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1. How to identify the authenticity of a blockchain white paper
In the currency circle, there are many stories of getting rich by relying on a white paper and air coins. The digital currency industry based on blockchain technology is very hot. In this industry, the most indispensable thing is leeks and people who want to cut them. The proliferation of air coins has given rise to a new industry - "blockchain white paper ghostwriting".
Currently, there are a large number of "blockchain white paper ghostwriting" businesses on the market. In addition to Taobao, there are more than 100 shops engaged in blockchain white paper writing business on Zhubajie.com. Some stores claim to be able to conduct overseas advertising and even create project information on Wikipedia. The addresses of such stores are basically first-tier cities such as Beijing, Shanghai, Guangzhou and Shenzhen, and most stores support on-site negotiation of transactions. People in the blockchain industry said that many ghostwriting white paper routines are basically the same and are not particularly difficult. “There are standard templates for everything, and a lot of it is ready-made.”
These white paper ghostwriters are targeting a weak point in today’s blockchain market: most entrepreneurs don’t understand the issues surrounding blockchain What content should be included in the formal white paper of chain technology has become the reason to support the entire black production line.
Taobao’s actions obviously only cleaned up a very small part, and these “magic hands” cleverly avoided surveillance. When Gray Production Circle asked a Taobao merchant who had communicated with him before why he could not search for his store, the other party said that he could enter by clicking on the link he sent.
The irony is that these white paper ghostwriters who are waging a "guerrilla war" with Taobao are pure scams. The Gray Industry Circle learned from a ghostwriter that most of the writers behind these "Taobao white papers" are ordinary copywriters. Not only do they not understand blockchain technology, they can't even write code, but they claim that they "There's logic, too."
An insider who wrote a blockchain white paper even directly told the gray industry circle: "If you have an idea, give me an idea. If you don't have an idea, give me an outline. You don't have to give me an outline." I can go in one direction, and we will make a logical white paper for you."
So, how should we stay vigilant about "white papers"? The project is unrealistic, the content is obscure and difficult to scrutinize, the project is copied to gain popularity, and the strength of the team is infinitely exaggerated.
For ordinary people and capital, blockchain represents the ability to make quick money. The gathering of summits, celebrity platforms, and even the attendance of aunts have pushed the blockchain into wave after wave, but we must believe that under the supervision of multiple parties, valuable blockchain project white papers can be truly implemented. application and serve society.
The Xueshuo Innovation Blockchain Technology Workstation under Lianqiao Education Online is the only "blockchain technology" approved by the "Smart Learning Workshop 2020- Xueshuo Innovation Workstation" carried out by the School Planning and Construction Development Center of the Ministry of Education of China. Professional” pilot workstation. The professional base is based on providing students with diversified growth paths, promoting the reform of the training model integrating professional degree research, production, and research, and building an applied and compound talent training system.
2. Blockchain technology development status and prospects
Blockchain technology development status and prospects
Blockchain technology originated in 2008 under the pseudonym "Nakamoto Satoshi Nakamoto’s seminal paper “Bitcoin: A Peer-to-Peer Electronic Cash System” was published on the cryptography mailing group. In the past two years, the research and application of blockchain technology have shown explosive growth. It is considered to be the fifth disruptive innovation in the computing paradigm after mainframes, personal computers, the Internet, and mobile/social networks. It is also the evolution of human credit. The fourth milestone in history after blood relatives credit, precious metal credit, and central bank banknote credit. Blockchain technology is the prototype of the next generation of cloud computing. It is expected to completely reshape the form of human social activities like the Internet and realize the transformation from the current information Internet to the value Internet. Technical characteristics of blockchain
Blockchain has the characteristics of decentralization, time series data, collective maintenance, programmability, security and trustworthiness. Decentralization: The processes of verification, accounting, storage, maintenance and transmission of blockchain data are all based on the distributed system structure. Pure mathematical methods are used instead of central institutions to establish trust relationships between distributed nodes, thus forming a decentralized system. Centralized and trustworthy distributed system; Time series data: Blockchain uses a chain block structure with timestamps to store data, thereby adding a time dimension to the data and having strong verifiability and traceability; Collective maintenance: The blockchain system uses a specific economic incentive mechanism to ensure that all nodes in the distributed system can participate in the verification process of data blocks (such as the "mining" process of Bitcoin), and select specific nodes through a consensus algorithm. Nodes add new blocks to the blockchain; Programmable: Blockchain technology can provide a flexible script code system to support users to create advanced smart contracts, currencies or other decentralized