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1. What is blockchain and what is its use? Will it become a new trend?

Three questions about blockchain (economic hot spots)

Recently , the news about Bitcoin is very eye-catching, and the blockchain has also become popular. In the capital market, the stock prices of various blockchain concept stocks rise and fall like a thrilling roller coaster. It can be seen from the responsive capital market that blockchain is on the forefront and has received great attention from all parties.

"Blockchain technology is essentially a database technology, specifically a ledger technology. The ledger records the asset changes and transactions of one or more accounts. In fact, it is A database with the simplest structure. The running accounts we usually write down in small notebooks and the statements sent by the bank are all typical account books." Wang Jun, chief researcher of Tencent Financial Technology Think Tank, said that security is an aspect of blockchain technology. Its major features are mainly reflected in two aspects: first, the distributed storage architecture, the more nodes, the higher the security of data storage; second, its tamper-proof and decentralized ingenious design, it is difficult for anyone to not follow the rules change the data.

Take online shopping transactions as an example. The traditional model is that the buyer purchases the goods and then transfers the money to the intermediary platform of a third-party payment institution. After the seller ships the goods and the buyer confirms receipt, the buyer will then notify the payment The institution transfers the money to the seller's account. The transaction model supported by blockchain technology is different. Buyers and sellers can trade directly without going through any intermediary platform. After the buyer and seller trade, the system releases the transaction information through broadcast. All hosts that receive the information record the transaction after confirming that the information is correct, which is equivalent to all hosts making data backups for this transaction. Even if there is a problem with a certain machine in the future, it will not affect the data recording, because there are countless machines as backup.

When it comes to blockchain, many people associate it with Bitcoin, and many people even equate blockchain with Bitcoin. He Fei said that Bitcoin is a presentation method of blockchain, but blockchain is not the same as Bitcoin. Blockchain is the underlying technology and infrastructure of Bitcoin, and Bitcoin is a successful application of blockchain, but it does not mean that blockchain can only be applied to Bitcoin.

What is the use of blockchain?

It can solve the pain points and difficulties in many fields such as finance, public welfare, supervision, and anti-counterfeiting, but there are many applicable conditions

Financial services are the first application field of blockchain technology. The use of blockchain technology can solve pain points in many fields such as payment, asset management, and securities.

Take the payment field as an example. The cost of reconciliation, clearing, and settlement between financial institutions, especially cross-border financial institutions, is high and involves many manual processes. The high fees also make it difficult to carry out micropayment business. The application of blockchain technology can help reduce the cost of reconciliation and dispute resolution between financial institutions, and significantly improve the processing efficiency of payment services. In addition, the cost and efficiency advantages that blockchain technology brings to the payment field enable financial institutions to better handleSmall-amount cross-border payments, which were often considered unrealistic due to their high cost, can help achieve financial inclusion.

For example, in order to solve the problem of high reconciliation costs among financial institutions, in August 2016, WeBank and Shanghai Huarui Bank launched the Weilidai inter-institution reconciliation platform, which is also the first in production in China. Banking industry consortium chain application scenarios running in the environment. Zhang Kaixiang, chief architect of WeBank’s blockchain, believes that the high cost problem that the traditional “batch file reconciliation” model has not been able to solve for a long time is where blockchain technology comes in. Subsequently, Luoyang Bank and Changsha Bank also successively connected to the inter-institution reconciliation platform. Through blockchain technology, they optimized the inter-institution reconciliation process in the micro-loan business, achieving quasi-real-time reconciliation, improving operational efficiency, and reducing operating costs. Target. Up to now, the platform has been running stably for more than a year, maintaining zero failures, and the number of real transactions recorded has reached tens of millions.

In the field of public welfare, blockchain technology also has great potential. Ant Financial's first application scenario involving blockchain was public welfare, helping a group of hearing-impaired children obtain a donation, and then using blockchain technology to promote public welfare to be more open and transparent. Hu Danqing, senior product expert at Ant Financial Technology Lab, said: "The blockchain charity platform is like us building a post office on the Internet specifically for mailing funds. Every money donated by users, we will package it into a The package is delivered through the blockchain platform. Every time it passes through a node, we will stamp a postmark and finally deliver it to the recipient. This ensures that every money donated by users is transparent, traceable, and difficult to tamper with. ”

Blockchain technology can play a big role in combating counterfeit goods. Hu Danqing introduced that Ant Financial uses blockchain technology to trace the origin of authentic products. At present, there are some overseas shopping products from Australia and New Zealand, such as milk powder. You can use Alipay to scan the products to know whether they are genuine. "Unlike the previous self-entered product information by merchants, blockchain allows multiple 'bookkeepers' to complete accounting fairly, independently, and non-repudiation."

For financial supervision, blockchain Technology can also play a role. The "Financial Blockchain Underlying Platform FISCO BCOS White Paper" released by the Financial Blockchain Cooperation Alliance (Shenzhen) in 2017 believes that blockchain provides financial regulatory agencies with consistent and easy-to-audit data. Data analysis can supervise financial businesses faster and more accurately than traditional audit processes. For example, in an anti-money laundering scenario, the balance and transaction records of each account are traceable, and no aspect of any transaction will be out of sight of supervision, which will greatly enhance anti-money laundering efforts.

Some people in the industry believe that blockchain 1.0 is mainly aimed at digital currency; blockchain 2.0 is aimed at smart contracts and can be applied in the financial market; blockchain 3.0 will be applicable to more scenarios, and even Create a "blockchain era".

He Fei believes that blockchain can indeed solve the pain points and difficulties in many fields, but blockchain is not a panacea and has many applicable conditions.

For example, the decentralized nature of blockchain technology is suitable for scenarios involving multi-party participation. If it is only unilateral or bilateral participation, it will be of little value. Since each node needs to be checked, blockchain technology is not suitable for high-frequency trading activities.

