Author: ShengHan bank of Beijing
Abstract: through the tamper-proof block chain data, information transparency, message source and other security features to effectively solve the problems existing in the traditional supply chain finance, solve the financing difficulties, financing expensive ", "optimize the supply side," "to stock" pain points, such as use of technical means to ensure the small and medium-sized enterprise capital chain stability and the flow of funds and efficient,
Key words: block chain, supply chain finance
1. Introduction
Supply chain finance business is one of the most complex business of banking, business involves multiple roles in the business process, at the same time between these roles of funds is very complex, at all levels through the financial aspects of the enterprise cooperation, realize the interests of coexistence, sustainable development of the industry,
Financial market scale in the rapid growth of supply chain in China, the scale of 2005 in 3 trillion, has grown to 12.6 trillion and in 2016 the overall scale, increased by 4.2 times, according to the latest estimates, PWC China supply chain financial market as a whole scale will continue to grow, from 2017 to 2020, the four years of growth will remain at 4.5% to 5%, according to the results of the prediction to the overall size of the market in China in 2020 will reach about 15 trillion,
Main problems of the traditional supply chain finance can be summed up in the following points: one is in the whole supply chain in the financial system, away from the core enterprise of N level supplier and N level dealer's financing difficulties; Second, each member's role in the complex business mode between collection difficulties; Three is a negotiable instrument fraud, such as multiple pledge risk, each link has not been established information transmission, sharing mechanism,
Block chain technology security features include: data manipulation security, information disclosure transparency, message traceability, etc., these security function point just can effectively solve the long existing in the traditional supply chain financing is not controllable, and use their technical features increase financing facility and reduce the cost of financing,
First, to ensure that trade background, core enterprise of suppliers, distributors, logistics companies and financial institutions and other stakeholders can be formed through block chain technology and share each other in every link of the supply chain in various trades, each transaction form network node, the node information in the entire network to maintain, through GIS location, logistics information display, fund information through the collection of information update inform yourself with financial institutions, accounts receivable and accounts payable in timely and accurate information to update to both parties, and financial institutions, storage and regulation information by digital information in a timely manner to provide enterprises and related financial institutions provide pledge financing,
Second, block chain technology can improve the qualification of each company in the supply chain finance business credit, and redesigned the credit system, the traditional supply chain financing structure, excessive dependence on the core enterprise, the process model for centralized mode, characteristics of decentralization and block chain technology can guarantee the information between each main body in the chain to be complete and unobstructed, improve the whole credit of each main body qualifications, establish credit system, the distributed through technical means, to expand 1 + N the traditional model of supply chain architecture to M + N mode, let the core enterprise in the whole supply chain financing in China, on the whole business chain to provide more financial services,
Third, block chain technology can be integrated into the supply chain finance business, the ascension of the whole chain operation efficiency and risk control level, through the intelligent can provide project contract, due diligence, business approval, factoring agreement/contract signing and registration and transfer of the account receivable, trade finance (loans), and post-loan management, accounts settlement, such as factoring the whole process of application service, help factoring companies to build and perfect the Internet + financial management pattern, so as to more effectively improve the guest, acquisition, and the ability of risk identification and control, the supply chain upstream and downstream enterprises to provide more high quality financial services, thus forming a complete supply chain financial ecosystem,
2. Block chain technology in the application of supply chain finance
Many encryption consensus, a distributed books, intelligent contract... These features, combine block chain and supply chain in the financial system, can make the supply chain financial system play a different role,
System on the one hand, through encryption with multilateral consensus trade to record information, make credit of core enterprise platform can pass between the upstream and downstream channel, in addition, let the external suppliers and distributors record block chain core enterprise in supply chain relationships, to solve the problem of the credit, the supplier/distributor for financial institutions,
System of bank nodes can be stored locally distributed books see apply for financing enterprises related to trade information, at the same time, through the intelligent contracts, after completing payment action in the core platform enterprise, supply chain between upstream and downstream enterprises to realize automatic settlement of funds, ensure the safety of enterprise stable receivable guaranteed and at the same time also can reduce the risk of financial institutions to provide supply chain loans, based on block chain technology, micro, small and medium enterprises can really make the supply chain financial services range from primary to secondary, tertiary seeps, financial further extension of the supply chain,
3. The financial institutions in the chain of blocks + exploration of supply chain finance
In May 2019, the number in guiyang exposition, the central bank, vice President of the institute of digital currency DiGang said the trade finance based on block chain can break the existing business pain points, implementing financial business link in the process of artificial calculation into AI wisdom,
At the same time, many banking institutions have established a professional supply chain financing or related institutions, and to promote business development, for example as early as 2014, ping an bank set up the modern logistics financial business; Industrial and commercial bank of 2017 with cofco, such as state grid companies to form a key enterprise financial supply chain alliance; And as minsheng bank, China merchants bank, bank of Beijing, jiangsu bank as well as several private Banks are involved in the supply chain finance business in succession,
At present, the world has more than hundreds of financial institutions and the Internet IT companies in the chain of blocks + supply chain finance introduced related products and technical services,