applications; Safe and trustworthy: Blockchain technology adopts The principle of asymmetric cryptography encrypts data, and at the same time uses the powerful computing power formed by consensus algorithms such as workload proof of each node in the distributed system to resist external attacks and ensure that the blockchain data cannot be tampered with or forged, so it has a high safety. Blockchain and Bitcoin Bitcoin is by far the most successful blockchain application scenario. Blockchain technology has solved the double payment problem and Byzantine Generals problem that the Bitcoin system has long faced in the field of digital cryptocurrency. Different from the credit endorsement mechanism of traditional central institutions (such as central banks), the Bitcoin blockchain forms software-defined credit, which marks a fundamental change from centralized national credit to decentralized algorithmic credit. In recent years, Bitcoin has relied on its first-mover advantage to form a complete ecosystem and industry chain covering issuance, circulation and financial derivatives markets. This is also the main reason why it has occupied the vast majority of the digital cryptocurrency market share for a long time. The development context and trends of blockchain
Blockchain technology is a universal underlying technology framework that can bring profound changes to various fields such as finance, economy, technology and even politics. According to the current development trend of blockchain technology, blockchain technology will experience the blockchain 1.0 model with programmable digital encryption currency system as the main feature, the blockchain 2.0 model with programmable financial system as the main feature, and the blockchain 2.0 model with programmable financial system as the main feature. The blockchain 3.0 model is characterized by a programmable society. However, the above-mentioned models are actually developing in parallel rather than in an evolutionary manner. The digital cryptocurrency system of the blockchain 1.0 model is still far from mature, and is actually farther and more difficult from its vision of global currency integration. At present, the blockchain field has shown an obvious development trend driven by technological and industrial innovation, and relevant academic research is seriously lagging behind and urgently needs to be followed up. Basic models and key technologies of blockchain
Generally speaking, a blockchain system consists of a data layer, a network layer, a consensus layer, an incentive layer, a contract layer and an application layer. Among them, the data layer encapsulates the underlying data blocks and related data encryption and timestamp technologies; the network layer includes distributed networking mechanisms, data dissemination mechanisms, and data verification mechanisms; the consensus layer mainly encapsulates various consensuses of network nodes Algorithm; the incentive layer integrates economic factors into the blockchain technology system, mainly including the issuance mechanism and distribution mechanism of economic incentives; the contract layer mainly encapsulates various scripts, algorithms and smart contracts, and is the programmable feature of the blockchain. The foundation; the application layer encapsulates various application scenarios and cases of the blockchain. In this model, the chain block structure based on timestamps, the consensus mechanism of distributed nodes, economic incentives based on consensus computing power, and flexible programmable smart contracts are the most representative innovations of blockchain technology. Application Scenarios of Blockchain Technology
Blockchain technology can not only be successfully used in the field of digital cryptocurrency, but also has a wide range of application scenarios in economic, financial and social systems. According to the current status of blockchain technology applications, this article broadly summarizes the current main applications of blockchain into six scenarios: digital currency, data storage, data authentication, financial transactions, asset management and election voting: Digital currency: Bitcoin It represents a digital currency that is essentially generated by a distributed network system, and its issuance process does not rely on a specific centralized institution. Data storage: The characteristics of blockchain such as high redundant storage, decentralization, high security and privacy protection make it particularly suitable for storing and protecting important private data to avoid attacks caused by centralized institutions or improper permission management. Massive data loss or breach. Data authentication: Blockchain data is time-stamped, jointly verified and recorded by consensus nodes, and cannot be tampered with or forged. These characteristics make the blockchain widely used in various data notarization and audit scenarios. For example, blockchain can permanently and securely store various licenses, registration forms, licenses, certificates, certifications and records issued by government agencies. Financial transactions: Blockchain technology has a very high degree of compatibility with financial market applications. Blockchain can spontaneously generate credit in a decentralized system and canEstablishing a financial market without the credit endorsement of a central institution has achieved "financial disintermediation" to a large extent; at the same time, using the automated smart contracts and programmable characteristics of blockchain can greatly reduce costs and improve efficiency. Asset management: Blockchain can realize the confirmation, authorization and real-time monitoring of tangible and intangible assets. Intangible asset management has been widely used in intellectual property protection, domain name management, points management and other fields; tangible asset management can be combined with Internet of Things technology to form "digital smart assets" to achieve distributed authorization and control based on blockchain. Election voting: Blockchain can implement applications such as political elections and corporate shareholder voting in a low-cost and efficient manner. At the same time, voting can be widely used in fields such as gambling, prediction markets, and social manufacturing. Existing issues with blockchain technology
