Xinhua News Agency reporter Zhang Qianqian
Cai Shirong runs a small shop in Chengdu Bainaohui Computer City, and 80% of orders come from corporate customers. What annoys her most is the accounts receivable. “Every day I think about how to get the money back.”
As a terminal supplier, Cai Shirong often has funding gaps because it is difficult to recover the accounts receivable. Cai Shirong wants to apply for loan turnover, but she does not have much assets, and the client’s IOU cannot be used as a basis to help her get the loan.
At the end of the supply chain, small, medium and micro enterprises have difficulties in loan financing, bank risk control, and departmental supervision… The situation Cai Shirong encountered is universal.
In recent years, blockchain technology has been continuously applied. As a distributed ledger technology, blockchain creates value by creating trust, and provides new solutions to the current difficulties in the verification of the authenticity of assets and transaction information in the financial sector, the high cost of credit evaluation, and the difficulty in implementing inclusive financial services. Ideas.
Specifically, how does blockchain help Cai Shirong solve the loan problem?
Chengdu Zhongke Daqi Software Co., Ltd. is one of Cai Shirong’s major customers. As a high-tech enterprise in the smart cultural travel industry, with the expansion of its business scale, Zhongke Daqi needs more and more advances, and it often fails to obtain bank loans due to lack of collateral.
With the help of the blockchain technology platform “Shuangliantong” built by Ant Group, the cooperation between Zhongke Daqi and Cai Shirong is “on the chain” throughout the whole process to ensure that the contract exists, is open and transparent, and cannot be tampered with. At the same time, the Chengdu SME Financing Guarantee Co., Ltd. was introduced to increase the credit of Zhongke Daqi to ensure that the latter has the ability to pay Cai Shirong’s purchase price. Cai Shirong can then prove to the bank his ability to repay and obtain the loan smoothly.
In this process, the bank can also control the flow of loan funds through the blockchain to ensure that the money is used for the purpose of the lender’s application, effectively reducing risks.
The essence of finance is operating credit. The “Blockchain Financial Application Development White Paper” released by the Industrial and Commercial Bank of China in April this year pointed out that the blockchain provides financial services with a solution to transfer their “trust foundation” from high offline costs to low online costs. While reducing the cost of credit, the multi-party sharing feature of the blockchain also strengthens the connection and collaboration between the participants and improves the efficiency of value exchange.
“In the past, when we evaluated a company to look at financial statements, banks would also worry about the authenticity of corporate statements.” Yuan Rui, deputy general manager of the transaction banking department of Shanghai Pudong Development Bank, said that in the era of big data, companies’ production, sales, processing, manufacturing, and inventory Such information can be used as a reference basis for banks to evaluate corporate credit. Blockchain technology can make these information and data have features such as non-tampering, verifiable rights, and traceability, which is helpful for banks to evaluate.
In addition to supply chain finance, the application of blockchain technology in the financial field is also reflected in the fields of trade financing, capital management, payment and settlement, and digital assets. Many domestic financial institutions and technology companies are actively deploying and building new platforms to help financial services.
According to Wang Haiyun, assistant to the general manager of the transaction banking department of China CITIC Bank, the transparent and difficult-to-tamper characteristics of blockchain information are very helpful for tracing the flow of funds. In Xiongan New Area, the financial construction fund management blockchain information system that China CITIC Bank participated in has been put into operation. This system can complete the penetrating payment of builders’ wages and supplier materials, so that it can be traceable and cannot be tampered with.
In the field of trade finance, Ant Group recently launched a new international trade and financial service platform Trusple based on blockchain technology, which can realize the intelligent performance of cross-border trade links with cooperative banks. After buyers and sellers generate trade orders, they will automatically “on the chain” and begin to flow. When a company generates financing needs, financial institutions can submit verification requests to the platform to determine the authenticity of the company’s trade.
The vigorous development of blockchain technology has put forward new requirements for system design and risk prevention.
Industry insiders said that at present, blockchain technology is developing rapidly, but at the same time it faces problems such as the need to improve the standard system, the contradiction between privacy protection and data sharing, the limitations of performance efficiency, and the lack of coordination inside and outside the chain.
“Blockchain technology is both an opportunity and a challenge. When deploying this technological change, we must pay more attention to business innovation and ecological synergy.” Jiang Guofei, vice president of Ant Group, believes that ecological synergy is an “amplifier” of the value of the blockchain. To provide partners with more opportunities to learn about business model innovations, and to establish a platform to facilitate financial institutions to self-help develop more ecological businesses in their own “ecological areas”, serve the real economy, and promote blockchain to become an industrial connection And the hub of value circulation.
Other experts pointed out that financial institutions should, based on industry characteristics, based on practical applications, cooperate with industry authorities to develop application standards for blockchain in the financial field, guide the orderly promotion of blockchain in the financial field, and further improve different business areas The level of large-scale application and promotion efficiency.
“The gradual application of emerging technologies in financial institutions has made it difficult for traditional regulatory techniques to meet existing regulatory requirements. Therefore, we should also vigorously develop regulatory technologies and pay attention to how to use new technologies such as blockchain to strengthen financial supervision.” Chief of China Banking Association Economist Ba Shusong said.