Many Banks actively explore financial science and technology in the application of supply chain finance, such as domestic credit block chain, chain block chattel pledge financing, forfaiting, block chain block chain + characteristic industry financing innovation business, such as
4. The scene instance
4.1. Block chain chattel pledge solution
Chattel pledge financing depends on bank debt financing, payment processing and cash management and other kinds of business, for all kinds of enterprises, to provide comprehensive e-commerce platform and trading market financing solutions, from "customer relationship maintenance", "multi-channel service" Angle, by supporting credit mode innovation, strengthen risk control ability, is the one on the basis of trade process management, enterprise financial management as the core of the supply chain financial IT systems, through developing supply chain finance business, on the one hand can help Banks to expand the customer base, improve the deposit and lending business, enhance customer bonding and the strategic objectives of risk management level, On the other hand, enterprises can be in trade dealers, manufacturing, sales and other links in credit enhancement, financing, guarantee, settle accounts, cash management and other services, a strategic partnership with the bank, increase enterprise's core competitiveness,
The whole business process include: credit - & gt; Acceptance - & gt; Lending - & gt; Post-loan four parts, the system in the stage of acceptance of the financing will be chattels basic information, additional information and personal property ownership registration on block chain, stage after loan, loan settlement told block chain movable property ownership transfer,
4.2. Block chain domestic l/c
Domestic letter of credit is the domestic trade way of payment and settlement, refers to the issuing bank to pay a certain amount to the beneficiary upon the request of the applicant, the written commitment, in a certain period of time, in accordance with relevant provisions of the l/c to complete the payment and settlement,
Domestic letter of credit has become a basic service trade settlement between the bank and the l/c can not only effectively manage trade process, reduce the compliance risk, promote the transaction between the seller and the buyer, also can make the bank transaction background, provide enterprises with the financing channels,
Information interaction mainly depends on global banking telecommunications association between bank SWIFT, because the system does not support Chinese, an inter-bank domestic l/c basic USES the open letter, traditional way of settlement process is long, low efficiency, low transmission channel security and document fraud common problems, such as
Based on Hyperledger Fabric league chain to realize the online processing of domestic credit and the entire encrypted, no third party intervention, solve the problem of domestic credit can't open, and compared with SWIFT message, with various operational transparent traceable, shorten the time of the l/c and documents transmission advantages, such as the l/c transfer time from a few days to reduce a few seconds, improve the efficiency of the business process, provide convenience for the customer capital turnover,
4.3. Block chain forfaiting
Forfaiting business is mainly related to the export trade of a new type of financing, for exporters, forfaiting business can make themselves don't have to be responsible for the debtor insolvent or not, do not take up the bank credit, reduce management costs, avoid forward exchange rate risk, rapid activate the advantages of the capital; For Banks, however, a business process is complex and tedious, review materials is very difficult, this constitutes a major challenge to risk management and risk control,
Through the chain block, big data, high-tech means such as artificial intelligence, forfaiting system solution can effectively block chain processing of the risk problem of the traditional business, such as through key authentication, asset core elements, intelligent way to ensure that the assets, such as credit rating information real effectiveness; Block chain structure, state of traceability, not to manipulate data and other technical means, in order to ensure information security and control will reduce the administrative burden operators, release and assets, funds offer, offer the offer, the transfer of creditor's rights and other rights, the intention to avoid delay, lower transaction costs, improve the efficiency of financing; System unified management core data, using the intelligent contract, agreement mechanism and distributed database solve across inter-row forfaiting trading range,
5. Conclusion
Innovation and development of supply chain finance business has been the country's high attention, and has been listed as essential for the management object, the sasac regulatory to state financing trade business risk of illness, General Office of the State Council issued the "guidelines on promoting innovation and application of supply chain" multiple file points out that promote the process of state-owned enterprises out of supply chain finance and give market forces a bigger space, we will actively yet prudently develop the financial supply chain, the supply chain industry development under the influence of the policy have a bigger stage,
Financial model is based on the core of supply chain with core enterprise of real trade background, based on core enterprise credit guarantee, the payment for goods will be the future income as a source of repayment, such as relative risk controllable, greatly reduces the financing difficulty, using block chain technology, can realize the supply chain in the financial system record books of traceability and maneuverability, the upstream and downstream of the company's actual transaction background and the related data integration to the supply chain, enhance the efficiency of the service at the same time meet the regulatory audit requirements, realize the transparency of the trading behavior, at the same time, the block chain technology application in the field of supply chain finance can carry on the credit for the enterprise, thus reduce financing cost,
Most from the current block chain practice case, the basic learning the ropes around here, you also need to explore other application scenarios, in order to achieve economies of scale and network effects, in terms of the overall market is still in infancy, chain blocks, Internet of things such as financial maturity of science and technology to achieve large-scale application, in the information tracking, monitoring of funds, logistics play an important role in increase in control and risk control, etc, the core meaning of financial technology is based on the core of enterprise credit and supply chain fourth-rate one, taking block chain, Internet of things, knowledge map, all of the available financial technology means such as machine learning, visualization of supply chain finance platform, in view of the small and medium-sized suppliers assets on a smaller scale, lack on such problems as the pledge, the use of alternative credit mechanism, build enterprise rating risk control model, power supply chain upstream and downstream of small and medium-sized enterprises to obtain financing, to carry out the national government,