Blockchain technology is a credible data infrastructure to build the industrial Internet
With the advent of the digital economy, the industrial Internet demand of Chinese enterprises and various industrial clusters has increased dramatically. China has an industrial system with a complete range of categories, a huge scale, and numerous clusters, providing extremely rich application scenarios for the development of the Industrial Internet. This article hopes to take the bulk commodity industry chain as an example to think about the feasibility and technical route of building an industrial Internet trusted data collaboration infrastructure.
The big opportunity of the industrial Internet
National policies vigorously support the innovation and development of the industrial Internet
In recent years, the state has issued a series of related policies to encourage and support the development of the industrial Internet. From supply chain innovation and application, platform economy, industrial digitization, industrial Internet to industrial Internet, various guiding opinions, development plans, and action plans have been issued to promote the development of new industries, new formats and new models.
In March 2021, China issued the “Fourteenth Five-Year Plan for the National Economic and Social Development of the People’s Republic of China and the Outline of Long-Term Goals for 2035”, clearly proposing to promote the digital transformation of industries, promote the deep integration of digital technology and the real economy, and empower traditions Industrial transformation and upgrading will create new advantages in the digital economy. In April 2020, the National Development and Reform Commission and the Central Cyberspace Administration of China jointly issued the “Implementation Plan on Promoting the Action of “Migrating to the Cloud and Using Data to Empower Intelligence” and Cultivating New Economic Development”, which officially put forward the concept of the industrial Internet at the national level for the first time.
Comparing the Chinese and American markets, China’s industrial Internet has 10 times more room for growth
Comparing Chinese and American unicorn companies, it can be found that Chinese unicorn companies are concentrated on the consumer Internet, and American unicorn companies are concentrated on the industrial Internet. In addition, comparing the top 20 companies in the market value of listed technology companies in China and the United States, the market value of consumer Internet companies is 2.2 times that of China, but the market value of industrial Internet companies is 15 times that of China. Compared with Western countries, Chinese industrial Internet companies still have more than 10 times more room for growth.
The industry rule system is gradually improved
At the beginning of 2021, the State Council formally issued the “Decision on the Implementation of the Unified Registration of Movable Property and Rights Guarantees”. Starting from January 1, 2021, the unified registration of movable property and rights guarantees will be implemented nationwide. The “Decision” stipulates the guarantees included in the unified registration. Type, clarify that the People’s Bank of China shall formulate a unified registration system, and the Credit Information Center shall undertake specific service registration work. After the unified registration is implemented, the four types of mortgage registration of production equipment, raw materials, semi-finished products, and products originally undertaken by the market supervision and management department will be unified by the People’s Bank. New registrations, changes and cancellations of previous registrations will be handled by the People’s Bank of China. . After the reform, the People’s Bank Credit Information Center’s unified registration and publicity system for movable property financing includes production equipment, raw materials, semi-finished products, product mortgages, pledges of accounts receivable, deposit receipts, warehouse receipts, bill of lading pledges, and financial leasing, factoring, ownership retention and other movable properties. Handle unified registration and inquiry services with the rights guarantee business.
China Warehousing and Distribution Association, China Banking Association and China Association of Small and Medium Enterprises jointly issued the group standard “National Circulation Warehouse Receipt System Operation and Management Regulations”, which will be formally implemented in February 2021. This system also laid the foundation for the interconnection of warehouse receipts.
Compared with financial infrastructure, industrial chain infrastructure still has great room for development
China has built a relatively complete financial infrastructure implementation before 2010. In the case of China UnionPay, as early as the beginning of 2000, it had connected complete ecological participants of merchants, card issuers, and acquirers, and established the standards and foundations of the payment system. Facilities, thus bringing about 20 years of rapid development of China’s payment industry. In comparison, the digital infrastructure of the industrial chain is still very backward, and there is still a lot of room for development.
Problems and Challenges of Industrial Internet
The difference in the level of informatization of the industrial chain hinders the rapid development of the industrial Internet
The development of the industrial Internet is inseparable from the system interconnection and information sharing between the upstream and downstream of the industrial chain. However, the current level of informatization in each link of the industrial chain is uneven, and the existing information systems and data types are also very different. This is for the advancement of the industrial Internet. Interconnection and integration of breakpoints pose challenges. Only the upstream and downstream enterprises of the industrial chain accelerate their own informatization level and actively promote the digitalization standard of the industrial chain, etc., can they create good conditions for the industrial Internet to promote the sharing of information and resources.
Market separation, decentralized functions
The segmentation and lengthy characteristics of the traditional industrial chain have also led to problems such as information asymmetry, mismatch between supply and demand, and market uncertainty. Various links such as manufacturing, trading, and delivery still face low efficiency, high cost, and difficult to meet individual needs. , The market volatility and other pain points.