For another example, blockchain emphasizes openness and transparency and is not suitable for scenarios with particularly high data privacy requirements.

Will blockchain become a new trend?

The technology is not yet mature, so we must be wary of concept hype, and we must distinguish between technological innovation and fund-raising innovation. We cannot use blockchain for the sake of blockchain

The concept of blockchain is so Will Fire become another “Internet+” in the future?

In recent years, the development ecosystem of blockchain has gradually been improved and enriched. Industry insiders believe that with national policy support, widespread attention and financial support, blockchain technology can achieve gradual and stable progress. Although the upside prospects of blockchain technology are broad, we must remain calm about this.

“Although blockchain is very popular right now, we still believe that it is still in a very early stage.” Hu Danqing said that there is currently false enthusiasm in the blockchain concept, and it is not that the technology is used to solve the problem. The real problem is that the focus is on raising funds to make money and hyping valuations. In particular, most of the so-called ICOs (Initial Coin Offerings) that are so popular are innovations in fundraising tools and have nothing to do with technological innovation.

Blockchain technology can indeed create great value, but some risks cannot be ignored.

“Blockchain technology is not yet mature, and its application scenarios are relatively limited. We should be more wary of the concept of capital market speculation.” He Fei said that behind the blockchain boom, there will inevitably be some gimmicks and speculation. Companies that do not really carry out business, but just try to make a profit in the capital market and leave. We must be careful to prevent the occurrence of "bad money driving out good money", causing institutions that really want to do business to withdraw from the market, affecting the development of blockchain technology. application.

Hu Danqing suggested that for the current blockchain craze, regulatory authorities should intervene more proactively, distinguish between technological innovation and fund-raising innovation, and encourage government organizations, credible experts, and industry participants to jointly help the public Identify and comprehensively curb fund-raising innovation in the name of blockchain, so that the actual controller of ICO must bear responsibility for the fund-raising behavior. "The basis for judging whether it is technological innovation or fund-raising innovation is actually very clear, that is, whether it starts with trust and whether it creates actual value by solving the trust problem."

Better promotion and use of blockchain technology in the future , it is necessary to continue to improve infrastructure and strengthen the formulation of relevant laws and policies.

Wang Jun believes that there is still room for optimization and improvement in core blockchain technologies such as consensus algorithms; on the other hand, the processing efficiency of blockchain is still difficult to reach that of some high-frequency application environments in reality. Require. At present, the mainstream blockchain technology platforms all originated from abroad. Domestic blockchain technology service providers must patiently start from the bottom development, achieve independent and controllable technology, and strive to lead the development of global blockchain technology. Enterprises with blockchain application scenarios must actively embrace new things and at the same time scientifically evaluateChain needs, blockchain cannot be used for the sake of blockchain.

He Fei believes that the government can introduce relevant policies to guide companies that are interested in participating in the research and development and application of blockchain technology, and at the same time clarify some suitable application scenarios of blockchain and areas encouraged by the state.

The "China Blockchain Technology and Application Development White Paper 2016" recommends that government departments at all levels learn from the advanced practices of developed countries and regions, combine the development of my country's blockchain technology and applications, and promptly introduce blockchain Technology and industrial development support policies focus on supporting key technology research, major demonstration projects, "mass entrepreneurship and innovation" platform construction, system solution research and development, and public service platform construction. At the same time, it is recommended that key domestic enterprises, scientific research, universities and user units strengthen cooperation to speed up research on core key technologies such as consensus mechanisms, programmable contracts, distributed storage, and digital signatures.

If it can bring money to the enterprise, it will become a hot topic.

2. Ant’s valuation exceeds 2 trillion. Do you understand this Pinduoduo version of the People’s Bank of China?

Delivering the thinking behind technology

Ant Financial's myth of creating wealth has become a hot topic in recent days. Not only has it created wealth freedom for its own employees, but even the landlords near Ant's headquarters are almost free of wealth.

What is the concept of a valuation of 2.1 trillion?

Everyone still remembers China’s 4 trillion yuan bailout when the financial crisis swept the world in 2008. 4 trillion, saving the national real estate industry in one fell swoop.

Ant Financial, a company with a market value of 2 trillion, has boosted housing prices in a suburb of Hangzhou. It is a small case!

Various interpretations have arisen surrounding Ant Financial’s valuation.

Some people interpret it from a financial perspective and think that Ant’s price-to-earnings ratio is 10 times that of ordinary banks, which is too high!

Some people interpret it from a market perspective and believe that Ant is a retail bank based on the Internet. It is still a bank in essence, and its valuation is high!

Some interpret it from a technological perspective, believing that Ant has high technology, has its own big data technology, has blockchain technology, and its valuation is reasonable!

Some people interpret it from the perspective of traffic. They believe that Ant users are three times that of Paypal, and the transaction size is 25 times. The valuation is too low!

There are even those who interpret it from the perspective of the country’s future, believing that China has a great future, and the future of ants is also unlimited!

But have you ever thought about it, these statements are too one-sided:

Ant Financial has never said that it is a bank! Big data blockchain high technology? If this is the case, there will be many companies with a market value of trillions in China! Heavy traffic? Bus traffic is the largest every day, so why haven’t bus companies collectively gone public?

It’s even more funny to interpret it from the perspective of the country’s future. If you are optimistic about a country, you shouldn’t buy its sovereign debt.Do you own bonds, index funds or hold the currency of that country? How come it is linked to a company? Is it possible that if a country has a future, all enterprises must not lose money and make money every day? Investing in a company, but looking at a country, is a typical speculation!

Therefore, there must be a deeper reason for Ant Financial’s valuation of 2.1 trillion.

First, let’s take a look at how everyone spent money without Alipay and Ant Financial.

We can conduct transactions in two ways: one is through cash transactions; the other is through transfer transactions.

