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❶ CreditEase Puhui: Promoting the normalized application of blockchain technology and empowering the development of financial technology
Recently, it was pointed out in the “14th Five-Year Plan” outline that it is necessary to Comprehensively promote blockchain technology innovations such as smart contracts, consensus algorithms, encryption algorithms, and distributed systems, focus on alliance chains to develop blockchain service platforms and application solutions in areas such as financial technology, supply chain management, and government services, and improve regulatory mechanisms .
It can be seen that blockchain application innovation has officially become one of the national strategies and will definitely have a significant impact on the financial industry. Under such a situation, financial institutions are accelerating blockchain-related exploration and promoting blockchain technology to play a greater role in the financial field. Next, follow CreditEase Puhui to learn about blockchain-related knowledge!
What is blockchain
Blockchain is a chained data structure that combines data blocks in a specific order in chronological order. Records of all transactions since the birth of the system are stored. The data on the blockchain is jointly maintained and stored by nodes throughout the network, and cryptography ensures that the block data cannot be tampered with or forged. So the blockchain is essentially a distributed shared database.
Blockchain is an innovative application model of computer technologies such as distributed data storage, point-to-point transmission, consensus mechanisms, and encryption algorithms in the Internet era. It is an information technology solution that solves trust problems and reduces trust costs. . The application of blockchain technology can eliminate traditional trust intermediaries, subvert the old centralized model that has existed for thousands of years, solve the trust problem between strangers without the need for centralized trust intermediaries, and significantly reduce the cost of trust. Trust costs.
How blockchain can solve the pain points of supply chain finance
Supply chain finance is based on core customers, based on real trade background, and uses self-reimbursement trade financing. , which provides comprehensive financial products and services to upstream and downstream enterprises in the supply chain through professional means such as accounts receivable pledge registration and third-party supervision to close capital flows or control property rights.
The foundation of supply chain finance is the supply chain. The supply chain involves information flow, capital flow, logistics and business flow, and is naturally a multi-subject and multi-collaboration business model. In this case, if you want to carry out trade financing, you will first encounter many authenticity issues, such as the authenticity of the transaction and the authenticity of the documents, which require confirmation by multiple parties and consume a lot of manpower and material resources; secondly, the multiple entities involved , there is a problem of difficulty in interconnection. For example, the supply chain management system, enterprise resource management system, and even financial system used by each entity are different, making docking difficult. Even if they are connected, it will be difficult to share information due to inconsistent data formats and data dictionaries.
Characteristics of blockchain
1. Decentralization
The distributed structure of the blockchain allows data to be recorded and stored not on a centralized computer or host, but on every node participating in data transactions. All data information is recorded and stored. To this end, the blockchain system uses an open source, decentralized protocol to ensure complete recording and storage of data. The blockchain has built a complete set of protocol mechanisms, allowing each node in the entire network to participate in recording data while also participating in verifying the correctness of the recording results of other nodes. Only when most nodes (or even all nodes) in the entire network confirm the correctness of the record will the data be written into the block. In the distributed structure network system of the blockchain, the network nodes participating in the recording will update and store all data in the entire network system in real time. Therefore, even if some nodes are attacked or destroyed, the data update and storage of this system will not be affected.
2. Unforgeable
The principle of blockchain recording requires all nodes participating in the recording to jointly verify the correctness of the transaction record. Since all nodes are recording every transaction in the entire network, once the information recorded by a node does not match that of other nodes, other nodes will not recognize the record, and the record will not be written into the block.
3. Non-tampering
It is almost impossible to change a certain block and the transaction information within the block. If this block is changed, every subsequent block will be changed. Therefore, anyone trying to tamper with the data must simultaneously invade at least 51% of the nodes participating in the global record and tamper with the data.
Mathematical encryption
Each transaction requires a valid signature before it will be stored in the block. Only valid digital keys can generate valid signatures. Keys come in pairs and consist of a private key and a public key. Among them, the public key is public, and the private key is only visible and used by the owner, and is used for transaction signatures to prove digital identity.
What are the advantages of introducing blockchain?
