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Supply chain financial innovation based on blockchain
Publish: 2021-05-19 10:07:45
1.
In the traditional supply chain finance, financing difficulty, high financing cost and cumbersome financing process have always been one of the bottlenecks restricting small and medium-sized enterprises to become bigger and stronger. Banks rely on the ability of core enterprises to control goods and regulate sales. For the sake of risk control, banks are only willing to provide factoring services to upstream suppliers (limited to first tier suppliers) with direct accounts payable obligations of core enterprises, or provide prepayment or inventory financing to their downstream distributors (first tier suppliers). As a result, the demand of secondary and tertiary suppliers / distributors with huge financing demand can not be met, the business volume of supply chain finance is limited, and the small and medium-sized enterprises can not get timely financing, which will easily lead to proct quality problems and damage the whole supply chain system
to solve these problems, we can make use of the characteristics of decentralized, tamper proof and distributed ledger of blockchain technology to build a blockchain supply chain financial platform
The core enterprise issues a / R certificate to the distributor. After the distributor signs the receipt, it indicates that it has signed the purchase and sales contract and the core enterprise delivers the goods Because of the shortage of funds, distributors need to borrow money from finance3. After the financial institutions have approved, the amount of loans will be sent to the core enterprises
The distributor will repay the loan and interest after selling the goods2. Since the blockchain upsurge in China, the whole instry has been exploring various landing scenarios. It can be said that there are so many blockchains, which have attracted countless entrepreneurs. So what are the advantages of blockchain in the supply chain finance? What are the pain points of the traditional model? What new business models can blockchain create to solve these problems? How should blockchain start-ups enter this field
Moody's, the world's famous bond rating agency, has given 127 blockchain cases, from points to transaction clearing, from document storage to supply chain management, from cross-border payment to supply chain finance, and various applications emerge in endlessly
among so many applications, supply chain finance has attracted much attention, and its commercialization has made rapid progress
this is because, first of all, the supply chain finance scene has a trillion level market scale, and the ceiling is high enough. Secondly, this scene naturally needs multi-party cooperation, but there is no traditional centralized institution in governance, and it needs to use blockchain to build trust. At the same time, technically, this scene does not need high concurrency, and the current blockchain technology can meet it
1. Supply chain finance is a trillion level market
supply chain finance refers to the comprehensive financial procts and services provided to the upstream and downstream enterprises in the supply chain by taking the core enterprises and their related upstream and downstream enterprises as a whole, relying on the core enterprises, taking real trade as the premise, and using the method of self compensating trade financing
according to the different financing collateral, financial institutions divide the supply chain finance into accounts receivable, prepayment and inventory financing, among which the scale of accounts receivable is particularly large< According to the data from the National Bureau of statistics, at the end of 2016, the accounts receivable of China's Instrial Enterprises above designated size were 12.6 trillion yuan, an increase of 10% over the same period of last year, which generated a huge financing demand for enterprises. Compared with the huge accounts receivable, China's annual commercial factoring volume was only about 200 billion yuan in 2015. It can be seen that there is still a large number of supply chain demand has not been met, so the development space of supply chain finance instry is huge
2. How to solve the pain point of supply chain finance with blockchain
pain point 1: the financing of small and medium-sized enterprises in the supply chain is difficult and the cost is high
because banks rely on the ability to control goods and regulate sales of core enterprises, for the sake of risk control, banks are only willing to provide factoring services to upstream suppliers (limited to primary suppliers) with direct accounts payable obligations of core enterprises, Or provide advance payment or inventory financing to its downstream distributors (primary suppliers)
as a result, the demand of secondary and tertiary suppliers / distributors with huge financing demand can not be met, the business volume of supply chain finance is limited, and SMEs can not get timely financing, which will easily lead to proct quality problems and damage the whole supply chain system
blockchain solution:
we issue and run a kind of digital bill on the blockchain, which can be split and transferred freely in the case of transparency and multi-party witness
this model is equivalent to making the credit in the whole business system conctive and traceable, providing financing opportunities for a large number of SMEs that could not have been financed, greatly improving the efficiency and flexibility of bill circulation, and recing the capital cost of SMEs
according to statistics, in the past, traditional supply chain finance companies could only provide financing services for about 15% of suppliers (small and medium-sized enterprises) in the supply chain, while after adopting blockchain technology, 85% of suppliers could enjoy financing convenience
pain point 2: as the main financing tool of supply chain finance, the use of commercial bills and bank bills at this stage is limited, and the transfer is difficult
the use of commercial bills is subject to the reputation of enterprises, and it is difficult to control the arrival time of bank bill discount. At the same time, if we want to transfer these bonds, the difficulty is not small
because in the actual financial operation, banks are very concerned about the legal effect of "Notice of transfer" of accounts receivable claims. If the core enterprise cannot sign back, banks will not be willing to extend credit. It is understood that the bank is very cautious about the legal effect of signing the "Notice of assignment" of creditor's rights, and even requires the legal representative of the core enterprise to go to the bank to sign it face to face. Obviously, this way of operation is extremely difficult