For cash transactions, after the user withdraws the cash, the bank loses the ability to track the entire transaction process. For transfer transactions, whether it is a bank card or a credit card, it must go through the clearing center of the People's Bank of China, and all user transaction data is in the hands of the People's Bank of China.

Then let’s see what happens after Alipay and Ant Financial come out.

Users register an Alipay account, and then they can make transactions in the following ways:

First, recharge the account balance, and then directly trade through the balance.

The second is to link the bank card through Alipay, and then pay through the bank card. The account opening bank first transfers the money to Ant Financial's account, and then Ant Financial transfers the money to the other party's Alipay account through the internal system.

The third is to trade through credit accounts such as Huabei provided by Ant.

In all these methods, Alipay participates in the entire process and records the entire process.

Have you noticed that the emergence of Alipay has changed the most?

There are two biggest changes:

1. The transaction recording role of the People's Bank of China as the central bank's clearing center has been largely replaced!

2. The original situation of uncontrollable cash transactions has been completely reversed!

It can be said that these two changes are the most fundamental reasons for Ant Financial’s current popularity.

Let’s think about it. Without Alipay, a large number of cash transactions could not be linked to personal credit. Many of the transactions through the People's Bank of China are small transactions, and the central bank's attitude towards these data is very negative. Everyone knows that data is priceless, but the value is relative to the owner. The central bank is not a commercial bank, so it cannot monetize this data, and it cannot buy or sell this data.

As for commercial banks, since personal data is in the hands of the central bank, there is basically no possibility of utilizing it. Therefore, it is extremely difficult to investigate personal credit. The loan business of commercial banks is therefore mainly targeted at large customers and large personal loans, such as home loans and car loans.

The non-profit nature of the central bank determines that this situation will definitely happen, whether it is China or a foreign country.

The emergence of Alipay and Ant Financial has fundamentally changed this situation.

It is equivalent to the central bank giving up its role as a small settlement center to Ant Financial!

Therefore, when it comes to personal business, Ant Financial is equivalent to a Pinduoduo version of the central bank! Except that currency cannot be issued.

What are Pinduoduo’s advantages over Taobao and JD.com?

It is to tap out the user value of small towns scattered in the fourth and fifth tiers!

Ant Financial has tapped into the value of scattered individual microfinance users!

Without Ant, the cost would be too high for commercial banks to mine this value, just like JD.com operating the county and township primary markets.

And let the central bank do it? The central bank is not even a commercial bank. It treats the data in its hands with insensitivity. It is like Ant Financial. Seeing data is like a shark smelling blood!

Now everyone understands, you said that Ant is a bank, a retail bank, a big data technology company, a blockchain technology company, a company with a large number of users, these are all correct!

But these are not the reasons why Ant Financial has its current status.

Ant Financial’s valuation can reach 2.1 trillion because it plays the role of a central bank to a certain extent. For hundreds of millions of users, it is like ruling the world!

If you lose this role, what can you do no matter how rich or skilled you are?

If you have money, you can only be an investor and invest everywhere. If you have technology, you can only turn blockchain into a pyramid scheme.

So where did this character from Ant Financial come from? It's just that the time, place and people are favorable.

It is the right time for Alipay to catch up with the wave of Internetization in the retail industry!

Ant Financial was born in a rising China, which is really a good location!

There are a group of people who are brave enough to start a business internally, and there are loose supervision externally, which is really a harmonious relationship!

The first-mover advantage allows Ant Financial to maintain this competitive advantage for a relatively long period of time.

What about the future? Especially the birth of digital renminbi? What will happen?

I will continue to share the thinking behind these technologies in the following articles!

Thank you!

3. Why is Xiaoyi said to be China’s benchmark blockchain project and can truly apply to financial application scenarios

Why is Xiaoyi said to be China’s benchmark blockchain project? Why is Xiaoyi called the P2P Nasdaq? The answer lies in the growth trajectory of Xiaoyi.

Xiaoyi is an asset digitization system based on blockchain technology. It sprouted in 2014 and started in 2015. In April 2016, Xiaoyi proposed aAn improved Byzantine fault-tolerant algorithm dBFT (delegated BFT), which ensures the finality of the system to the greatest extent and makes the blockchain suitable for real financial application scenarios.

1
The bud of the Xiaoyi project

Xiaoyi is an asset digitization system based on blockchain technology. It was originally born from the idea of ​​"Bit Entrepreneurship Camp". After a year, the Yi Blockchain finally took shape in 2015.

Xiaoyi Blockchain is China’s benchmark blockchain project. Xiaoyi is currently the only real-time open source blockchain project in China.

Yi Blockchain successfully completed ICO Phase I in October 2015, raising 2,100 Bitcoins. After more than 9 months of development, the overall blockchain industry at home and abroad has developed rapidly. With the efforts of the Yi team and the help of the Yi community, the Yi blockchain has achieved considerable development. .

The inspiration for the Xiaoyi project came from an internal meeting at the Bit Startup Camp in the first half of 2014. At that time, it was proposed to create a digital currency for crowdfunding. This was Xiaoyi’s original idea. As for why it was named "Little Ant"? Because everyone felt that Ant’s community system fit well with the product concept we wanted to create, so we decided happily.

A white paper was released in September 2015, officially defining Xiaoyi as a blockchain digital asset platform. That is, Xiaoyi is based on blockchain technology and digitizes the assets and rights of the physical world through A decentralized network protocol for peer-to-peer network registration, issuance, transfer transactions, clearing and delivery and other financial services.

Simply put, Xiaoyi is used to issue and trade equity. The bottom layer of Xiaoyi is based on blockchain technology, which means that the maintenance of the equity database is not controlled by a centralized company, but is jointly maintained by all Xiaoyi participants.