First, to solve the problem of information islands, multiple stakeholders can set rules in advance to accelerate data interoperability and information sharing;
Second, according to property rights law , Electronic Contract Law, Electronic Signature Law, etc., the accounts receivable certificates of core enterprises can be converted into transferable and bankable confirmation certificates through the blockchain, so that the credit of core enterprises can be transmitted along trusted trade links. Based on mutual confirmation, the entire certificate can derive various operations such as splitting and traceability;
Third, provide credible trade data, such as providing an online basis under the blockchain architecture Tightly structured and complete records of contracts, documents, payments, etc. improve information transparency and achieve penetrability.type of supervision;
Fourth, achieve cost reduction and efficiency improvement. After the credit of the core enterprise is transferred, small and medium-sized enterprises can use the credit line of the core enterprise to reduce financing costs and improve financing efficiency;
Fifth, realize smart liquidation of contracts. Automatic clearing and settlement based on smart contracts reduces manual intervention, reduces operational risks, and ensures the safety of repayment.
CreditEase Puhui believes that blockchain supports commercial applications with high performance, high scalability, and high security, provides financial technology companies with multi-level data security and privacy protection, and supports automatic monitoring and failure Alerts help track all transactions that occur in the system and contribute to the healthy and orderly development of the financial technology industry.
❷ How is the development of Tencent Blockchain? What are the scenarios where blockchain concept stocks have been implemented? Is it a new outlet for getting rich?
In the field of blockchain, Tencent Blockchain development The speed is relatively fast. As early as 2015, the Tencent blockchain team has begun to pay attention to blockchain technology and conducted independent research and development. As of December 31, 2019, the number of Chinese invention patent applications related to Tencent blockchain reached 990, and in China Ranked first among applying companies. After several years of R&D and exploration, Tencent Blockchain has achieved good results in both the development of underlying technology and the construction of industrial ecology.
The development history of Tencent’s blockchain:
There are no technical problems, it’s just a question of whether to do it or not. ”
When asked what technical difficulties he encountered, Cai Yige, the head of Tencent Blockchain, answered this way. After thinking about it, he added that for theories such as secure multi-party computation and zero-knowledge proof, Technologies that have made breakthroughs in the past have not yet been engineered, which is an industry-wide problem.
For Tencent Blockchain, the bigger problem seems to be to find more scenarios. "Blockchain "Chain + supply chain finance" is a scenario that Tencent is promoting this year.
At the end of last year, the supply chain financial service platform Xingbei Cloud Chain was released, and its underlying blockchain technology is supported by Tencent Blockchain. In addition, Tencent also invested in Lianyirong, which was Tencent’s only strategic investment in supply chain finance.
Now that it has been almost a year, how is this scene and Tencent’s blockchain progressing?
Today, after the establishment meeting of the Blockchain Policy and Legal Research Group and the press conference of the "Blockchain and Supply Chain Finance White Paper", Odaily Planet Daily interviewed Cai Yige, General Manager of Tencent's Blockchain Business, and Lianyirong Company General Manager Ji Kun.
According to two disclosures, in less than a year of operation, the micro-enterprise chain platform has approximately tens of billions of transactions on the chain, with 12 banks connected and more than 70 Enterprises participate, involving industries such as energy, automobiles, and manufacturing. The current penetration supplier level is about level 1 and level 2, which can reduce the interest rate by 2-8 points compared with traditional bank loans.
Micro-enterprises The chain platform is Tencent’s supply chain financeKey cases. Tencent mainly provides the underlying technical infrastructure, including the underlying self-developed alliance chain, real-time clearing and account transfer capabilities; Lianyirong is mainly responsible for integrating resources and promoting the platform.
Supply chain finance is the leading scenario of blockchain, but its actual implementation is still very slow, which makes people doubt the substantial changes it brings. The two do not deny that this business is in a very early stage, and it will take some time to promote companies to join, but they both believe that "after joining the blockchain, supply chain finance will actually change a lot."
What Odaily Planet Daily wants to know more is, with the addition of supply chain finance after blockchain, will companies and financial institutions be more willing to join? And can this reduce the balance of small and medium-sized enterprise loans and increase the number of enterprises that receive loans?
“The biggest difficulty (in supply chain finance) lies in the participation of financial institutions, because they can only provide funds.” Ji Kun believes that the addition of blockchain can enhance banks’ willingness to enter supply chain finance.