blockchain solution:
an alliance chain can be built between banks and core enterprises, which can be used by all member enterprises in the supply chain. By using the characteristics of multi-party signature and tamper proof of blockchain, the transfer of creditor's rights can get multi-party consensus and rece the difficulty of operation
of course, the system design should be able to achieve the legal notice effect of bond transfer. At the same time, the bank can trace the transactions of each node and draw a visible transaction flow chart
pain point 3: it is difficult for the supply chain financial platform / core enterprise system to prove its innocence, resulting in high risk control cost of the capital side
in the current supply chain financial business, banks or other capital sides are concerned about the authenticity of the transaction information itself in addition to the repayment ability and willingness of the enterprise, and the transaction information is recorded by the ERP system of the core enterprise
although ERP tampering is difficult, it is not absolutely credible. Banks are still worried that core enterprises and suppliers / dealers collude to modify information, so they need to invest manpower and material resources to verify the authenticity of the transaction, which increases the additional cost of risk control
blockchain solution:
as a "trusted machine", blockchain has the characteristics of traceability, consensus and decentralization, and the data on the blockchain has a time stamp, so even if the data of a node is modified, it can not cover the sky. Therefore, blockchain can provide an absolutely trusted environment and rece the cost of risk control on the capital side, Solve the bank's doubts about being tampered with information
3. How should blockchain companies cut into supply chain finance
in terms of market choice, we believe that blockchain start-ups should choose the segments with high enough ceiling, such as household appliances, automobile, retail, clothing, pharmaceutical instry, etc. On the one hand, these instries have a broad market, on the other hand, their supply chain management infrastructure is relatively perfect, and the early cost of block chain is relatively small
we believe that there are two modes for blockchain companies to enter supply chain finance
the first is to directly cooperate with core enterprises / platforms to provide them with the underlying solutions of blockchain. After accumulating enough data, they can provide financial services to the investors by building alliance chain Alliance chain mode)
in view of the fact that the blockchain itself can not solve the problem of risk control, enterprise level risk control still needs to focus on strong core enterprises at the present stage. At the same time, obtaining the support of core enterprises can also effectively solve the problem of customer acquisition, because a large core enterprise generally has thousands of various suppliers
at present, domestic blockchain companies start from core enterprises, including Bubi and Wanglu technology. Bubi has launched an alliance chain "Bunuo" for supply chain finance, linking banks, core enterprises and factoring companies. Bunuo is based in Guangzhou and Shenzhen, radiating southeast business, and digging deep into the field of supply chain finance, Previously, it signed a strategic cooperation agreement with Yigang
the second mode is to provide supply chain management services, such as traceability, tracking, visualization, etc., to integrate information flow, logistics and capital flow, and then engage in financial services Private chain mode)
this mode is equivalent to building an application scenario with blockchain. Just like Alipay, if Ma Yun did Alipay directly, it would be difficult to do so because there was no application scenario, so Taobao first served the real economy. With Taobao, Alipay emerged as a centralization trust scenario and grafted other applications on Alipay before accomplishments.
at present, among the domestic blockchain companies, bitse and food premium are the ones that adopt the supply chain service mode
for example, vechain provides a method of anti-counterfeiting and traceability, by implanting an NFC chip into each commodity, registering the commodity on the blockchain, so that it has a digital identity, and then recording all the information of the digital identity through the account book maintained jointly, so as to achieve the verification effect. At present, vechain procts have been connected with more than 10 instry benchmark customers, and millions of IDS are running on the chain
4. Build a supply chain financial exchange in three steps
from the perspective of implementation path, the application of blockchain in the field of supply chain finance can be realized in three steps
as a prerequisite, we need to build a blockchain + supply chain finance alliance, whose participants include supply chain finance platform, core enterprises, professional financial intermediaries, financiers, factoring institutions, etc
each participant needs to undertake corresponding obligations. For example, the platform is responsible for providing basic services such as supply chain information and customer information, while the core enterprise understands the instry situation, has control over the enterprises in the supply chain, and is responsible for risk control
professional financial intermediaries can integrate and analyze the platform information, and provide customized supply chain financial procts, such as personalized blockchain electronic bills. The fund side includes banks, Internet financial institutions and other customers who are responsible for docking the corresponding risk preference
after the establishment of alliance chain, we can start the three-step strategy
the first step is to put the data in the supply chain alliance on the chain, use the characteristics of blockchain to make it tamperable, and provide services such as data authentication and traceability
the second step is asset digitization, which turns warehouse receipts, contracts, and blockchain bills that can represent financing needs into digital assets, which are unique, tamper proof, and non reprocible
the third step is the transaction of digital assets. The supply chain financial platform will be transformed into a financial asset exchange, which will transform the non-standard enterprise loan demand into standardized financial procts for token, docking investment and financing demand, and concting value trading
finally, blockchain technology will effectively enhance the liquidity of supply chain financial assets, mobilize new financing tools and risk control system, help cover the long tail market of SME financing, and promote supply chain finance as a service.