Equity issuance, transactions and other behaviors in Xiaoyi occur directly between users and do not require a third party. Therefore, we compare Xiaoyi to the P2P version of Nasdaq and the Uber of digital assets.

At the end of October 2015, Xiaoyi launched its first batch of crowdfunding and raised 2,100 Bitcoins in ten days. After nearly a year, the second phase of Yi crowdfunding, which many investors are paying attention to, will officially launch globally on August 8. Following international experience, this crowdfunding of Yi shares only accepts Bitcoin.

2
Everyone’s digital assets

Xiaoyi uses electronic contracts to record the flow of digital assets. In Xiaoyi, electronic contract vouchers, as a general underlying data, can be used to record various rights and assets such as equity, debt, securities, financial contracts, points, bills, currencies, etc., and can be used for equity crowdfunding, equity transactions, Employee stock ownership plan, P2P lending, points, funds,Supply chain finance and other fields.

The common practice for asset digitization in the blockchain field is "tokenization", that is, the user issues a custom token and declares that the token represents a certain asset. This token can then be transferred and traded among users like Bitcoin.

However, tokenization has many legal flaws. The circulation of tokens is similar to a transfer - tokens can flow from the sender to the recipient without the consent of the recipient. This kind of flow is only suitable for assets such as currency that have only rights but no obligations, but not for assets with complex rights and obligations such as equity and debt.

Therefore, transfers in Xiaoyi are completed in the form of electronic contracts, and most asset transfers require the transferor and transferee to electronically sign with their private keys. In some cases, the asset issuer is also required to participate in the signature.

Xiaoyi’s built-in Xiaoyi shares and Xiaoyi coins are not used as a store of value, a trading medium, or a unit of measurement. Xiaoyi shares represent the voting rights and income rights of the Xiaoyi system and are used to elect bookkeepers and obtain Xiaoyi coins in proportion; Xiaoyi coins represent the right to use the Xiaoyi system and are used to pay blockchain byte fees.

In other words, Xiaoyi uses electronic signatures to sign equity transfer agreements and uses blockchain to save all transaction records. In essence, it is more like an electronic contract system than a digital currency system.

On the Xiaoyi blockchain, recording asset transfers in the form of electronic contracts is just a new on-chain solution for offline asset transfers. It does not create new legal relationships and solves the problem of generation. The legal flaws of currencyization can be connected to third-party payment and other financial institutions.

Xiaoyi’s vision (mission) is “digital assets for everyone”. Blockchains such as Bitcoin build a parallel financial system that is parallel to the physical world, and Xiaoyi hopes to build a bridge-like financial system that can connect to assets in the physical world.

4. What are the application scenarios of blockchain?

Although blockchain technology is still in its early stages, the advantages of this technology have begun to be reflected in many applications. In all fields, blockchain can generate huge value. I believe there will be more practical application scenarios in the future,

Blockchain + cross-border payment

The current mainstream cross-border remittance method is wire transfer, and its cycle is generally three to five working days. In addition to the intermediary bank that will charge a certain handling fee, a software called SWIFT (Global Interbank Financial Telecommunication) Association) will also charge higher fees for the message exchange carried out by its system. In my country, cross-border remittances through Bank of China will be charged a single fee of 150 yuan.

The use of blockchain technology allows the remitter and payee to pay and settle directly, eliminating all intermediate costs, making cross-border payment settlement point-to-point.The quick completion not only improves the speed of clearing, but also enables round-the-clock payment, real-time payment, simple implementation and no hidden costs.

5. Ant Financial’s options share price is 7,000 shares. How much will it be worth after listing?

According to market analysis, Ant Financial’s listing this time has a valuation of at least US$200 billion, or about 1.4 trillions of yuan.

The estimated market value of Ant Financial is equal to 1.8 PetroChina, 2.4 SMIC, and Ping An Bank, and even Kweichow Moutai, which has the largest market value after the opening of A-shares, may be surpassed .

Why is Ant Financial’s market value so high? First, because it owns Alipay, which almost all of us use. Alipay is the largest third-party mobile payment platform in China. Many people conduct transactions on it every day. It is so large that we can’t even count it. .

Second, Yu’e Bao, which many people have used, provides value-added services and current cash management for users’ balances.

Third, Ant Treasures, including regular financial management, current financial management, etc., has created a financial management environment for many people.

(5) Extended reading on blockchain Ant Financial equity transfer

Ant Financial’s shareholdings can be divided into three categories. The first category is group shareholding, in which Alibaba holds 33% of Ant Financial’s shares. The second category is employee shareholding. Employees of Hangzhou Aojun Equity Investment Partnership and Hangzhou Junhan Equity Investment Partnership jointly hold 50% of the shares. The third category involves strategic investment holdings, including China Life, National Social Security Fund, etc.

The financial report also shows that Alibaba holds 33% of Ant Financial's equity, Jun'ao and Junhan hold 50% of Ant Financial's equity, and Jun'ao belongs to the Alibaba partnership Some members of the company, and Junhan is an employee of Alibaba and Ant Group.

In other words, when Ant Financial is officially listed, these employees will jointly hold a guaranteed market value of 700 billion. This means that many millionaires will be born overnight. I'm afraid that Hangzhou's housing prices will rise again by then, because there was a precedent when Xiaomi went public.

6. Ant Financial has become the only Chinese founding company due to blockchain

Recently, the Massachusetts Institute of Technology in the United States announced that it will On July 18, 2018, we jointly launched the MIT FinTech Laboratory with several of the world's top technology companies. Its main research directions include blockchain development, privacy security, databases, encryption systems, etc. Ant Financial is the only Chinese founding company.