In his opinion, the traditional banks of the four major banks are quite keen on the layout of blockchain. He said that supply chain finance itself is decentralized and the authenticity of underlying assets is very difficult to check. It is not mainstream in traditional financial institutions, and there was no way to achieve penetration before, so banks can only obtain the data of first-tier suppliers. But those in greatest need of financing may be second- and third-tier suppliers. Now blockchain + supply chain finance has changed the credibility of multi-level data circulation, strong credit cannot be split, and the synchronization efficiency of information, making it difficult for small, medium and micro enterprises in the supply chain to obtain loans from financial institutions in the past. Can get a loan. Banks have always wanted to do business with second- and third-tier suppliers. By joining the blockchain, institutions can better control their own data.
As for promoting enterprise use, Ji Kun said that it will take a certain amount of time for many enterprises to accept it. However, because the blockchain of supply chain finance mainly replaces the role of the original commercial paper, the circulation of the commercial paper itself There are some pain points, such as fraud, so they are relatively easy to accept.
When Odaily Planet Daily asked about how to ensure the authenticity of on-chain information, Cai Yige said that different information can be cross-verified, but he also believed that this was indeed a problem, using blocks The chain does not guarantee the authenticity of the information on the chain. Therefore, the first step of the micro enterprise chain's assets is actually accounts receivable, and it is true to use invoices to protect the underlying assets. As the business systems of small and medium-sized enterprises become electronic, they will go deeper in the future.
He also added that blockchain can also improve the efficiency of information synchronization. "I think it is the control of information. It turns out that in a centralized situation, even if you have information, it can be tampered with."
After talking about the focus of Tencent Blockchain this year, everyone naturally wants to know the future plan of. However, Cai Yige’s answer was the same as at the beginning: “We can’t talk about plans. We will continue to think about the scenarios in which blockchain can exert value.”
About this development:
First, choose the right scene and be sure to find this oneExperts in the industry.
Second, it must be in line with the nature of technology and have commercial value.
Third, it must meet the needs of future development.
Fourth, the architecture must truly solve the problem and be fully integrated with other technologies.
The concept of blockchain should be a new trend. Specifically, make more use of Internet searches to increase knowledge. Internet search results-Tencent Blockchain Development will be put for you.
❸ What is blockchain technology and what areas it may be used for in the future
The development of technology is often beyond your imagination, from the agricultural revolution to the industrial revolution to the information revolution, as of The blockchain revolution has now begun. Reaching the height of the cognitive revolution should be considered a relatively big proposition. Why did the previous emergence of the Internet, big data, artificial intelligence, etc. not mention the cognitive revolution, but blockchain can?
How to quickly enter the blockchain industry?
1. Find the top experts in this industry and learn or communicate with them, such as Li Xiaolai, such as Uncle Cai
2. You can buy some books. News books are not as mixed as Taobao. There are only a few classics, choose a few and read them through
3. You can search for more related articles, public accounts, Zhihu or other, which are very informative. You can find yourself after reading 30 high-quality articles. Article, you are basically getting started.
WeChat public account: Workplace Cheese Pie, tell you about things in the workplace
❹ What does blockchain risk control mean?
area The meaning of blockchain risk control is
my country’s supply chain finance has been practiced for more than 10 years. As banks are the main players on the funding side, their risk control logic mainly relies on the credit endorsement of core enterprises. Under the risk aversion strategy, pledge guarantee is the main credit strategy, such as inventory pledge, accounts receivable financing, advance payment financing, etc. However, the proportion of factoring business that purchases creditor's rights is low, and the self-repaying feature of trade financing has not been fully utilized. This is closely related to the bank's credit innovation technology and risk control methods. Banks still have many technical difficulties in judging the authenticity of transactions and reviewing bills.
The blockchain architecture provides credit technology that "penetrates" multi-layer transaction structures, allowing banks to grant credit to nodes far away from the core enterprise. In existing supply chain finance, the credit leverage of core enterprises can generally only be transferred to first-tier suppliers or first-tier distributors. However, for suppliers and dealers above second-tier, banks lack direct transaction relationships with core enterprises. Because the core enterprise cannot provide credit endorsement, it cannot provide financing services. Under the blockchain architecture, transaction relationships with multi-node participation can be built, continuous contractual relationships can be built based on ERP, and combined with inventory management models such as cloud warehouses and VMI, the entire chain can obtain credit support from core enterprises.