It is difficult to track the authenticity of the trade scene, which makes financing difficult and expensive for SMEs.
Some B2B platforms integrate data information such as information flow, business flow, logistics and capital flow to a large extent. However, from the perspective of financial institutions, the degree of restoration and authenticity of the scene is not enough. In order to verify the authenticity of the trade background, financial institutions A lot of manpower and material resources need to be invested to verify the authenticity of the above information from multiple dimensions, which reduces the business efficiency of supply chain finance. If the “four streams in one” of supply chain data can be realized, and the data is transparent, credible, auditable, and non-tamperable, it will greatly reduce the cost of due diligence of financial institutions, improve the overall efficiency of supply chain financial services, and reduce financing costs.
Construction ideas and technical routes
Different from the consumer Internet, under the industrial Internet, the structure and model of each industry are different. The construction of the industrial Internet can no longer rely on burning money to grab the entrance and relying on the winner-takes-all competition method like the consumer Internet, but should focus on openness. Sharing and cultivating the specific scenarios of the industrial chain supply chain, by generating cost-reducing effects for enterprises in the entire industrial chain, improving efficiency, forming an optimal allocation of resources, and generating superimposed benefits of 1+1>2.
Due to the large number of participants, the industrial Internet platform should build a new alliance and digital construction paradigm, reshape the industrial chain transaction and collaboration process through standardization and agreement, and greatly reduce the transaction and trust friction of all parties in the industrial chain, so as to achieve Reduce costs and increase efficiency.
From the technical route, the industrial Internet platform recommends abandoning the “universal” SaaS service platform, and instead connects manufacturers, warehousing parties, and traders loosely through blockchain, OpenAPI and other more open and distributed digital technology routes. , Financial institutions and other systems in the industrial chain, build a credible data infrastructure in the industrial chain, so that industrial property rights can be clarified, transactions can be traced, and information can be safely shared, thus building a credible, interoperable, and sharing business overall link , To build a multi-dimensional, data-based and intelligent industrial chain credit system and data collaboration system.
The data infrastructure of the Industrial Internet is extremely complex. This article only proposes some construction ideas for the industry’s reference and discussion.
Interactive protocol based on standardized digital assets
Digital asset issuance and registration standardization
Digital assets refer to the use of blockchain and key digital technologies to unify the format elements of inventory and movable assets, prepaid accounts, delivery vouchers, logistics documents and other assets in the industrial Internet scenario on the chain. The data cannot be tampered with, and the information is traceable. Standardized digital assets that support the split and circulation.
The industrial Internet platform should design a standardized system for the issuance and registration of digital assets, and fully support national standards, such as “GBT 30332-2013 Warehouse Receipt Elements and Format Specification”, etc., to realize the digitalization and integration of the entire process from signing, storage, transaction and financing. standardization. Digital assets can be automatically registered to the blockchain and Internet courts, and should be connected to ChinaDang.com and other registration platforms to realize cross-platform registration services.
Build a digital asset interaction protocol directly connected to finance
The low level of digitization, lack of standardization, and compliance measures in the current industry, especially small and medium-sized enterprises, has resulted in supply chain finance being a non-standard product with high implementation costs compared to standard products such as mortgage loans, credit loans, and flow loans. Non-standard products are not as good as standard products for financial institutions in terms of market awareness, employee skills, management experience, and operational efficiency. This is also an important reason why banks and other mainstream financial institutions have difficulty entering supply chain finance on a large scale in the past few years.
Industrial Internet platforms should build a set of standardized agreements like “payment”, connect cooperative financial institutions, coordinate digital assets through standardized agreements, improve risk control, strengthen supply chain information sharing, and promote the empowerment of supply chain finance under the new model , And ultimately optimize the industry’s operational efficiency and reduce corporate financing costs.
The interactive protocol of digital assets is based on the combination design of blockchain smart contract and API interactive interface. The key asset attributes are recorded on the chain, and the complete warehouse receipt data and the data on the chain form a one-to-one mapping. The digital asset contract is operated by the participants through their own private keys and corresponding permissions, and all records are written through the blockchain distributed ledger, forming an open, transparent, and auditable transaction record. Digital asset contracts on the chain can support all necessary functions of transfer, pledge/de-pledge, secondary circulation transactions, and asset disposal required by financial institutions.
From the perspective of risk control, the following two major problems can be effectively solved:
Because the ownership of goods in the industrial chain is usually confirmed by verifying transaction-related documents (contracts, logistics vouchers, etc.), such documents are difficult to collect completely, and the risk of document forgery is also high, so it often happens that the borrower’s pledged goods are Ownership defects and the need to realize pledge rights will be blocked by the true owner.