What Jiang Guofei, the head of the Ant Technology Laboratory, said in an exclusive interview is also very illustrative: This person has been traveling in Tokyo Bay and New York Bay for the past 15 years. The former NEC (Nihon Electric) Technology VP said that in terms of independent research and development of cutting-edge core technologies such as blockchain, China and the United States are almost at the same starting line. This was previouslyA sight never seen before. "Whether it's Tokyo Bay, New York Bay or San Francisco Bay, they all emerged from the surge in comprehensive national power of Japan and the United States respectively. Now it's China time, so I'm back."

Content source Phoenix Net

7. What is the blockchain + supply chain financial solution?

Since the blockchain started a craze in China, the entire industry has been constantly exploring various implementation scenarios. It can be said that the blockchain is so charming that it has attracted countless entrepreneurs to compete. So what are the advantages of blockchain in the supply chain finance track? What are the pain points of the traditional model? What new business models can blockchain create to solve these problems? How should blockchain startups enter this field? ?
Moody's, a world-famous bond rating agency, has given 127 blockchain cases, ranging from points to transaction settlement, from document depository to supply chain management, from cross-border payment to supply chain finance, various applications There are many.
Among so many applications, the field of supply chain finance has attracted much attention, and commercialization has made rapid progress.
This is because first of all, the supply chain finance scenario has a market scale of trillions, and the ceiling is high enough. Secondly, this scenario naturally requires multi-party cooperation, but there is no traditional centralized organization to manage it, so it needs to use regional Blockchain is used to build trust. At the same time, technically this scenario does not require high concurrency, and current blockchain technology can satisfy it.
1. Supply chain finance is a trillion-level market
Supply Chain Finance: refers to treating the core enterprises in the supply chain and their related upstream and downstream enterprises as a whole, with the core Relying on enterprises and taking real trade as the premise, we use self-reimbursement trade financing to provide comprehensive financial products and services to upstream and downstream enterprises in the supply chain.
Based on different financing collaterals, financial institutions divide supply chain finance into accounts receivable, prepayment and inventory financing, among which the scale of accounts receivable is particularly huge.
Data from the National Bureau of Statistics show that at the end of 2016, the accounts receivable of my country's industrial enterprises above designated size reached 12.6 trillion yuan, a year-on-year increase of 10%, which resulted in huge financing needs for enterprises. Compared with the huge accounts receivable, my country's annual commercial factoring volume in 2015 was only about 200 billion yuan. It can be seen that there are still a large number of supply chain needs that have not been met, so there is huge room for development of the supply chain finance industry.
2. How blockchain can solve the pain points of supply chain finance
Pain point 1: Financing is difficult and costly for small and medium-sized enterprises in the supply chain
Since banks rely on the core enterprises’ ability to control goods and To adjust sales capabilities, for the sake of risk control, banks are only willing to provide factoring business to upstream suppliers (limited to first-tier suppliers) that have direct accounts payable obligations for core enterprises, or to provide factoring services to their downstream dealers (first-tier suppliers). ), providing down payment or inventory financing.
This has led to two companies with huge financing needs.The needs of first- and third-level suppliers/dealers cannot be met, and the business volume of supply chain finance is limited. The lack of timely financing for small and medium-sized enterprises can easily lead to product quality problems, which will harm the entire supply chain system.
Blockchain solution:
We issue and run a digital ticket on the blockchain, which can be split and transferred at will under open and transparent conditions and witnessed by multiple parties.
This model is equivalent to making credit in the entire business system transmissible and traceable, providing financing opportunities for a large number of small and medium-sized enterprises that were originally unable to obtain financing, greatly improving the efficiency and flexibility of bill circulation, and reducing Cost of capital for SMEs.
According to statistics, in the past, traditional supply chain finance companies could only provide financing services to 15% of suppliers (small and medium-sized enterprises) in the supply chain. After adopting blockchain technology, 85% of suppliers can All can enjoy financing convenience.
Pain point 2: As the main financing tools of supply chain finance, commercial bills and bank bills are currently used in limited scenarios and are difficult to transfer.
The use of commercial bills is subject to the credibility of the company, and the arrival time of discounted bank bills is difficult to control. At the same time, it is not easy to transfer these bonds.
Because in actual financial operations, banks are very concerned about the legal effects of the "transfer notice" of accounts receivable claims. If the core enterprise cannot sign back, the bank will not be willing to grant credit. It is understood that the bank is very cautious about the legal effects of signing the "transfer notice" of the creditor's rights, and even requires the legal representative of the core enterprise to go to the bank to sign in person. Obviously, this method is extremely difficult to operate.
Blockchain solution:
A consortium chain can be created between banks and core enterprises, which can be used by all member enterprises in the supply chain. By utilizing the multi-party signature and non-tampering characteristics of the blockchain, The transfer of creditor's rights has reached consensus among many parties, reducing the difficulty of the operation.
Of course, the system design must be able to achieve the effect of legal notification of bond transfer. At the same time, banks can also trace transactions at each node and outline a visible transaction flow chart.
Pain point 3: It is difficult for the supply chain finance platform/core enterprise system to prove its innocence, resulting in high risk control costs on the capital side
In the current supply chain finance business, banks or other capital sides are not only worried about the company's In addition to the ability and willingness to repay, they are also concerned about the authenticity of the transaction information itself, which is recorded by the ERP system of the core enterprise.
Although ERP tampering is difficult, it is not absolutely trustworthy. Banks are still worried that core enterprises and suppliers/distributors collude to modify information, so they need to invest manpower and material resources to verify the authenticity of transactions, which adds additional Risk control costs.
Blockchain solution:
As a "trust machine", blockchain has the characteristics of traceability, consensus and decentralization, and the data on the blockchain is timestamped, even if Even if the data of a certain node is modified, it cannot cover the sky with one hand, so the blockchain can provide absoluteA trustworthy environment reduces risk control costs on the capital side and resolves banks’ concerns about information tampering.
3. How should blockchain companies enter supply chain finance
In terms of market selection, we believe that blockchain startups should choose subdivisions with high ceilings, such as home appliances, automobiles, retail, and clothing. , pharmaceutical industry, etc. On the one hand, these industries have a vast market; on the other hand, their supply chain management infrastructure is relatively complete, and the upfront cost of adopting blockchain is relatively small.
We believe that there are two models for blockchain companies to enter supply chain finance.
The first is to directly cooperate with core enterprises/platforms to provide them with underlying blockchain solutions. After accumulating enough data, build an alliance chain to connect with funds to provide financial services. (Consortium Chain Model)
Given that the blockchain itself cannot solve the problem of risk control, enterprise-level risk control at this stage still needs to revolve around strong core enterprises. At the same time, obtaining the support of core enterprises can also effectively solve the problem of customer acquisition. problem, because a large core enterprise generally has thousands of suppliers of various types.
At present, domestic blockchain companies start from core enterprises, including Bubi, Wanglu Technology, etc. Bubi has launched a consortium chain "Buno" specially built for supply chain finance, integrating banks and core enterprises. , factoring companies, etc. are all linked. Bunuo is based in Guangzhou and Shenzhen, radiates business in the southeast region, and digs deep into the field of supply chain finance. It has previously signed a strategic cooperation agreement with Yigang.com.
The second model starts by providing supply chain management services, such as traceability, tracking, visualization, etc., integrating information flow, logistics and capital flow, and providing financial services on this basis. (Private chain mode)
This mode is equivalent to building an application scenario using blockchain. Just like Alipay back then, if Jack Ma had just started Alipay, it would have been difficult to do it because there was no application scenario, so he first started Taobao to serve the real economy. With Taobao, Alipay emerged as a centralized trust scenario, and other applications were grafted onto Alipay to create Ant Financial.
At present, among domestic blockchain companies, those that adopt the supply chain service model include BITSE and Food Excellence.
For example, VeChain provides an anti-counterfeiting traceability method by implanting an NFC chip into each product, registering the product on the blockchain so that it has a digital identity, and then recording this through a jointly maintained account. All information of digital identity achieves verification effect. At present, Vechain products have connected with more than 10 industry benchmark customers, and millions of IDs are running on the chain.
4. Three steps to build a supply chain financial exchange
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 premise, we need to first create a blockchain + supply chain finance alliance. Participants in the alliance include supply chain finance platforms, core enterprises, professional financial intermediaries, funds, and factoring institutions.wait.
Each participant needs to assume corresponding obligations. For example, the platform is responsible for providing supply chain information, customer information and other basic services similar to water and electricity. The core enterprise understands the industry status, has control over the enterprises in the supply chain, and is responsible. risk control.
Professional financial intermediaries can integrate and analyze platform information and provide customized supply chain financial products, such as personalized blockchain electronic bills. Funding parties include banks, Internet financial institutions, etc. who are responsible for connecting customers with corresponding risk preferences.
After the alliance chain is established, you can start the three-step strategy.
The first step is to put the data on the chain, put the data in the supply chain alliance on the chain, use the characteristics of the blockchain to make it tamper-proof, and provide data verification, traceability and other services.
The second step is to digitize assets, turning warehouse receipts, contracts, and blockchain bills that can represent financing needs into digital assets, which are unique, non-tamperable, and non-replicatable.
The third step is the trading of digital assets. The supply chain finance platform will be transformed into a financial asset exchange, transforming non-standard corporate loan needs into standardized financial products, tokenizing them, and connecting investment and financing needs. Value trading.
Ultimately, blockchain technology will effectively enhance the liquidity of supply chain financial assets, mobilize new financing tools and risk control systems to help cover the long-tail market for small and medium-sized enterprise financing, and give birth to supply chain finance as a service.