Blockchain architecture can break through the credit bottleneck that banks urgently need to solve. The virtual system’s best support for supply chain finance is for all node transactions in the entire chain.The visualization includes not only the online transaction chain (business flow), but also various supporting processes of the transaction, such as offline logistics, document flow, real evidence of value exchange, etc. Only when the bank believes that it has obtained sufficient and adequate Only when the information is obtained can the collateral risk be eliminated and sufficient credit services can be achieved.
1. From virtual to parallel and interactive
The rapid development of e-commerce, technology finance, virtual reality and many other intelligent technologies have fundamentally changed the procurement, production, marketing and consumption of modern business. and other models, forming a parallel world in which the real physical world and virtual cyberspace are closely coupled, virtual and real interact, and co-evolve.
Reliable data is the basis for the existence of the virtual world. The virtual system built based on the blockchain architecture, in the "duplex interaction" mode, can reflect the transaction history in a way that is isomorphic with the real system. In fact, the virtual system already has objective reality, because the virtual system is no longer what it used to be. An information system that is arbitrarily deleted is a parallel system corresponding to the real system. The real system and the virtual system have the same authenticity, so the credit of the virtual system is also true and credible. This is very important for the financial system based on "authenticity". The development of business has a great supporting role.
The virtual system under the blockchain architecture is parallel to the real system. In other words, under the blockchain architecture, the system that humans can understand is divided into two worlds (composed of two worlds). Both worlds are real, complement each other, and execute interactively.
2 The importance of government nodes
Relevant government departments have rich and high-quality credit information resources, such as industry and commerce, taxation, public security, customs, inspection and quarantine and other departments. The information acquisition by these departments has strict requirements and is protected by national regulations. It is based on their own business scope, but there is a lack of unified standards.
Information from government departments is generally communicated internally and does not interact with, exchange, or share resources with social business systems. In the existing supply chain finance platform, credit information resources are scattered, transparency is low, information is difficult to obtain, and costs are high, which greatly restricts credit innovation and the credit rating business itself. A large number of valuable information resources in government departments are idle and wasted, which is even a "bottleneck" problem in commercial credit innovation.
Foreign trade, for example, includes transportation services, port and airport logistics parks (bonded), customs and electronic platforms, inspection and quarantine, comprehensive service platforms (such as One Access) and a large number of functional service agencies. Driven by management and efficiency, various institutions and platforms have continued to innovate service models in recent years and have made great progress in efficiency. However, in practice, the issue of trade facilitation has not been well resolved. At present, the main problem is that the service functions of customs, ports, and logistics parks are not built around "trade" itself, which creates great difficulties for the platform's financial service innovation.
Referring to advanced foreign models, the construction of a business platform is centered on "trade" and integrates various government service departments, functional departments, and operating entities.A large service platform. Taking trade as the center means taking the trading network centered on "business flow" as the highest-level platform, and other platforms, entities, and functional agencies will develop and connect services and processes around the trading platform. The ultimate goal is to achieve "trade facilitation" change". This model will provide huge space for the introduction and innovation of supply chain financial services, and the result of facilitation will be a rapid decline in transaction costs. This is also one of the important strategies for developing the real economy in our country.
In the future, supply chain finance in large-scale platforms will inevitably introduce government nodes as one of the keys to the blockchain architecture. After the government node joins, high-quality credit information can enhance the overall credit of the system. It will also promote the trustworthiness of all parties involved in the transaction and increase motivation, providing favorable conditions for the innovation of financial services and the expansion of financing scope.
The blockchain architecture is not decentralized, but reduces the cost of traditional credit intermediaries. The addition of government nodes will not lead to the emergence of a centralized model. Government nodes are on an equal footing with other nodes. Government nodes are not Does not exercise control but performs administrative functions in an open environment. The information is compiled from the Internet. For more information, please pay attention to e-ticket!
❺ What are the positive impacts of the country’s first digital RMB penetrating payment business being launched in Xiongan?