Security threats are the most important issues faced by blockchain so far. Among them, blockchains based on the PoW consensus process mainly face the 51% attack problem, that is, nodes have the ability to successfully tamper and forge blockchain data by controlling more than 51% of the computing power of the entire network. Other issues include the potential threats of emerging computing technologies to crack asymmetric encryption mechanisms and privacy protection issues. The efficiency of blockchain is also an important factor restricting its application. Blockchain requires each node in the system to save a data backup, which is extremely difficult to store the growing mass of data. Although lightweight nodes can partially solve this problem, industrial-grade solutions suitable for larger scales still need to be developed. The Bitcoin blockchain can currently only process 7 transactions per second, and transaction confirmation time is generally 10 minutes, which greatly limits the application of blockchain in high-frequency trading scenarios in most financial systems. The PoW consensus process highly relies on the computing power contributed by the blockchain network nodes. These computing powers are mainly used to solve SHA256 hashes and random number searches. In addition, they do not produce any actual social value. Therefore, these computing powers are generally considered Resources are "wasted", and a large amount of power resources are also wasted. How to effectively pool the network computing power of distributed nodes to solve practical problems is an important issue that blockchain technology needs to solve. As a decentralized distributed system, the blockchain network will inevitably have game relationships of competition and cooperation between its nodes during the interaction process, such as the block interception attack game of the Bitcoin mining pool. The blockchain consensus process is essentially a crowdsourcing process. How to design an incentive-compatible consensus mechanism so that self-interested nodes in a decentralized system can spontaneously implement the verification and accounting work of block data, and improve non-industry transactions within the system. The cost of rational behavior to suppress security attacks and threats is an important scientific issue to be solved in blockchain. Smart Contracts and Blockchain Technology
Smart contracts are a set of scenario-responsive programmed rules and logic. They are decentralized, trustworthy and shared program codes deployed on the blockchain. Usually, after the smart contract is signed by all parties, it is attached to the blockchain data in the form of program code (such asA Bitcoin transaction) is recorded in a specific block of the blockchain after being disseminated through the P2P network and verified by nodes. Smart contracts encapsulate a number of predefined states and transition rules, scenarios that trigger contract execution (such as reaching a specific time or occurrence of a specific event, etc.), response actions under specific scenarios, etc. The blockchain can monitor the status of smart contracts in real time, and activate and execute the contract by checking external data sources and confirming that specific trigger conditions are met. Smart contracts are of great significance to blockchain technology. On the one hand, smart contracts are the activators of the blockchain, giving flexible and programmable mechanisms and algorithms to the static underlying blockchain data, and laying the foundation for building programmable financial systems and social systems in the blockchain 2.0 and 3.0 eras. On the other hand, the automation and programmable characteristics of smart contracts enable it to encapsulate the complex behavior of each node in the distributed blockchain system and become a software agent robot in the virtual world composed of blockchain, which helps Promote the application of blockchain technology in various distributed artificial intelligence systems, allowing the construction of various decentralized applications (Decentralized applications, Dapp), decentralized autonomous organizations (Decentralized Autonomous Organization, DAO), and Decentralized Autonomous Corporation (DAC) and even Decentralized Autonomous Society (DAS) become possible. The main development trend of blockchain and smart contract technology is from automation to intelligence. The essential logic of various existing smart contracts and their applications is mostly based on "IF-THEN" type conditional response rules based on predefined scenarios, which can meet the current needs of automated transactions and data processing. Future smart contracts should have "WHAT-IF" deductions based on unknown scenarios, computational experiments, and a certain degree of autonomous decision-making functions, thereby achieving a leap from current "automated" contracts to true "smart" contracts. Blockchain-driven parallel society