8. What are the applications of blockchain in real life

(1) Qulian

The underlying platform of Qulian blockchain is Qulian Technology The domestic independently controllable blockchain underlying platform developed by the company features high performance, high availability, scalability, easy operation and maintenance, strong privacy protection, hybrid storage and other features, in conjunction with the data sharing and secure computing platform BitXMesh and blockchain open services. The platform FiLoop, the supply chain finance platform FiloLink, the certification service platform FiloInk, and the smart contract security research and development platform MeshSec can better support the applications of enterprises, governments, industry alliances and other industries, and promote the cooperation between multiple institutions. Efficient circulation of value.

(2) JD Chain

JDChain is an enterprise-level blockchain underlying framework independently developed by JD.com. Its birth marks the full launch of JD.com’s blockchain-based BaaS The construction of the "intelligent ecology" of the platform and the underlying chain of "JDChain". JD Zhizhen Chain Service Platform relies on the "one-click deployment" capability achieved through multiple optimizations to achieve leading second-level blockchain node deployment. In addition, it also has the core advantage of being open and compatible with mature applications such as multiple underlying and enterprise-level dynamic networking. The timely launch of JD Zhizhen Chain will effectively promote the large-scale implementation of enterprise-level blockchain applications in various industries and promote the construction of China and the global trust economy.

(3) Thunder Chain

ThunderChain is a blockchain application project independently developed by Xunlei’s Netcenter Technology, with high concurrency and second-level confirmation capabilities of one million tps. Based on the research and development of high-performance blockchain products, Xunlei has built the Xunlei Chain open platform to help enterprises or individual developers deploy smart contracts and easily implement products and services on the chain, making blockchain application development more convenient.

(4) Jingtong Chain

Jingtong Blockchain is the core underlying technology of the blockchain with independent intellectual property rights of Jingtong Technology. It is built based on blockchain technology. An effective decentralized Internet trading network that shares the ecology, adopts a hierarchical design (5 layers) of the underlying platform, and a multi-language smart contract system, and has implemented cross-chain functions. It has multi-level, all-round, one-stop service capabilities such as private chain, cloud chain, and alliance chain, and the layout of the industry and regional ecology has initially taken shape.