What are the positive impacts of the country’s first digital RMB penetrating payment business being launched in Xiongan? It has many impacts. First of all, it can be earmarked to protect the legitimate rights and interests of migrant workers. At the same time, it will be used in targeted poverty alleviation and special consumption stimulation in the future.
At the end of August, the People's Bank of China and the Xiongan Financial Payment Center jointly planned to build and apply digital renminbi in Xiongan New Area. The realization of digital renminbi has enabled payment to break through into new scenarios. This is the first achievement in the country. Everyone may be very unfamiliar with the RMB penetration payment business. In fact, it is a very high-tech and high-information blockchain information system that can well trace where funds come from and where they go, and can further guarantee the payment of wages to migrant workers. Enterprises simply cannot intercept the flow and distribute it accurately to every migrant worker.
Digital RMB penetrating payment has now become a trend. I believe that in the near future, every city will use digital RMB, and at the same time, our funds will become more and more secure.
❻ The application and improvement of financial technology in agricultural supply chain finance
Author | Zhang Zhengping, Huang Fanfan and Lu Huan
In recent years, with the implementation of my country's rural revitalization strategy and digital rural plan, especially the integrated development of financial technology and traditional rural finance represented by big data, cloud computing, blockchain, Internet of Things, artificial intelligence, etc., rural areas The development of the financial market has taken on a new "digital" look, and the 2021 Central Document No. 1 further clearly proposes "developing rural digital inclusive finance", providing new opportunities for the application of financial technology to traditional agricultural supply chain finance to achieve innovative development. opportunities and policy support.
Shortcomings of traditional agricultural supply chain finance
The risk control mechanism is imperfect. With the multi-industry integrated development, supply chain extension, and supply chain ecosystem expansion brought about by the transformation and upgrading of the agricultural supply chain, business entities and mutual business interactions in the supply chain will become more and more frequent, and many new entrusted agents will be formed. relationship, and there must be more operational risks and fraud risks, which also means more information asymmetry. Faced with several risks in agricultural supply chain finance, traditional management methods and experience can no longer effectively deal with them. Although operating entities such as traditional financial institutions, core enterprises, logistics companies, and e-commerce platforms have strong financial strength, the risk control models they apply are often inconsistent and incompatible with each other. The funds required in agricultural supply chain finance The flow, logistics and information flow cannot be connected and compared in a timely and effective manner. As a result, there has been no breakthrough innovation in the risk control methods of traditional agricultural supply chain finance, making it difficult to effectively improve the efficiency of agricultural supply chain financial services.
Single products and services. Traditional agricultural supply chain finance only provides financing based on orders, accounts receivable and other actual trade backgrounds to enterprises upstream of the supply chain, and the loans are mostly productive funds. Since funds are one of the biggest needs of enterprises in the agricultural supply chain, financial enterprises in the agricultural supply chain mainly use credit products to attract customers and seize high-quality customer resources. However, even if there is fierce market competition, the agricultural supply chain financial products provided by various financial institutions are still very similar, and the products and services are highly homogeneous. In recent years, with the rapid development of the rural economy, the trend of agricultural industrialization and scale has been obvious, creating more demand for funds with larger scale and more flexible terms. However, traditional agricultural supply chain finance cannot provide effective solution. Moreover, since agricultural supply chain finance relies on the credit logic in the supply chain to provide financial support, it carries higher risks than other financial products, which further compresses the development space of agricultural supply chain finance.
The customer acquisition channels are narrow. On the one hand, the initiators of agricultural supply chains are generally core enterprises or financial institutions. Under normal circumstances, when developing supply chain business, most initiating entities look for suitable partners in the place where they operate. If a suitable partner is not found, it will be difficult to carry out agricultural supply chain financial business. On the other hand, traditional agricultural supply chain finance can only provide loans to enterprises and cannot provide other value-added services to increase customer stickiness, so it is not very competitive. In this case, the traditional agricultural supply chain, which can only develop by taking advantage of geographical advantages, has become very single in acquiring customers, and it is difficult to find matching customer resources, which further restricts the large-scale development of business.