In recent years, a parallel society based on CPSS (Cyber-Physical-SocialSystems) has emerged. Its core and essential feature is virtual-real interaction and parallel evolution. Blockchain is one of the infrastructures for realizing CPSS parallel society. Its main contribution is to provide a set of effective decentralized data structures, interaction mechanisms and computing models for distributed social systems and distributed artificial intelligence research. And it has laid a solid data foundation and credit foundation for the realization of a parallel society. As far as the basis of data is concerned, management scientist Edward Deming once said: Everyone except God must speak with data. However, in centralized social systems, data are usually held by governments and large enterprises."In the hands of a few people" and "speaking" for a few people, its impartiality, authority and even security may not be guaranteed. Blockchain data is stored in highly redundant distributed nodes and is in the hands of "everyone" and can Achieve true "data democracy". In terms of credit foundation, centralized social systems will inevitably have the characteristics of "Mertonian systems" due to their high engineering complexity and social complexity, that is, uncertainty and diversity and complexity, central institutions and rule makers in social systems may behave dishonestly due to individual interests; blockchain technology helps realize software-defined social systems, and its basic idea is to eliminate centralized institutions and make unpredictable The behavior is deployed and solidified in the blockchain data in the form of programmed code of smart contracts in advance. It cannot be forged or tampered with afterwards and is automatically executed. This can, to a certain extent, transform the "Merton" social system into a fully observable and measurable system. Actively controlled, accurately predictable "Newtonian" social system. The ACP (Artificial Societies, Computational Experiments and ParallelExecution) method is the only systematic and complete research framework in the field of parallel social management so far. It is a complex The logical extension and innovation of sexual science in the parallel social environment in the new era. The ACP method can be naturally combined with blockchain technology to achieve blockchain-driven parallel social management. First, the P2P networking and distributed nature of the blockchain Mechanisms such as consensus collaboration and contribution-based economic incentives themselves are natural modeling of distributed social systems, in which each node will act as an autonomous and autonomous agent in the distributed system. With the blockchain ecosystem With the improvement of the system, the consensus nodes of the blockchain and increasingly complex and autonomous smart contracts will form DAC and DAO of specific organizational forms by participating in various forms of Dapp, and ultimately form DAS, the artificial society in ACP. Secondly, intelligence The programmable nature of the contract allows the blockchain to carry out various "WHAT-IF" types of virtual experimental design, scenario deduction and result evaluation. Through this computational experiment process, optimal decisions are obtained and executed automatically or semi-automatically. Finally, the district Intelligent assets formed by the combination of blockchain and the Internet of Things make it possible to connect the real physical world and virtual cyberspace, and can achieve collaborative optimization of social management and decision-making through virtual-real interaction and parallel tuning of real and artificial social systems. It is not difficult to foresee , in the future, when all physical assets in the real physical world are registered as smart assets on the chain, it will be the arrival of a blockchain-driven parallel society.
3. What is the nature of China’s blockchain technology and application white paper? The document
This is a research report document and does not have any legal effect, it is just a suggestion.
The founding meeting of China Blockchain Technology and Industry Development Forum and the first developer conference were held on October 18 Held on July 1, the meeting released "China's Blockchain Technology andApplication Development White Paper.
The "White Paper" summarizes the current status and trends of blockchain development at home and abroad, analyzes the technology applications in multiple application scenarios including finance, supply chain, culture and entertainment, intelligent manufacturing, social welfare, education and employment, and points out the regional The core technology path of blockchain and the direction and process of future blockchain technology standardization. (Reprinted from China Business Network)
The scope of blockchain application is theoretically very wide, but now blockchain is still in an early stage of development. Ethereum is mainly a smart contract platform; DECENT is a distributed content publishing platform.
4. How is the blockchain developing now?
In 2020, the blockchain was included in the category of "new infrastructure" by the country, and at least 7 provinces introduced blockchain support policy. In the same year, blockchain technology was gradually moving from concept to implementation, with many application scenarios blooming. "Blockchain+" various industry applications have become a symbol of the continuous maturity of blockchain.
The development status of "Blockchain+" in 2020
In 2020, the COVID-19 epidemic swept the world, and the uncertainty of world economic development increased significantly. Governments and enterprises of various countries are exploring the use of emerging technologies to reduce economic and social operating costs, improve the operating efficiency of the real economy, and further find new growth points for economic development.
Currently, blockchain is cross-innovating with new technology infrastructure such as cloud computing and artificial intelligence. More and more vertical fields of the real economy are showing the development pattern of "blockchain +" and "escape from reality". The good momentum of "Towards Reality".
In order to avoid turning reality into fiction, in addition to continuing to severely crack down on speculation, we must also guide the deep integration of blockchain technology with practical application scenarios. Therefore, "blockchain+" various industrial application scenarios have become one of the inevitable trends in the development of blockchain.
