Blockchain digital bill ICBC
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.
now the rapid growth of computer technology, every company needs computer talents, you can go to learn computer professional,
there is still a lot of development space in this field, as long as you study hard, the future prospects are unlimited.
there's no saying that kind of trouble
if you can count all of them, you are definitely well trained in computing.
bill is a kind of valuable voucher, which needs a hidden "third party" role to ensure the safety and reliability of both parties in the transaction. However, with the help of blockchain, there is no need for a third party to supervise and verify the information transmitted by the two parties, nor for a specific physical object to be used as a proof to connect the two parties to obtain trust, thus realizing the "invisible" transmission of value between point-to-point
in the development of bill platform based on blockchain, Yingtang Zhongchuang said that the application of blockchain technology in the development of bill platform has the following functions: to realize the disintermediation of bill value transmission; Effectively prevent the risk of bill market; Change the existing system structure of electronic commercial draft; Improve operation efficiency; Standardize the market order and rece the cost of supervision
the advantages of the blockchain bill platform are as follows: the system construction and data storage do not need a central server, nor do they need a central level application; The integrity, transparency and verifiability of data can be traced and queried for any value exchange; The form of smart contract makes the bill programmable and controllable in the whole life cycle.
Analysis of the market situation and development prospects of China's financial technology instry in 2019 analysis of the ten development trends in the future. The article said that with the deep integration of Finance and technology, financial technology is leaping to a new level. On the one hand, banks and other traditional financial institutions continue to add financial technology weight. Postal savings bank, Agricultural Bank of China and other financial institutions recently held a special campus recruitment session for financial technology, and will increase R & D investment in the field of financial technology in 2019. On the other hand, Internet based financial technology companies are rising rapidly. According to the performance reports recently released by Tencent, 360 finance, Lexin and other giants, the revenue of financial technology increased rapidly in 2018, of which the net revenue of 360 finance increased 464% year on year in 2018. At the same time, the "cross-border cooperation" between traditional financial institutions and technology companies is increasingly close, and the development ecology of financial technology is taking shape
instry experts said that the development of financial technology will improve the efficiency of financial operation, bring a new environment for private enterprise financing and financial risk prevention, but also bring new challenges to financial supervision. According to the recent intensive release of signals from regulators, financial technology will receive greater policy support, and financial technology supervision will also be tightened simultaneously
in the future, China's financial technology revenue will be close to 2 trillion yuan
according to the statistical data of analysis report on in-depth research and investment strategic planning of China's science and technology financial services published by prospective instry research institute , China's financial technology revenue in 2013 only reached 69.51 billion yuan. Since 2016, China's Internet finance is graally transforming from user traffic driven to financial technology driven. Although China's financial technology is still in the early stage of development, China's immature financial market provides the soil for the rapid development of financial technology. As of 2017, the total revenue of China's financial technology enterprises has reached about 654.1 billion yuan, with a year-on-year growth rate of 55.2%. According to the prediction of the Institute of prospective instry: in 2018, the total revenue of China's financial technology enterprises reached 969.88 billion yuan, with a year-on-year growth rate of 48.3%. It is expected that at present, financial technology serves financial institutions and is more inclined to the back end of the actual financial business, which is not the most profitable link in the financial instry chain. Therefore, it is difficult for the scale of financial technology revenue to usher in explosive growth in a short period of time, or it will continue to maintain such a stable growth rate. It is predicted that China's financial technology revenue will reach 1970.49 billion yuan in 2020
Statistics and growth forecast of China's financial technology revenue from 2013 to 2020, With the strong support of the policy, financial institutions and technology enterprises continue to increase their investment in financial technology, continuously reflect and release the value of data, enrich the application scenarios of financial business, and innovate financial solutions. Development Bank, unmanned bank, asset securitization, digital bill, non-performing asset disposal and other businesses are graally becoming reality from concept with the help of science and technology. As the fifth generation mobile communication technology (5g), quantum computing and other cutting-edge technologies change from concept stage to practical application, finance, as the first field to embrace technology, will also proce new sparks. In the future, the development trend of financial technology is reflected in ten aspects:1, open bank
open bank is the open service of banks through open application programming interface (API). That is to say, banks open their financial services to external customers (enterprises or indivials) through open platform (OpenAPI) and other technical means. Customers can use the bank's services by calling the API instead of facing the bank directly. Through the opening of API, banks carry out cross-border integration, realize data sharing and scene integration between banks and banks, banks and non bank financial institutions, banks and cross-border enterprises, and greatly expand the ecosystem of banking services
opening up banks has become a new wave of bank transformation at home and abroad in recent years“ The concept of "open bank" originated in the UK. In January 2018, nine UK banks shared data and implemented the concept of "open bank" for the first time. In July 2018, Shanghai Pudong Development Bank took the lead in releasing "apibank" open bank in Beijing, marking the first landing of "open bank" in China. Subsequently, ICBC, China Construction Bank, China Merchants Bank, Instrial Bank of China and Everbright Bank launched exploration one after another to realize the link between financial and life scenes through opening API
the era of open bank 4.0 represented by API
bank is coming. In the future, the business model of banks will be changed from B2C to B2B2C, and the service standard will be upgraded from standard NPs to integrated NPs. With financial services embedded in all aspects of life and proction, the cross-border ecosystem of "scene first, finance second" will become the mainstream. Although the application of open banking is still in the early stage, in the future, the bank's account function, payment function, financial procts, loan procts, etc. will inevitably form a standardized API centralized output, which will become the interface to open up the cross-border ecology