Multi-party cooperation is difficult to coordinate. First, banks alone can only play a limited role. In the process of financial development in my country, commercial banks have always played a core role. If they are absent from the development of agricultural supply chain financial services, then financial resources cannot be optimally allocated. The bank's business around the agricultural supply chain accounts for a very low proportion of its total business. Compared with its idle accounts receivable problem in the agricultural supply chain, its product innovation and market share are obviously insufficient. . Second, banks cannot cooperate effectively with other financial institutions. Although some banks are currently cooperating with some small loan companies and digital financial platforms, overall there is a lack of trust between banks and other financial institutions, information silos are serious, and agricultural supply chain finance has not been fully provided. development of. Third, most of the cooperation between agricultural enterprises and farmers is short-term and loose. The agricultural supply chain is vulnerable to the impact of default risks and is in an unstable state. In severe cases, it may even cause the credit chain to break, threatening the security of the agricultural supply chain financial system.
Application of financial technology in agricultural supply chain finance
Big data, cloud computing + agricultural supply chain finance
Compared with traditional agricultural supply chain finance, which only relies on Accounting statements are used to conduct enterprise risk assessments. The comprehensive application of big data and cloud computing technology in agricultural supply chain finance can not only accurately identify effective information, but also make the conclusions more precise and quantified through models and machine algorithms. It can also predict the chain more accurately. The development prospects of domestic enterprises are more comprehensive and objective. From the perspective of technical principles, big data and cloud computing technology can not only draw a detailed data map of the economic activities occurring within the agricultural supply chain, but also directly use data language to conduct penetrating management of enterprises within the agricultural supply chain, thus While solving the asymmetry problem in information management, it also makes up for the technical shortcomings in traditional management.
In terms of practical application, Suning.com relies on hundreds of millions of transaction data and cloud computing technology to cooperate with traditional financial institutions, using leading enterprises in the agricultural supply chain as guarantors or providers of information. , providing financial services to dealers, agents and farmers within the chain; New Hope Financial Services has established a big data risk management model based on the data reserves of New Hope Group, from customer access, pre-loan review, loan monitoring and post-loan Realize comprehensive intelligent management in management and other aspects, and provide customers with pure credit and guarantee-free "Haoyangdai" products. At the same time, during the customer use process, New Hope Financial Services also continuously accumulates customer production information, credit information, etc., and improves the database. , and continuously upgrade and iterate the risk management model.
In today's digital age, data has become a new factor of production, but the application of big data and cloud computing technology to agricultural supply chain finance still faces many difficulties. First, data sharing is difficult. In the agricultural supply chain, banks can provide financial services such as pledges and loans within the chain based on real orders and accounts receivable and other transaction documents signed between core enterprises and upstream and downstream enterprises. However, due to my country’s data protectionProtection laws and regulations are not yet complete, and companies are generally worried that banks or other financial institutions may sell their important data to competitors or third parties, thereby weakening the company's market competitiveness and harming corporate interests. In this case, companies are unwilling to share data with financial institutions such as banks, which is also a major problem faced by the current use of big data in agricultural supply chain finance. Second, digital quality is not guaranteed. Since each member company in the agricultural supply chain carries out a large number of businesses and covers a wide range of areas, it is difficult to standardize and publicly disclose information, resulting in low-quality corporate data obtained by financial institutions. In addition, banks are also worried that core enterprises will reach a consensus with suppliers and dealers to cheat loans, thereby tampering with the real transaction information in the ERP system. This behavior will virtually increase bank risks and is not conducive to the stability of the entire agricultural supply chain.
Blockchain + Agricultural Supply Chain Finance
From the perspective of technical principles, blockchain is a powerful tool to empower the development of agricultural supply chain finance. First, blockchain can effectively reduce the risk of bill authenticity. Under the "blockchain + agricultural supply chain finance" model, as long as a transaction occurs, its business information will be recorded in the relevant subject accounts respectively. At the same time, the information transmission within the agricultural supply chain will not be distorted, making fraud almost impossible. Can't happen. Second, blockchain can help improve the level of mutual trust among enterprises within the agricultural supply chain. Under the "blockchain + agricultural supply chain finance" model, various companies can use smart contracts to improve the execution of credit agreements. As long as one of the parties to the transaction fulfills the responsibilities and obligations stated in the contract, the system will automatically force the other party to One party fulfills the contract to avoid credit fraud. Third, blockchain can help improve the operational efficiency of agricultural supply chain finance. By creating rich blockchain application scenarios, each participant in the agricultural supply chain will be able to obtain real and effective economic activity data, and complete fund transactions and business delivery within the agricultural supply chain, thus improving the accuracy and efficiency of transactions.