Moody's, the world's famous bond rating agency, has given 127 blockchain cases, from points to transaction clearing, from document storage to supply chain management, from cross-border payment to supply chain finance, and various applications emerge in endlessly
among so many applications, supply chain finance has attracted much attention, and its commercialization has made rapid progress
this is because, first of all, the supply chain finance scene has a trillion level market scale, and the ceiling is high enough. Secondly, this scene naturally needs multi-party cooperation, but there is no traditional centralized institution in governance, and it needs to use blockchain to build trust. At the same time, technically, this scene does not need high concurrency, and the current blockchain technology can meet it
1. Supply chain finance is a trillion level market
supply chain finance refers to the comprehensive financial procts and services provided to the upstream and downstream enterprises in the supply chain by taking the core enterprises and their related upstream and downstream enterprises as a whole, relying on the core enterprises, taking real trade as the premise, and using the method of self compensating trade financing
according to the different financing collateral, financial institutions divide the supply chain finance into accounts receivable, prepayment and inventory financing, among which the scale of accounts receivable is particularly large< According to the data from the National Bureau of statistics, at the end of 2016, the accounts receivable of China's Instrial Enterprises above designated size were 12.6 trillion yuan, an increase of 10% over the same period of last year, which generated a huge financing demand for enterprises. Compared with the huge accounts receivable, China's annual commercial factoring volume was only about 200 billion yuan in 2015. It can be seen that there is still a large number of supply chain demand has not been met, so the development space of supply chain finance instry is huge
2. How to solve the pain point of supply chain finance with blockchain
pain point 1: the financing of small and medium-sized enterprises in the supply chain is difficult and the cost is high
because banks rely on the ability to control goods and regulate sales of core enterprises, for the sake of risk control, banks are only willing to provide factoring services to upstream suppliers (limited to primary suppliers) with direct accounts payable obligations of core enterprises, Or provide advance payment or inventory financing to its downstream distributors (primary suppliers)
as a result, the demand of secondary and tertiary suppliers / distributors with huge financing demand can not be met, the business volume of supply chain finance is limited, and SMEs can not get timely financing, which will easily lead to proct quality problems and damage the whole supply chain system
blockchain solution:
we issue and run a kind of digital bill on the blockchain, which can be split and transferred freely in the case of transparency and multi-party witness
this model is equivalent to making the credit in the whole business system conctive and traceable, providing financing opportunities for a large number of SMEs that could not have been financed, greatly improving the efficiency and flexibility of bill circulation, and recing the capital cost of SMEs
according to statistics, in the past, traditional supply chain finance companies could only provide financing services for about 15% of suppliers (small and medium-sized enterprises) in the supply chain, while after adopting blockchain technology, 85% of suppliers could enjoy financing convenience
pain point 2: as the main financing tool of supply chain finance, the use of commercial bills and bank bills at this stage is limited, and the transfer is difficult
the use of commercial bills is subject to the reputation of enterprises, and it is difficult to control the arrival time of bank bill discount. At the same time, if we want to transfer these bonds, the difficulty is not small
because in the actual financial operation, banks are very concerned about the legal effect of "Notice of transfer" of accounts receivable claims. If the core enterprise cannot sign back, banks will not be willing to extend credit. It is understood that the bank is very cautious about the legal effect of signing the "Notice of assignment" of creditor's rights, and even requires the legal representative of the core enterprise to go to the bank to sign it face to face. Obviously, this way of operation is extremely difficult
blockchain solution:
an alliance chain can be built between banks and core enterprises, which can be used by all member enterprises in the supply chain. By using the characteristics of multi-party signature and tamper proof of blockchain, the transfer of creditor's rights can get multi-party consensus and rece the difficulty of operation
of course, the system design should be able to achieve the legal notice effect of bond transfer. At the same time, the bank can trace the transactions of each node and draw a visible transaction flow chart
pain point 3: it is difficult for the supply chain financial platform / core enterprise system to prove its innocence, resulting in high risk control cost of the capital side
in the current supply chain financial business, banks or other capital sides are concerned about the authenticity of the transaction information itself in addition to the repayment ability and willingness of the enterprise, and the transaction information is recorded by the ERP system of the core enterprise
although ERP tampering is difficult, it is not absolutely credible. Banks are still worried that core enterprises and suppliers / dealers collude to modify information, so they need to invest manpower and material resources to verify the authenticity of the transaction, which increases the additional cost of risk control
blockchain solution:
as a "trusted machine", blockchain has the characteristics of traceability, consensus and decentralization, and the data on the blockchain has a time stamp, so even if the data of a node is modified, it can not cover the sky. Therefore, blockchain can provide an absolutely trusted environment and rece the cost of risk control on the capital side, Solve the bank's doubts about being tampered with information
3. How should blockchain companies cut into supply chain finance
in terms of market choice, we believe that blockchain start-ups should choose the segments with high enough ceiling, such as household appliances, automobile, retail, clothing, pharmaceutical instry, etc. On the one hand, these instries have a broad market, on the other hand, their supply chain management infrastructure is relatively perfect, and the early cost of block chain is relatively small
we believe that there are two modes for blockchain companies to enter supply chain finance
the first is to directly cooperate with core enterprises / platforms to provide them with the underlying solutions of blockchain. After accumulating enough data, they can provide financial services to the investors by building alliance chain Alliance chain mode)
in view of the fact that the blockchain itself can not solve the problem of risk control, enterprise level risk control still needs to focus on strong core enterprises at the present stage. At the same time, obtaining the support of core enterprises can also effectively solve the problem of customer acquisition, because a large core enterprise generally has thousands of various suppliers
at present, domestic blockchain companies start from core enterprises, including Bubi and Wanglu technology. Bubi has launched an alliance chain "Bunuo" for supply chain finance, linking banks, core enterprises and factoring companies. Bunuo is based in Guangzhou and Shenzhen, radiating southeast business, and digging deep into the field of supply chain finance, Previously, it signed a strategic cooperation agreement with Yigang
the second mode is to provide supply chain management services, such as traceability, tracking, visualization, etc., to integrate information flow, logistics and capital flow, and then engage in financial services Private chain mode)
this mode is equivalent to building an application scenario with blockchain. Just like Alipay, if Ma Yun did Alipay directly, it would be difficult to do so because there was no application scenario, so Taobao first served the real economy. With Taobao, Alipay emerged as a centralization trust scenario and grafted other applications on Alipay before accomplishments.
at present, among the domestic blockchain companies, bitse and food premium are the ones that adopt the supply chain service mode
for example, vechain provides a method of anti-counterfeiting and traceability, by implanting an NFC chip into each commodity, registering the commodity on the blockchain, so that it has a digital identity, and then recording all the information of the digital identity through the account book maintained jointly, so as to achieve the verification effect. At present, vechain procts have been connected with more than 10 instry benchmark customers, and millions of IDS are running on the chain
4. Build a supply chain financial exchange in three steps
from the perspective of implementation path, the application of blockchain in the field of supply chain finance can be realized in three steps
as a prerequisite, we need to build a blockchain + supply chain finance alliance, whose participants include supply chain finance platform, core enterprises, professional financial intermediaries, financiers, factoring institutions, etc
each participant needs to undertake corresponding obligations. For example, the platform is responsible for providing basic services such as supply chain information and customer information, while the core enterprise understands the instry situation, has control over the enterprises in the supply chain, and is responsible for risk control
professional financial intermediaries can integrate and analyze the platform information, and provide customized supply chain financial procts, such as personalized blockchain electronic bills. The fund side includes banks, Internet financial institutions and other customers who are responsible for docking the corresponding risk preference
after the establishment of alliance chain, we can start the three-step strategy
the first step is to put the data in the supply chain alliance on the chain, use the characteristics of blockchain to make it tamperable, and provide services such as data authentication and traceability
the second step is asset digitization, which turns warehouse receipts, contracts, and blockchain bills that can represent financing needs into digital assets, which are unique, tamper proof, and non reprocible
the third step is the transaction of digital assets. The supply chain financial platform will be transformed into a financial asset exchange, which will transform the non-standard enterprise loan demand into standardized financial procts for token, docking investment and financing demand, and concting value trading
finally, blockchain technology will effectively enhance the liquidity of supply chain financial assets, mobilize new financing tools and risk control system, help cover the long tail market of SME financing, and promote supply chain finance as a service.
3. Based on the blockchain technology, build the trust system of banks or financial institutions, core enterprises, suppliers and other multi-party alliance, ensure the true sharing of multi-party information, improve the effectiveness and security of supply chain financial services, rece enterprise financing costs, and realize the effective flow of supply chain funds and resource sharing.
4. LianBo technology and housekeeper have done a supply chain financial service project of blockchain
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