According to the "Blockchain White Paper (2020)" recently released by the China Academy of Information and Communications Technology, as of October 2020, more than 262 listed companies have been involved in the blockchain field, each from insurance , real estate, commercial department stores, security equipment, packaging materials, telecommunications operations and other 39 fields. In the blockchain information service registration list released by the State Internet Information Office, there are 45 listed company blockchain projects.
Among them, finance is the most explored scenario among blockchain technology application scenarios, with specific projects implemented in subdivisions such as supply chain finance, trade finance, payment and settlement, and fund management. The white paper shows that as of November 2020, among the domestically registered blockchain information services, the number of projects in the financial (including supply chain finance) field ranks first, accounting for as high as 36%.
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, they actively deploy the Internet, traceability, Applications in supply chain & logistics, digital assets, government affairs and public services, intellectual property, law, medical and other fields.
At the same time, the industry is gradually understanding that blockchain is the basic component of trusted transactions, but this does not mean that blockchain can conquer the world. Blockchain needs to be combined with other technologies such as artificial intelligence, Internet of Things, big data, 5G, etc. to use synergy to form integrated solutions to jointly promote digital transformation.
According to relevant data, the current application of blockchain is mainly in the field of certificate storage. Blockchain has entered into how to make it better from an engineering perspective, more credible, more stable, and more scalable. Well, a stage that can accommodate more nodes. He Baohong, director of the Institute of Cloud Computing and Big Data of the China Academy of Information and Communications Technology, believes that this process will continue for some time or longer. In the next step, blockchain technology competition will shift from engineering optimization and improvement to technology ecology and business ecology.
In addition, it is understood that the blockchain industry is improving in the long term, and industry cognition has returned to rationality. With the central government's planning and guidance for the development of blockchain technology, my country's blockchain has clarified the development ideas based on the alliance chain, focusing on serving the real economy and optimizing public services, and the direction of industrial development has become clearer. At this stage, the confidence of the majority of practitioners in blockchain continues to improve, and the long-term strategic value of blockchain is generally recognized.
What is the prospect of "Blockchain+" in 2021?
As my country’s blockchain industry chain gradually improves, most blockchain companies not only focus on one aspect, but also show a trend of coordinated development in multiple fields. According to statistics, among the 801 blockchain information service registration lists released by the Cyberspace Administration of China, Beijing, Guangzhou, Shanghai, Zhejiang, Jiangsu, and Shandong are the provinces and cities with the most registered companies.
The core role of blockchain corresponding to its technical characteristics is mainly reflected in the three aspects of certificate storage, automated collaboration and value transfer. As its value potential is constantly being explored, application scenarios have evolved from the breakthrough point of finance. , and gradually expanded into many fields such as the real economy, government affairs and people's livelihood.
The core value of blockchain for the real economy is to promote efficient collaboration between upstream and downstream industries and improve the efficiency of industry-finance integration. In the early stages of development, the blockchain application model mainly focused on the storage of documents, contracts, etc. At this stage, blockchain industry applications are gradually moving towards automated collaboration and value interconnection such as government data sharing, supply chain collaboration, and cross-border trade.
2020 is the warm-up for 2021. In 2021, the use of blockchain, distributed ledgers, and smart contract tools will continue to grow as it did in 2020. With the continuous deepening of blockchain technology, the foundation of the blockchain industry will become better and better, the industrial ecology will also develop rapidly, and the industrial chain will become increasingly widespread.
From the perspective of industrial structure, the blockchain industry is mainly divided into four parts: underlying technology, platform services, industrial applications, and peripheral services.
The first three parts show a relatively obvious upstream and downstream relationship. The underlying technology part provides the necessary technical products and components of the blockchain respectively. The platform service part builds an area that can run corresponding industry applications based on the underlying technology. The blockchain platform and industrial application part are mainly based on the actual fields of various industries.Scenario, use blockchain technology to develop industry applications and achieve innovation in business collaboration models within the industry.
The peripheral services part provides supporting services to the industry, including industry organizations, market research, standard formulation, system evaluation and certification, industry media, etc., to provide impetus for the development of industrial ecology.
Among them, as far as the industrial application of blockchain is concerned: Blockchain is the innovative development result of information technology, and it is also the main booster for the reconstruction of business processes and the innovation of industrial interaction models in various industries.