In practice, New Hope Huinong (Tianjin) Technology Co., Ltd. (hereinafter referred to as "Hope Finance") has established a more standardized agricultural supply chain business model by applying blockchain technology, improving agricultural The openness of the supply chain system platform enables risk control throughout the entire process, effectively avoiding human fraud and speculation. As of October 31, 2020, Hope Finance's cumulative loan amount reached 11.835 billion yuan, the number of borrowers reached more than 38,000, and the loan overdue rate and bad debt rate were less than 0.1%, effectively serving the real economy and rural revitalization. Based on the application of cutting-edge technologies of the Internet of Things and blockchain, Henan Tianxiang Noodles Co., Ltd. takes the deep integration application scenarios of the industrial chain as the entry point to create the country's first "blockchain + financial services + grain" platform - Youliangyou letter. The platform can generate standard electronic warehouse receipts and has functions such as smart contract applications, multi-party ledger sharing, business data storage, and grain quality traceability. It can realize risk management, asset management, etc.Supervision and visualization of digital assets, the entire process is open and transparent, and counter-guarantee measures are simple and effective.
Although the combination of blockchain technology and agricultural supply chain finance has brought about unprecedented changes, its large-scale application still needs to solve two major challenges: First, various participants in agricultural supply chain finance are vying for help. Blockchain technology builds its own supply chain information management system, causing information fragmentation in the traditional supply chain financial market. The existence of technical barriers makes it difficult for cross-chain data to communicate, forming new information islands; second, in practice it is often There is a lack of comprehensive talents who understand both blockchain technology and agricultural supply chain financial operations.
Internet of Things + Agricultural Supply Chain Finance
From the perspective of technical principles, the agricultural supply chain management system based on Internet of Things technology can enable corporate commodities in the supply chain to be purchased at any time and Any location is monitored in real time, enabling development from soil conservation to greenhouse cultivation, from processing and packaging to cold chain distribution, from online sales to independent ordering, and from farmer organizations to agricultural integration, thus greatly improving the efficiency and effectiveness of agricultural supply chain management. Flexibility, optimize the resource allocation of enterprises, effectively reduce illegal material transfer activities, thereby significantly reducing the financing risks of the agricultural supply chain.
In practice, Beijing Rural Credit Internet Technology Co., Ltd. has made useful attempts. The company is affiliated to the Dabeinong Group. Relying on the resource advantages of the Dabeinong Group, it comprehensively utilizes various technologies such as the Internet, the Internet of Things, cloud computing, and big data to explore and form an enterprise that includes "agricultural big data, agricultural transactions, and rural financial services." "A new model of agricultural supply chain finance. In this mode, the operation center can screen potential loan customers based on credit scores generated online based on big data on farmers' production and operation recorded by the Internet of Things, big data on online pig sales, and other data.
There is no doubt that the prospect of applying the Internet of Things to agricultural supply chain finance is very attractive, but the current development still faces many difficulties: First, the investment in the Internet of Things is huge, and it only relies on the financial strength and financial strength of core enterprises. The technical level is not enough to support the large-scale development of the "Internet of Things + Agricultural Supply Chain Finance" model. Second, at this stage, a large number of farmers still rely on traditional sales methods, with less online information and a lack of digital footprint. Third, the awareness of collaborative development among participants in the agricultural supply chain is weak, the island problem is serious, and logistics, capital flows, and information flows cannot be effectively smoothed and shared.
Artificial Intelligence + Agricultural Supply Chain Finance
From the perspective of technical principles, the widespread application of technologies such as the Internet of Things, big data and cloud computing is the key to the role of artificial intelligence in the field of agricultural supply chain finance. basis of action. Artificial intelligence + Internet of Things + big data + cloud computing + agricultural supply chain may form an agricultural supply chain with autonomous learning capabilities, allowing the agricultural supply chain to manage itself. Under this multi-technology agricultural supply chain financial model, placed inLaser scanners or sensors in each link of the agricultural supply chain will automatically collect various information about relevant entities and continuously transmit various data to cloud servers. Finally, these data will be analyzed and processed by artificial intelligence to find loans for financial institutions. Provide a basis for recruiting people, providing loans, and controlling lending risks. In 2019, the American company Taulia launched a cash forecasting tool suitable for supply chain finance based on artificial intelligence technology. As more data is processed and analyzed, the tool can effectively identify the risk of unapproved invoices and purchase orders over time, enabling more produce shipments and purchase order financing.