Blockchain-based digital assets map real trade contracts and are legally registered on the blockchain and related credibility platforms. At the same time, they can also verify the issuer’s digital signature, thus ensuring the validity, ownership, and availability of digital assets. Retrospective.
It mainly includes the effectiveness of the establishment of pledge rights and the risk of repeated pledges.
The platform can be connected to the registration system of the People’s Bank of China to register digital assets as collateral to reduce the risk of repeated pledges. Goods under digital assets can also be pledged and registered through the platform, and the delivery of pledged goods can be completed in conjunction with the delivery warehouse to ensure the effectiveness of the pledge and reduce the risk of repeated pledges.
Build a set of common data standards covering exchanges, manufacturers to traders
Digital asset support can be split and transferred, which has great flexibility. At the same time, standardization makes cross-subject flow of digital assets possible, which can run through the entire chain of data from exchanges, manufacturers to traders.
Due to the realization of data standardization, different participants can give full play to their advantages and capabilities. For example, warehousing parties can sign and find warehouse receipts, but lack transaction liquidity. Through the platform, they can be pushed to spot trading platforms or transactions with liquidity and disposal capabilities. Place.
Build an open platform to realize the interconnection of heterogeneous systems
The trusted data base platform of the industry chain adheres to the principle of openness, and will be equipped with an open platform for API capabilities from the perspective of technical options to support independent registration and independent application for application access by third-party institutions. The platform sets up a resource management center to flexibly set access permissions for access institutions, and provide access institutions with system integration capabilities to help storage institutions, banks, enterprises and other institutions to efficiently access the platform and the rapid digital upgrade of the industrial chain.
Integrate cross-chain technology to achieve a co-construction ecosystem
The application potential of block chain technology is not only technology empowerment, but also mechanism empowerment—co-innovation of collaboration mechanism, trust mechanism, and management mechanism. Traditional platform and system concepts cannot meet the digital needs of the industry. The construction of digital ecology should be based on an open mechanism that does not rely too much on the center. This ecology is not built by a single entity, but by ecological participants based on actual business needs.
The flexible governance structure can support core companies, financial institutions, B2B trading platforms, and government regulatory agencies to continue to join the blockchain network to build an industry-autonomous, heterogeneous, secure and trusted data governance structure.
CA signed the seal to solve the problem of “carrot seal”
The forged physical seal is also called the “radish seal”. The physical seal must be reviewed by the public security organs and produced by a specific engraving organization of the government department. The physical chapter has established regulations, standards, and processing techniques, and the official media and many self-media platforms have published technical and professional ways and methods to distinguish the carrot chapter. It is reasonable to say that the physical chapter should have a certain degree of difficulty in counterfeiting. However, vicious incidents of the “radish chapter” forged physical chapters are still repeated. Fundamentally, it is because the physical chapter must be identified with the help of human eyes, work experience, etc., and human identification ability is ultimately limited, and it is difficult to prevent such things from happening.
Under the current technical standards, the best way to deal with the “radish seal” is to use a trusted CA electronic signature. As early as 2005, the “Electronic Signature Law of the People’s Republic of China” was announced in China. Policies and regulations clearly stated that reliable electronic signatures and handwritten signatures have the same legal effect. Driven by CFCA, the financial industry has adopted large-scale adoption very early. The industry chain field is currently gradually using electronic signature technology to realize the digitization of contract signing. In the future, CA technology can be quickly copied to online transactions, digital asset signatures, etc. In various business areas.
Digital RMB e-CNY application
The current digital RMB e-CNY led by the central bank has entered the pilot phase. Next, the digitalization process in the financial sector will gradually deepen, and the financial digital infrastructure (currency, trading, clearing and settlement, custody, asset digitization, financing, etc.) will continue to be upgraded.
There are a large number of small, decentralized, and high-frequency payment and settlement scenarios in the industry chain. In the past, cash settlements were generally adopted. The industry chain platform recommends that it fully consider the effective connection with the new financial infrastructure. Through the application of digital renminbi, it can not only ensure the security of corporate payment and settlement, but also assist the taxation department in accurately determining the tax base, which has good economic and social benefits.
The informatization process of leading companies in various industries around the world is accelerating, whether it is VAKT in the North Sea crude oil market in Europe, OOC in the North American energy industry, or OpenMine and Forcefield, which are mainly metals, including the digital warehouse receipts recently launched by LME. The corresponding bulk commodity trade financing application Komgo has basically formed the infrastructure of the bulk commodity trading digital application platform in the European and American systems.
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