Blockchain has gradually expanded from the initial digital finance to supply chain finance, product traceability and other fields. Now it has been explored and applied in government affairs, people's livelihood, industrial management and other industries, and its application scenarios are becoming increasingly rich, presenting It has shown a development trend of deep integration with other industries.
At present, domestic enterprises are focusing on the development of applications related to serving the real economy and improving government affairs and people's livelihood. Among them, supply chain finance and product traceability have accounted for half of all applications. Others, such as government affairs and people's livelihood, have become the future of manufacturers. Key layout areas are about to experience explosive growth.
After blockchain investment cooled down in 2020, the blockchain industry may begin to gradually become more rational in 2021. However, a relatively complete industrial chain and active market entities provide a good foundation for the integrated development of the blockchain industry. The blockchain industry will also show a positive development trend in terms of policy support, ecological construction, platform services, application implementation, and integrated innovation.
5. How to use modern information technology such as blockchain to improve the digitalization level of supply chain finance
In recent years, supply chain finance has been encouraged by many policies at the national level and is an important way for my country to serve the real economy. , an important starting point to support small and medium-sized enterprises. On July 6, 2019, the China Banking and Insurance Regulatory Commission issued the "Guiding Opinions of the General Office of the China Banking and Insurance Regulatory Commission on Promoting Supply Chain Financial Services to Serve the Real Economy", requiring banking and insurance institutions to rely on core supply chain enterprises to provide upstream and downstream chain enterprises with A package of comprehensive financial services such as financing, settlement, and cash management. In September 2020, eight departments including the central bank, the Ministry of Commerce, and the Ministry of Industry and Information Technology issued the "Opinions on Regulating the Development of Supply Chain Finance to Support the Stable Cycle and Optimization and Upgrading of the Supply Chain Industrial Chain", requiring financial institutions and entities to strengthen information sharing and collaboration to improve The online and digital level of supply chain financing has improved the efficiency of accounts receivable financing for small, medium and micro enterprises, and has become a programmatic document for the development of supply chain finance in my country. The 2021 Government Work Report separately mentions "innovative supply chain financial service models" for the first time, which means that the development of supply chain finance has become a national strategy. It can be seen from this that the state emphasizes on the service model to play the credit transmission role of core enterprises based on the authenticity of trade; on the application of technology, it encourages the role of blockchain, big data, Internet of Things and other technologies , monitor the flow of information such as property rights and claims in the industrial chain to solve the problem of business credit risk management and control.
According to data from the National Bureau of Statistics, in 2020, the accounts receivable of industrial enterprises above designated size in my country exceeded 160,000billion, an increase of 15.1% over the end of 2019; finished goods inventory reached 4.6 trillion yuan, an increase of 7.5%. The balance of accounts receivable continues to increase nationwide, and the proportion of liquid assets also continues to rise. Problems such as slowdown in corporate working capital turnover, high financing pressure, and high liquidity risks in accounts receivable cannot be effectively alleviated, which to a large extent affects The healthy development of small and medium-sized enterprises and the good operation of the economy. It is urgent to solve the working capital pressure of real enterprises, especially the financing problems of small, medium and micro enterprises. "Ask the easy questions and solve the difficult ones." To solve the financing problems of small, medium and micro enterprises, we must first solve the problem of mutual trust between banks and enterprises in the industrial chain, and truly realize that the information on financial services and business operations is well-founded, verifiable and consistent. Returning to the essence of blockchain is actually to use technologies such as data encryption, multi-party verification, and blockchain storage to solve problems such as difficulty in verifying the authenticity of assets and trade information between buyers and sellers in the industry chain, and high cost of credit assessment; through blockchain technology To optimize the production relations of the inclusive financial ecosystem and accelerate the improvement of supply chain financial innovation service models and service capabilities.
According to the "Blockchain Financial Application Development White Paper (2020)" released by the Industrial and Commercial Bank of China Financial Technology Research Institute, supply chain finance regards the core enterprises in the supply chain and its related upstream and downstream enterprises as a whole. Relying on core 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. By observing the current development of supply chain finance business, we found that its large-scale substantial advancement still faces many difficulties.