Although artificial intelligence has very broad application prospects in the field of agricultural supply chain finance, there are few successful application cases in my country so far. At the same time, the mature application of artificial intelligence technology in agricultural supply chain finance There are still many challenges ahead. First, agricultural supply chain finance involves many links, long cycles, and serious internal friction. The current artificial intelligence technology itself is not mature enough and cannot solve these problems in agricultural supply chain finance in a short time. Second, before applying artificial intelligence technologies such as machine learning to agricultural supply chain financial data, enterprises as the core nodes must first collect enough data from hundreds or thousands of farmers, distributors, dealers and retailers. It is still difficult to obtain complete data from commercial and other sources. Third, my country's agricultural product supply chain logistics infrastructure is still relatively backward, lacking a standardized system, operating procedures are not standardized, and standards are not unified. As a result, the overall informatization level of the supply chain is not high, and information distortion often occurs, which affects the implementation of artificial intelligence technology. application.
It should be noted that, for the convenience of writing, above we have roughly discussed the application of financial technology in agricultural supply chain finance according to different categories. However, the current relationship between financial technology and agricultural supply chain A basic trend in financial integration innovation is the comprehensive application of multiple financial technologies, thereby forming stronger advantages and solving the pain points of traditional agricultural supply chain finance.
Suggestions on further promoting the application of financial technology in the field of agricultural supply chain finance
Continue to improve laws and regulations. First, regulations need to be established for financial technology companies. Relevant departments should study and promulgate regulatory regulations for financial technology companies as soon as possible, define the business scope of financial technology companies, clarify the attributes of the companies, and delineate entry thresholds to promote the healthy development of financial technology companies. The second is the need to legislate data security. Financial technology has the ability to empower agricultural supply chain finance, but it must be based on data security. To this end, relevant departments should expedite the promulgation of data security regulations in light of China's national conditions, clarify the boundaries of data collection, circulation, processing, and use, and implement an access system for data operating companies to ensure that information in the supply chain is used safely and reasonably. Third, technology is needed to establish standards. In recent years, big data, blockTechnologies such as blockchain, artificial intelligence, and the Internet of Things are developing rapidly, but many related technical standards are still lacking, which has become a major obstacle to the development of the financial technology industry.
Continue to promote digital rural construction. On the one hand, we must strengthen the construction of rural information infrastructure. The construction of rural information infrastructure is an important prerequisite for the application of financial technology. We should vigorously improve the level of rural network facilities, achieve full network coverage in rural areas as soon as possible, actively promote the digitalization of infrastructure in rural areas, strengthen the construction of Internet of Things facilities in rural areas, and lay the foundation for financial technology Application basis. On the other hand, we must promote the digital transformation of the agricultural industry. Without the digitization of the agricultural industry, it will be difficult to achieve large-scale development of financial technology in agricultural supply chain finance. We should vigorously develop Internet + agriculture, rural e-commerce, and smart agriculture to improve the entire process of agricultural production, processing, storage, transportation, and sales. Digital level.
Continuously enrich application scenarios. On the one hand, enterprises within the chain should combine the characteristics of different types of financial technology and the characteristics of different agricultural industries, actively explore more diverse application scenarios, and create conditions for the integration of financial technology. Core enterprises and large financial institutions with financial and technical strength should give full play to their scale advantages, expand the application scenarios of various financial technologies, and create conditions for the large-scale development of agricultural supply chain finance. On the other hand, we should deeply explore the potential of digital technologies such as big data, cloud computing, blockchain, Internet of Things, and artificial intelligence in agricultural supply chain finance, strengthen the combination and cross-use of various digital technologies, and promote the application of financial technology in agriculture. Innovation in supply chain finance scenarios expands the breadth and depth of financial technology applications.
Author's unit: Beijing Technology and Business University School of Economics, Beijing Technology and Business University Digital Finance Research Center
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