficult for core enterprises to provide sufficient guarantee for the authenticity of transactions of upstream and downstream enterprises, resulting in difficulties for financial institutions to verify the authenticity of transaction data of enterprises with financing needs. Fourth, business efficiency is low. Most of the supply chain financial business is completed based on the traditional credit approval process, with low degree of automation and high dependence on labor. Conduct due diligence on enterprises before loan, verify the authenticity of trade contracts and paper commercial bills, and go through complex approval processes from application to loan, which require a lot of labor and time. Fifth, it is difficult for financial institutions to control risks.
        Under the traditional credit mode, financial institutions mainly adopt the "point-to-point" credit mode, so risk control is only targeted at a single credit enterprise. However, supply chain finance uses the credit of core enterprises in the supply chain to provide financing support for upstream and downstream enterprises, which brings greater difficulties to financial risk control. The above problems, to a great extent, have restricted the further development of the supply chain financial business, and also affected the high-quality development of all walks of life and the Chinese economy. When more and more problems are exposed in traditional supply chain finance and it is difficult to adapt to market demand, transformation and upgrading with the help of advanced technology has become the only choice to break the situation. In view of the current pain points in supply chain finance, the state proposes to encourage the role of blockchain, big data, Internet of things and other technologies to monitor the property rights, creditor's rights and other information flows in the industrial chain, so as to solve the problem of business credit risk control.
        Among the many advanced technologies, blockchain is the technology that best matches the supply chain finance scenario and can best solve many pain points of Supply Chain Finance & mdash& mdash; As a distributed computing technology, the biggest advantage of blockchain lies in the traceability and non tamperability of the whole process, and it can establish an open and transparent trust mechanism between different nodes. Due to this unique advantage, it is obvious that blockchain can help supply chain financial operation efficiency and quality, and enhance the quality and efficiency of upstream and downstream enterprises in the supply chain. As we all know, in the business scenario of supply chain finance, the data will change hands many times during the circulation. Therefore, the verification of data authenticity is an essential link in the risk control process of the fund side.
        The blockchain can realize the openness, transparency, non tamperability and traceability of data transaction records on the alliance chain through technical means such as block chain data format and time stamp, thus contributing to data tracking and information anti-counterfeiting, and further helping to realize the links between different participants in the industrial chain, between different platforms, and between different ecosystems, so as to achieve reliable and efficient links in the upstream and downstream of the entire supply chain. In the traditional supply chain finance model, the same enterprise needs to register and authenticate identity information multiple times on different platforms and scenarios. The process is cumbersome, and what is more important is the subsequent fragmentation of digital identity & mdash& mdash; Because the identity information is recorded on different platforms, not only the cost of information collection and maintenance is high, but also faces huge potential information leakage.
        The enterprise digital identity solution based on blockchain technology can provide an infrastructure chain for supply chain finance, help physical enterprises, commercial banks and non bank financial institutions to establish digital identity authentication portals, and solve the management problems such as identity information fragmentation and multi platform identity penetration. The above is just a few examples of application scenarios of blockchain in supply chain finance. In fact, the enabling value of blockchain for supply chain finance is far from these. For this reason, the "14th five year plan" clearly proposes that "we will promote the innovation of blockchain technologies such as smart contracts, consensus algorithms, encryption algorithms, and distributed systems, focus on the alliance chain, develop blockchain service platforms and applications in the fields of financial technology, supply chain management, and government services, and improve the regulatory mechanism.
        ”。 For example, in July 2018, completed the first real-time blockchain financial transaction. we. Trade is an open-source distributed ledger solution hyperledger fabric, founded by IBM, HSBC, Deutsche Bank and other nine founding banks. It aims to eliminate the financing gap that hinders cross-border and domestic trade and promote the trade of European small and medium-sized enterprises. Based on the blockchain technology, the platform brings a series of convenience for enterprise financing, including payment commitments based on smart contract execution. The platform's innovation in trade financing business and supply chain finance enables enterprises of all sizes to conduct cross-border transactions more efficiently and safely.
        At present, the platform has expanded its business to many European countries by taking advantage of Europe's geographical and policy advantages. In China, some data show that 30% of China's supply chain has been put on the chain. In the next few years, 60% - 70% of accounts receivable may be transferred through the blockchain. By 2025, the financing scale of accounts receivable released through the blockchain may reach 3.6 trillion. Although "blockchain + supply chain finance" has many advantages unmatched by traditional supply chain finance, it also faces some challenges in the process of implementation. One of the biggest challenges is how to ensure the security of uplink data. As we all know, accounts receivable vouchers belong to the balance sheet. However, in seeking financing, enterprises need to provide accounts receivable vouchers to the credit platform. The whole process must ensure data security. The credit platform needs to have strong anti interception and anti cracking capabilities in data security protection.