Multiple levels of credit transmission are blocked. Restricted by corporate reputation and traditional financial risk control requirements, the self-built supply chain financial platforms of most financial institutions and core enterprises mainly focus on the first-level upstream and downstream of the core enterprise, but can truly cater to the second-level, third-level, and N-level upstreams. There are very few downstream enterprises that can use the real trade links of core enterprises as credit endorsement to carry out financing business. Under existing business operations, we often face situations where core enterprises or key enterprises are not proactive and unwilling to cooperate in confirming rights. The reason is that there is often no direct trade relationship between core enterprises and N-level enterprises, and core enterprises in a strong position are not willing to cooperate; there are also problems such as high frequency of rights confirmation, cumbersome offline operations, and concerns about the leakage of commercial secrets. Therefore, small, medium and micro enterprises in the industrial chain cannot solve their own financing problems with the help of core enterprise credit and trade flow information, and the credit "watering" of core enterprises only reaches first-level upstream and downstream enterprises. Blockchain has the characteristics of distributed ledger, transparent traceability, automatic execution of smart contracts and other characteristics, which has become the exploration direction of technology application to solve credit disassembly and realize multi-level credit transmission.
The authenticity of the trade is difficult to verify. Supply chain finance relies on real trade transactions to carry out financing. However, in practice, due to the lack of effective verification methods and multi-dimensional risk control data sources, it is difficult for financial institutions to know the authenticity of transaction information, and manual verification Costs remain high, resulting in information asymmetry and a lack of trust between banks and enterprises.ditch. In recent years, there have been frequent news incidents of loan fraud involving companies colluding and colluding with false trade. Therefore, solving the information asymmetry between banks and enterprises has become a necessary condition for the smooth development of supply chain finance. Blockchain's multi-party maintenance of the same ledger, built-in timestamp, and non-tampering characteristics have begun to be used by industry insiders to build multi-dimensional trusted data sources to ensure the verifiability of transaction information.
Information from multiple parties in the industry chain is separated from each other and cannot be shared. The links, enterprise types, participants, etc. involved in supply chain finance are relatively complex and diverse. The information and data islands of each supply chain participant have not been effectively connected. Faced with problems such as difficulty in matching capital flow, information flow, business flow, and cargo flow, it has not been able to form a The synergistic effect of the entire industrial chain has hindered the development of supply chain finance, making it difficult and difficult to cure the stubborn problem of financing difficulties and expensive financing for small and medium-sized enterprises.
In response to the above-mentioned outstanding problems in the development of supply chain finance, my country has proposed an "innovative supply chain financial service model" at the central government level for the first time. As an emerging financial service model, industry insiders generally believe that in order to innovate the supply chain financial model, it is necessary to accelerate the digital transformation of supply chain finance, conduct business online and digitally, and use blockchain, big data and other technologies to solve trade confirmation issues. , transaction authenticity and other issues, helping financial institutions control transaction risks and build a digital trust mechanism. The key is to make the information data in supply chain financial activities credible, transparent, mutually verified and traceable.
Blockchain technology has been identified as an important breakthrough for independent innovation of national core technologies. The Ministry of Industry and Information Technology positioned it as a new infrastructure in 2019 and has begun to serve the real economy on a large scale, reducing costs and increasing efficiency for the real economy. According to statistics from CCID Blockchain Research Institute, blockchain accounted for 29% of application implementation projects in the financial field in 2019, the highest proportion among application implementation projects in the same period, covering electronic vouchers, payment and settlement, and insurance claims. , credit investigation, loan financing and other business scenarios. According to the "China Blockchain Development Report (2020)", it is expected that by 2022, the market size of my country's blockchain core products and solutions, as well as related derivative industries, will reach 10 billion yuan. From the perspective of the technology itself, according to the "White Paper on Supply Chain Finance Based on Blockchain Technology (2020)", blockchain is a kind of data block that is connected sequentially in chronological order and combined into a chain data structure that distributes, Distributed ledger technology that is consistently stored among all participants and uses cryptography to ensure that data cannot be tampered with or forged. Blockchain is the integration of a series of technologies such as point-to-point network, data encryption, distributed data storage, and consensus mechanisms. It has the characteristics of multi-center, non-tampering, traceability, and high security. As a new cutting-edge technology, blockchain is naturally suitable for supply chain finance business scenarios involving multiple parties, and has great potential to promote supply chain finance to deeper industrial applications.
Faced with the difficulties faced by supply chain finance business development, the blockchain-based supply chain finance platform has changed the business development model in the following aspects.