In addition to the above-mentioned blockchain products, there are also community-led LTC, Cosmos, IOTA, Nervos, NULS, MOAC, etc., and enterprise-led Ripple, Stellar, WeChat BCOS, XuperChain, Huawei, and Ping An , Wanxiang, Ant Financial, ZhongAn, Bubi, Matrix Yuan, Miyuan, Zhongxianbit, Complex Beauty, Shanghai Lianjing and many other blockchain products.

(8) Blockchain Ant Financial Equity Transfer Extended Reading:

Blockchain is far more than just a technology, it involves What is most important is the spirit of "multi-party collaboration". In modern society, many things must rely on everyone's cooperation to achieve the effect of 1+1>2, but in cooperation, we need to try our best to avoid problems such as "information asymmetry."

Therefore, alliance members jointly keep accounts, share data, and make everything public to eliminate "information asymmetry" to protect everyone's interests and allow the business environment to develop healthily. If you do things honestly, you will get the benefits you deserve. If you cheat, it will be known to everyone and criticized by thousands of people. Technology is the foundation that helps realize this model. This is the more important "blockchain thinking".

9. In your opinion, what is the future of blockchain?

Major companies in the industry: Ping An of China (601318), Donggang Shares (002117), Information Development (300469), Yuangguang Software (002063), Boss Software (300525), Feitian Integrity (300386), Sifang Jingchuang (300468), Industrial and Commercial Bank of China (601398), SF Holding (002352)

The core data of this article: China Blockchain Market size, number of blockchain tenders in China, number of blockchain companies in China

Industry Overview

1. Definition

In a narrow sense, blockchain is A chained data structure that combines data blocks in a sequential manner in chronological order, and is cryptographically guaranteed to be an untamperable and unforgeable distributed ledger.

Broadly speaking, blockchain technology uses block chain data structures to verify and store data and uses distributed node consensus algorithms.A new distributed infrastructure and computing method that generates and updates data, uses cryptography to ensure the security of data transmission and access, and uses smart contracts composed of automated script codes to program and operate data.

Blockchain is not a single technology, but a combination of new technologies. Each of these technologies performs its own role, solves different problems, and is combined to form a blockchain. As the basic structural unit of the blockchain, the block consists of two parts: the block header and the block body containing transaction data.

2. Industry chain analysis: the downstream industry covers a wide range of areas

The upstream of the blockchain industry chain is mainly the underlying technology and infrastructure. The underlying technology includes core basic components, protocols and algorithms. Represented by Bitcoin, Litecoin, and Ethereum, a network environment such as distributed algorithms, digital keys, data storage, P2P network protocols, and consensus mechanisms based on blockchain technology, transaction rules, and incentives for miners to join network nodes have been built. Mechanism, representative companies include Xiaoyi, Quantum Chain, Wanxiang Blockchain, etc.; the infrastructure is mainly mining machines.

The midstream is the platform layer, which mainly provides developers with applications based on blockchain technology. It provides productized services such as smart contracts, information security, and data services based on the underlying technology to improve development It provides convenience and scalability for developers to develop applications at the platform layer.

Downstream is the vertical industry application layer. It manifests itself as core application components, including smart contracts, programmable assets, incentive mechanisms, member management, etc.

Industry development history: We are in the era of blockchain 3.0

From the perspective of the development history of global blockchain, in 2008, an anonymous person signed by "Satoshi Nakamoto" published The paper "Bitcoin: Peer-to-Peer Network Electronic Cash System" originally expected to launch a peer-to-peer electronic cash that could circulate freely. The issuance of Bitcoin represented the beginning of blockchain technology; later, in 2013, the launch of Ethereum directly Pushing the blockchain into the 2.0 era; at the end of 2017, the popularity of stablecoins and the launch of MakerDAO pushed the blockchain into the 3.0 era. By June 2019, Facebook released the Libra white paper, which attracted attention and discussion from all walks of life around the world, and various countries regulated Departments have spoken out one after another, showing the huge potential of blockchain technology in reshaping global financial infrastructure. After entering 2021, NFT-based identification technology has emerged and is the first to be applied in the art field.

Industry policy background: Promote the all-round development of blockchain

In 2016, the State Council issued the "Thirteenth Five-Year Plan for National Informatization", which listed blockchain as a new technology for the first time The scope and cutting-edge layout indicate that my country has begun to promote the development of blockchain technology and applications. Since then, various localities in the country have successively introduced blockchain-related policies, providing a good environment for the development of blockchain.

In February 2019, the "Blockchain Information Service Management Regulations" issued by the Cyberspace Administration of my country was officially implemented, standardizing theThe filing basis issued by the Blockchain Industry Development. The purpose of promulgating the "Regulations" is to clarify the information security management responsibilities of blockchain information service providers, standardize and promote the healthy development of blockchain technology and related services, avoid blockchain information service security risks, and facilitate the provision of blockchain information services. , use, management, etc. to provide effective legal basis. The introduction of this "management regulations" also means that my country's "supervision era" for blockchain information services has officially arrived.

At the end of October 2019, the Political Bureau of the CPC Central Committee held its 18th collective study session on the development status and trends of blockchain technology. Central leaders clearly emphasized the use of blockchain as an important breakthrough for independent innovation of core technologies. , Accelerate the promotion of blockchain technology and industrial innovation and development. This fully demonstrates that blockchain technology has risen to a national level. Chen Chun, a professor at Zhejiang University and an academician of the Chinese Academy of Engineering, who gave a lecture on the collective study of the Political Bureau of the CPC Central Committee, said at the 2019CCF Blockchain Technology Conference hosted by the Computer Society of China on October 12 that the development of the domestic blockchain industry is ushering in " "Spring Breeze", the research hotspots of China's blockchain technology will focus on two aspects: the key technology of the alliance blockchain and the blockchain supervision technology.