        In addition, data storage and the cost of blockchain transformation and construction of existing platforms are also practical problems that must be solved by "blockchain + supply chain finance". It is gratifying that some domestic manufacturers have launched safe and high-performance "blockchain + supply chain finance" solutions to the above problems. For example, the supply chain financial trusted upgrade and privacy upgrade solution launched by Tianjin eight component digital technology Co., Ltd. (hereinafter referred to as "Tianjin eight component") is based on trusted computing, blockchain, privacy computing, big data and other technologies, as well as the help of data exchange middleware products. On the premise of fully ensuring the security of upstream and downstream data in the supply chain, it realizes the synchronization of multi-source and cross database, breaks the information island, integrates information flow, business flow, logistics And give full play to the value of these data.
        The Tianjin eight component supply chain financial trusted upgrade solution mainly consists of two parts: the blockchain integration upgrade solution and the trusted data exchange platform solution. Among them, the blockchain integration and upgrading scheme is based on the eight component trusted basic chain & mdash& mdash; The industrial and financial data storage and circulation solution provided by eight components stores the business data of upstream and downstream enterprises on the chain, provides a more secure, reliable and simple docking method for financial institutions or other cooperation platforms to access business data, and ensures that the data is reliable, tamper proof, data encryption, and can also realize data authorization and sharing. The deployment and release of smart contracts based on specific scenarios greatly reduce human intervention, thus improving the efficiency of the scenarios and facilitating the later audit of government agencies.
        The trusted data exchange scheme adopts the architecture scheme of on chain storage and off chain transmission, in which the request and response to shared data will be recorded on the blockchain, and the real shared data will be transmitted off the chain. Since all requests and responses to shared data are recorded on the blockchain, and the blockchain can ensure that they are hard to tamper with, open, transparent and traceable, any participant can trace the data exchange and sharing process by querying the blockchain records if they have any objection to the data ownership. In addition, the transmission of shared data is carried out under the chain. On the one hand, the data privacy is protected, and on the other hand, the load on the chain is reduced, thereby improving the throughput of the system.
        The security and privacy protection of off chain transmission are ensured by identity authentication, data authorization, digital envelope, IPFs content addressing mechanism (generating hash value based on transmission data), hash up chain and field level encryption and decryption. Based on the trusted upgrading solution of Tianjin eight component supply chain finance, no matter whether SMEs obtain financing, financial institutions carry out credit business, or the government and other departments carry out supervision, it can greatly reduce costs and improve efficiency and efficiency. Financial institutions can build trust among different companies, expand cooperation space with small and medium-sized enterprises, solve the problems of low coverage of credit capital customers and difficulty in obtaining customers. At the same time, they can legally and legally obtain real, rich and timely enterprise data at low cost, greatly reducing operating costs.
        In addition, it can also obtain multi-dimensional supply chain financial information efficiently. At the same time, it can verify the authenticity of enterprise data in multiple dimensions, improve risk control ability, and reduce bad debt losses caused by information asymmetry and unreliable data. Core enterprises can obtain more authentic and credible risk control benefits, improve their own credit rating, reduce financing costs, and obtain considerable service benefits. At the same time, they can improve the control ability of the supply chain, make scientific decisions based on multidimensional data, and avoid the disruption of the supply chain and the impact on normal operation. In addition, the ecology of the industry to which the enterprise belongs will also accelerate the virtuous cycle & mdash& mdash; Fully release the data value, help enterprises innovate, improve quality and efficiency, bring new growth points for the industry, and promote the iterative upgrading of the whole industry.
        If the "blockchain + supply chain finance" model has brought the development of supply chain finance into the fast lane, then the credible upgrading is equivalent to stepping on the accelerator of "blockchain + supply chain finance", promoting the implementation of supply chain finance with higher efficiency and quality, and serving the upstream and downstream enterprises of the supply chain. Small and medium-sized enterprises are an important support for China's economic development and social stability. They contribute more than 50% of taxes, more than 60% of GDP, more than 70% of technological innovation, more than 80% of urban labor employment, and more than 90% of the number of enterprises. For a long time, the financing problem of small and medium-sized enterprises has been a topic of national concern. In recent years, as China's economy enters the track of high-quality development, the priority of helping small and medium-sized enterprises solve financing problems has been further improved.
        Under the pressure of demand, supply chain finance has experienced a development process from embryonic to mainstream in China. However, in the specific implementation process, supply chain finance has also encountered various problems. It is gratifying that from the beginning to the end, there are many enterprises with a sense of responsibility. Through the introduction of advanced technologies and optimization models, they promote the better and faster development of supply chain finance, and thus promote the coordinated development of the digital economy and the real economy.
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