Confirm the rights of basic claims. Depend onThe logic of supply chain financial financing services is to transfer the debt claims formed based on the supply chain as a financial asset to achieve financing. Therefore, it is necessary to confirm the rights of the basic claims, that is, to confirm that the basic claims have been truly generated and confirmed. Unfavorable factors that may affect the effective exercise of the underlying claims have been eliminated. Faced with the practical problem that core enterprises are unwilling to cooperate in confirming rights, the supply chain financial platform based on blockchain transforms claims into blockchain digital certificates that can be freely split, transferred for payment, and financing, which can realize accounts receivable. The circulation of payment transactions among multi-level enterprises. While ensuring the authenticity of the trade, this model is equivalent to pre-confirmation of rights. Financial institutions can directly lend money based on the blockchain digital certificate in one step online, changing the traditional offline lending model.
Achieve multi-level transmission of credit. The core of supply chain finance is credit. Only multi-level transmission of credit can effectively provide financing services to small, medium and micro enterprises based on the credit of core enterprises. Different from the traditional supply chain finance method, the credit of core enterprises can only be transmitted to first-level enterprises. Financial technologies such as blockchain are used to generate transferable digital certificates on the platform, and the underlying assets of debts and claims generated by trade are transferred through the blockchain. Generate unique digital credentials. Its block chain structure with timestamps can ensure that digital certificates cannot be tampered with, are extremely verifiable and traceable, can be transferred and split, and turn corporate credit into a tool. After multiple splits and transfers, digital certificates can clearly retain the core corporate credit, allowing the core corporate credit to be passed along trusted trade links to the end of the industrial chain. For example, after a first-tier supplier signs for a voucher issued by a core enterprise, it can transfer it to the upper-tier supplier as a means of payment based on the real trade background, which solves the problem that the core enterprise's credit cannot be transferred to multi-tier suppliers.
Ensure the authenticity of trade. By fully recording and uploading basic materials related to trade in the supply chain - contracts, invoices, documents, funds and other information - all types of data can be shared in a timely manner. Utilizing blockchain's real-name authentication, cross-verification identity access, authentication, etc., can ensure the credibility of data sources; technical features such as multi-level encryption and signature verification can ensure data security. Combined with big data analysis technology, the authenticity of trade data can be verified through cross-validation, which can effectively reduce the verification and risk control costs of offline authenticity, build a new trust mechanism and efficient collaboration mechanism, and effectively support supply chain finance. The service covers multi-level enterprises in the supply chain, especially small, medium and micro enterprises at the end.
With the popularization of technology, the exploration of supply chain financial innovation models based on blockchain is in the ascendant. For example: Zheshang Bank cooperated with Qulian Technology in 2017 to launch the accounts receivable chain platform. The platform adopts the "blockchain + supply chain finance" model and can handle the issuance, acceptance, confirmation and payment of accounts receivable. , transfer, pledge, redemption and other businesses, converting accounts receivable into electronic payment settlement and financing tools, revitalizing the originally illiquid accounts receivable assets; Tianjin Free Trade Pilot Zone launched a blockchain-based receivable Letter warehouse receipt, collective warehouse receipt pledgeIt is the country's first supply chain financial innovation model that integrates , disposal, trading, risk control and price locking.
As one of the important starting points for financial digital transformation, blockchain has entered a comprehensive construction stage. The original intention of building blockchain is to empower the development of industry and finance. By leveraging the role of blockchain in building digital trust, we can build new organizational relationships, create an innovative service paradigm for industrial chain finance, and actively promote the digital, intelligent, and scenario-based development of supply chain finance. , to help create an open, shared, green, efficient and credible supply chain financial ecosystem, truly solve the practical pain points of many parties in supply chain financial services, and enhance the stability and competitiveness of the industrial chain supply chain.
The author is the CEO of Qulian Technology
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Introduction: This white paper mainly focuses on the financial field, mainly the banking industry. The first chapter explains the definition, application model and development status of blockchain. Chapter 2 focuses on analyzing the current pain points in the financial field and the application value of blockchain in the financial field. Chapter 3 details typical application scenarios in the field of blockchain finance, analyzing business pain points, proposing solutions and sharing excellent application cases for reference by banks and related institutions. Chapter 4 studies and proposes the challenges faced by blockchain and analyzes and prospects for future development.
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Introduction: Introduction to the white paper system It describes the rise of blockchain, core technologies, principles and mechanisms, domestic and foreign industry development status and typical application scenarios, summarizes Huawei's research results on blockchain over the years, and introduces Huawei Cloud Blockchain Service BCS in detail.