Current development of the industry

1. The market size will grow by more than 90% in 2020

From 2016 to 2018, large IT Internet companies have deployed blockchain. Start-ups have entered a blowout mode, and the industry scale continues to expand. According to IDC data, China's blockchain industry has experienced changes from a market size of US$85 million in 2017 to an industry scale of US$561 million in 2020.

2. The number of related companies is growing rapidly

In terms of the number of companies, in 2020H1, my country provided blockchain professional technical support, products, solutions and other services, and had input or output The number of new blockchain companies reached 303, a year-on-year increase of 274.07% nationwide. As of the end of 2020, the number of blockchain-related companies in my country reached 64,062, a year-on-year increase of 52.88%.

3. Blockchain finance is the largest downstream application market

According to the disclosure of the "China Blockchain Development White Paper (2020)", as the implementation of blockchain applications accelerates, "Blockchain+" business has become the focus of development for Internet backbone enterprises to enter the blockchain industry. In addition to financial business, it actively deploys the Internet, traceability, supply chain & logistics, digital assets, government affairs and public services, intellectual property, and law. , medical and other fields of application. Among them, finance is the most explored field in the application scenarios of blockchain technology, with specific projects implemented in subdivided fields such as supply chain finance, trade finance, payment and settlement, and fund management.

4. The number of blockchain tenders is increasing year by year

From a year perspective, from 2016 to 2020, the number of government tenders for blockchain-related projects has been growing exponentially. , on the one hand, it benefits from the increasingly prominent application value of blockchain technology, on the other hand, it also reflectsThe government's demand and attention for blockchain have increased.

Industry competition status

1. Regional competition: Beijing and Guangdong have the most blockchain technology research and development-related companies

In terms of company distribution, as of the first half of 2021 , the distribution of enterprises is obviously tiered. Among them, Beijing and Guangdong rank in the first echelon with 348 and 341 blockchain development-related companies respectively, and the number of companies in Jiangsu, Shanghai, and Zhejiang reaches 164, 127, and 81 respectively.

As an important carrier for the development of blockchain industrial clusters, local governments are accelerating the construction of blockchain industrial parks. Judging from the location distribution of industrial parks, there are a large number of blockchain industrial parks in cities such as Beijing, Shanghai, Hangzhou, Guangzhou, Chongqing, Qingdao, and Changsha, forming a Bohai Rim agglomeration effect dominated by Beijing and Shandong, with Zhejiang and Shanghai , the agglomeration effect of the Yangtze River Delta dominated by Jiangsu, the agglomeration effect of the Pearl River Delta dominated by Guangdong, and the agglomeration effect of Hunan, Guizhou, and Chongqing dominated by Chongqing and Hunan. Combined with the positioning and development of the industrial park, it is based on the premise of serving enterprises to create a blockchain innovation platform and industrial highland. This positioning also provides the basis for the aggregation effect of enterprises.

2. Enterprise competition: Alibaba’s blockchain is the strongest

In March 2021, at the China Mobile Communications Federation Blockchain Professional Committee and the China Science and Technology System Reform Research Association Under the guidance of the Digital Economy Development Research Group and the Organizing Committee of China’s Top 100 Blockchain Enterprises List, Chain Tower Think Tank screened and evaluated thousands of projects and enterprise lists, and finally released the 2020 China’s Top 100 Blockchain Enterprises List.

In the context of the outbreak of the epidemic in 2020, the 2020 Blockchain Top 100 List has adjusted the dimensions of enterprise inspection to a certain extent to highlight the performance of outstanding blockchain companies in 2020. It is divided into five main dimensions, namely commercial operation weight accounting for 25%, technology research and development weight accounting for 20%, product application weight accounting for 30%, team composition weight accounting for 15% and marketing promotion accounting for 10%.

Industry development prospects and trend predictions

1. It is still in the introduction period

Currently, my country’s blockchain industry is in the introduction period, and the industry is showing Two main characteristics: First, large industry companies are actively applying blockchain technology to improve their own businesses, but they are still mainly trying, and the main application scenarios are also non-core businesses in the industry. For example, enterprises such as Ping An of China, China UnionPay, and Ant Financial are limited to non-core businesses in their exploration of blockchain applications; secondly, the business development of enterprises focusing on blockchain technology services is mostly in the initial stage, and their product technology systems and The business model is not mature enough, and the demand side’s understanding of blockchain needs to be improved. Blockchain has already formed some application cases in scenarios such as judicial certificate storage, government affairs management, people's livelihood services, food traceability, supply chain management, etc., but it still needs to be further optimized and improved.

2. The market capacity is expected to exceed US$16 billion in 2026

Blockchain technology is China’sThe key direction for China's new generation of independent innovation breakthroughs in information technology contains huge space for innovation. In fields such as chips, big data, and cloud computing, innovation activities are becoming increasingly active and innovation elements are constantly accumulating. The application of blockchain technology in various industries continues to deepen, which will give rise to a large number of new technologies, new products, new applications, and new models.

China focuses on accelerating the transformation of its economic development model, pays more attention to the improvement of economic quality and people's living standards, and uses new generation information technology, including blockchain technology, to transform and upgrade traditional industries and enhance the quality of traditional industries. Develop quality and efficiency, and improve the level of smart social management, public services and home life. The huge market demand in the future will bring rare development opportunities and broad development space to blockchain technology. Researchers compiled and analyzed that China’s blockchain market will maintain rapid growth, with a compound annual growth rate of 73% in market size from 2021 to 2026. The market size in 2026 will reach US$16.368 billion, and in the next 20 years, China’s blockchain market will The industry market size is expected to reach the trillion level.

The above data refers to the "China Blockchain Industry Market Foresight and Investment Strategic Planning Analysis Report" by the Qianzhan Industry Research Institute.