2. Unmanned bank
unmanned bank refers to recing the manpower use of traditional banks through scientific and technological means. Through the use of biological recognition, speech recognition, data mining, artificial intelligence, VR, AR, holographic projection and other scientific and technological means, it can replace the traditional bank teller, lobby manager, guide and other posts, and provide customers with full self-service intelligent banking services
the rection of bank manpower is the general trend at present. At present, most banks have realized the partial replacement of human resources, and a few banks have realized the complete replacement of office and store in the pilot. As of May 28, 2018, a total of 4591 physical outlets of China's banks have exited. Since the second half of 2017, the average growth rate of the number of physical outlets of banks has been 55% on a year-on-year basis. By the end of June 2018, the number of employees of the four major banks had decreased by more than 32000 compared with the end of 2017
in the short term, unmanned banks will still be in the pilot stage. At present, China Construction Bank has started the pilot of unmanned bank, covering more than 90% of cash and non cash businesses by replacing tellers, security guards and lobby managers with more efficient intelligent teller machines, and replacing manual verification with face brushing and ID card brushing. Although the unmanned bank has opened up a new path for the transformation of bank outlets, it is difficult for the current banking business to be 100% unmanned, such as the need to arrange security on ty; When customers open cards and remit money on the smart terminal, they will also arrange on-site service for the sake of security risks. Therefore, in the future, the unmanned bank will still exist as an exploratory pilot
3, quantum computing and finance
quantum computing is a new computing model that follows the laws of quantum mechanics. Ordinary computer uses 0 and 1 states in bit to store data, while quantum bit, the storage unit of quantum computer, besides 0 and 1,
can realize coherent superposition of multiple states at the same time. Therefore,
quantum computer based on quantum computing can record and calculate information by controlling the state of atoms or small molecules, and its storage and operation speed can far surpass that of traditional general-purpose computer. For example, it takes 600000 years to decompose a 400 bit number with a supercomputer, while it only takes a few hours or even dozens of minutes with a quantum computer
quantum computing can greatly improve the efficiency of financial services. Because of its powerful computing power, quantum computing can be applied in many aspects of the financial instry. For example, financial high-frequency trading, using the algorithm to automatically execute stock trading according to the preset trading strategy, under the premise of achieving the same results, quantum computing is much faster than the traditional computer. Another example is fraud detection, which can greatly accelerate the learning speed of neural network by using the fast learning characteristics of quantum computer, and quickly crack down on emerging fraud methods
quantum computing may also bring huge risks to the financial instry. Quantum computing's leap in computing speed may also pose a threat to the existing financial system. For example, many public key cryptosystems currently in use are likely to be cracked under the great computational performance of quantum computing, which will seriously affect the confidentiality and integrity of the Internet and digital communications around the world, and cause extensive and systematic damage to the existing security systems and management mechanisms. Therefore, before the quantum computer disintegrates the current cryptosystem and realizes the commercialization, we must establish the quantum security solution to form the security transition
4, 5g and finance
5g is the fifth generation mobile communication technology, which is the extension after 4G. 5g concept is composed of the landmark capability index "Gbps user experience rate" and a set of key technologies. 5g technology innovation mainly comes from wireless technology and network technology. In the field of wireless technology, large-scale antenna array, ultra dense networking, new multiple access and full spectrum access technologies have become the focus of the instry; In the field of network technology, a new network architecture based on Software Defined Network (SDN) and network functional Virtualization (nfv) has been widely recognized
5g will further optimize the financial services, realize the reconstruction of the financial scene, and inject new vitality into the financial instry. The hot high-capacity scenario of 5g technology will provide users with extremely high data transmission rate to meet the demand of extremely high network traffic density. This technology scenario will effectively improve the rate of mobile financial services and rece payment jams caused by network delay. At the same time, the improvement of the rate will also help to further enrich the payment mode through AR / VR technology, Provide more real scene experience; The continuous wide area coverage scenario of 5g technology can also contribute to the deployment of unmanned bank outlets. Through AR / VR technology, financial services can be brought to remote areas that cannot be covered by previous outlets, and inclusive financial services can be realized. In addition, 5g's low-power, large connection, low latency and high reliability scenarios for IOT business will also achieve the interconnection of everything, obtain massive, multi-dimensional and related data of people, things and enterprises, further optimize the supply chain finance, credit evaluation, asset management and other related financial services, and realize the exploration of more rich scenarios
The development of5g and related instries has brought about broad investment space, which has aroused great financial attention. On the one hand, 5g will provide faster speed and higher bandwidth, promote the further vigorous development of mobile Internet and the innovation of new mode of human-computer interaction, on the other hand, it will also realize machine communication, and hundreds of billions of devices will be connected to 5g network. 5g will also be combined with cloud computing, artificial intelligence, AR / VR, driverless and other technologies to bring more rich application scenarios in the fields of Internet of vehicles, Internet of things, instrial Internet, mobile health care, finance, etc. in addition, 5g network will also be a network with open capabilities. By combining with the instry, operators will build an open business ecosystem with it as the core, To expand new business income model, China Mobile has cooperated with strategic partners to build a 10 billion scale 5g investment fund. Many institutions at home and abroad, such as insurance capital, securities companies, sunshine private equity, venture capital, have also established dozens of 5g instry special investment funds as early as 2017. In the future, 5g and related instries will continue to attract high financial attention