《2021区块链白皮书》最新发布！区块链如何改变供应链金融？

供应链金融产品一直存在着较大的痛点，比如参与环节众多，链条长，关联度较高，交易场景难以识别等，如何解决金融机构对真实性风险的识别，是解决供应链金融的核心问题所在。

There have been significant pains in supply chain financial products, such as multiple participations, long chains, high correlations, difficult to identify trading scenes, etc., and how addresses the recognition of reality risks by financial institutions is central to addressing supply chain finance.

区块链作为一种新型的技术组合，综合了共识算法、非对称加密、智能合约等新型技术，是一种在对等网络（也称分布式网络、点对点网络）环境下，通过透明和可信的规则，构建可追溯的块链式数据结构，具有分布式对等、链式数据块、防伪造和防篡改、可追溯、透明可信和高可靠性的典型特征，其技术特性在供应链金融场景中有着独特的优势特点。

As a new combination of technologies, the block chain combines new technologies such as consensus algorithms, asymmetric encryption, smart contracts, etc., and is a network of reciprocal (also known as distributed networks, point-to-point networks) environment in which the structure of traceable segment data is constructed through transparent and credible rules, with typical features of distributed reciprocity, chain data blocks, anti-false and anti-frozen, retroactive, transparent, credible and high-reliability features that have unique advantages in the financial landscape of the supply chain.

1.一个典型的传统供应链金融案例

1. A typical traditional supply chain finance case

以生产制造型核心企业供应链为例。传统模式中按照惯例：

In the traditional model, as is customary:

(1)核心企业和一级供应商之间产生了应收账款，一级供应商和二级供应商之间同样也产生了应收账款。

(1) Accounts receivable arise between the core enterprise and the first-tier vendor, as does accounts receivable between the first- and second-tier vendor.

(2)银行对核心企业有着大量授信，但是对一级供应商就非常谨慎，对二级、三级供应商几乎不会提供授信。

(2) The bank has a large amount of credit to the core business, but caution is exercised with respect to first-tier suppliers, with little credit to second- and third-tier suppliers.

那么当一级供应商需要资金进行采购时，他有几种选择，一是向核心企业寻求融资，二是以应收账款质押向银行融资，三是应收账款保理。二级供应商需要资金时就比较困难了，他无法向核心企业寻求融资，凭借与一级供应商之间的应收账款又很难从银行获得融资，应收账款保理也比较困难。至于三级供应商往往只能自求多福了。

When a first-tier supplier needs funds to procure, then he has several options: seeking financing from a core business, pledging a receivable to a bank, and factoring in a receivable. When a second-tier supplier needs funds, it is difficult for him to seek financing from a core business, obtaining financing from a bank on account with a first-tier supplier, and accounting for a receivable. As for a third-tier supplier, it is often difficult for him to do so.

2.传统供应链金融主要问题实际上在现阶段供应链金融主要问题在于：

2. The main problems of traditional supply chain finance at this stage are actually:

(1)应收账款无法直接流通。核心企业与一级供应商之间的应收账款由于有核心企业的资质承诺，因此一级供应商可以据此进行融资，但是往上游传递受阻，二级、三级供应商无法利用核心企业的资质，存在融资难问题。

(1) Receivables cannot flow directly. Accounts receivable between a core enterprise and a first-tier supplier can be financed on the basis of the qualifications commitments of the core enterprise, but upstream transfers are hampered and secondary and third-tier suppliers are unable to take advantage of the qualifications of the core business and there are difficulties in financing them.

(2)融资成本高。供应商以应收账款质押获得的短期资金，融资成本高，占用银行风险计量资本，提升了杠杆率。

(2) Financing costs are high. Short-term funds obtained by a supplier on a pledge of receivables, high financing costs, capital in the measurement of bank risk, and higher leverage.

(3)信用环境差。在仓单质押等场景中，频发伪造虚假仓单骗贷的案件，各个环节的真实性、可靠性存疑。

(3) The credit environment is poor. In situations such as warehouse orders, there are frequent cases of counterfeiting of fraudulent warehouse receipts, and there are doubts about the authenticity and reliability of the various links.

(4)第三方介入这一业务困难重重。因为本身缺少可靠资质，在银行主导的供应链金融服务和核心企业主导的供应链金融服务中夹缝生存，既不具有资金优势，又不具有上下游产业链优势。

(4) Third-party involvement in this business is difficult because of its own lack of reliable qualifications and the fact that it has neither the financial advantage of money nor the advantage of upstream or downstream chains of financial services in the banking-led supply chain and those in the core supply chain.

综上，实际上所有的问题都归结到信任二字。因为信任无法从核心企业传递到一级供应商、二级供应商、三级供应商，因此上游中小供应商难以获得融资，即使能获得成本也非常高；同时缺少信任与监督机制，业务数据的真实性得不到保证造成案件频发；最后缺少被供应链参与方信任的资质，第三方想要成功做大供应链金融也是难上加难。

In sum, all the problems are attributed to trust. Since trust cannot be transferred from the core to first-, second- and third-tier suppliers, it is difficult, if not costly, for small and medium-sized upstream suppliers to access finance; there is a lack of trust and oversight mechanisms, and the authenticity of operational data is not assured, leading to frequent cases; and finally, there is a lack of qualifications trusted by supply chain participants, and third parties are more difficult to successfully finance large supply chains.

3.区块链带来的变化

3. Changes in the block chain

区块链提供的是一个去中心化的信任机制，正是用来解决供应链金融痛点的最合适的技术。

The block chain provides a decentralised trust mechanism that is the most appropriate technology to address the financial pains of the supply chain.

如果将所有的参与方都放到区块链上(如下图所示)，所有节点共享同样的信息，那么以上问题都迎刃而解。

If all participants are placed on the block chain (as shown in the figure below) and all nodes share the same information, then the problem is solved.

(1)可拆分、可流通的应收账款。将应收账款以数字资产形式存于链上，核心企业与一级供应商之间的应收账款实际上成为了数字资产，这种数字资产可拆分、可转让、可追溯，一级供应商可以将之作为支付工具，拆分支付给二级供应商，三级供应商收到的是可以追溯到核心企业信用的数字资产，其价值显然高于传统模式中一级供应商提供的应收账款。这种资产即使无限传递，也始终可以保有核心企业背书的资信。

(1) Discreet, negotiable receivables. Places receivables on the chain in the form of digital assets, and accounts receivable between core businesses and first-tier suppliers are in fact digital assets, which can be split, transferable and retroactive, which can be used by first-tier suppliers as payment instruments for payment to second-tier suppliers, and digital assets that can be traced back to core business credit, which are clearly higher in value than receivables provided by first-tier suppliers in the traditional model.

(2)降低融资成本。应收账款一旦可以流通、支付，链上企业之间的支付问题就迎刃而解了，完全可以采用这种数字资产进行支付，不再需要进行质押融资，最多承担保兑费用即可。

(2) Reduces the cost of financing. accounts receivable, once they are available for circulation and payment, solves the problem of payment between firms in the chain.

(3)解决融资难问题。对于中小供应商，持有核心企业资信的应收账款对应的数字资产，如果需要向链外企业进行支付，也能够更为容易地从银行、保理等获得资金，彻底解决以往融资难的问题。

(3) solves the problem of financing difficulties. , for small and medium-sized suppliers, digital assets with core business letters of credit corresponding to receivables, can also be more easily funded from banks, factoring, etc. if payments are required to be made to off-link enterprises, to address once and for all the problems of past financing difficulties.

(4)降杠杆。一方面降低企业杠杆，另一方面减少银行风险资本占用，对于整个社会而言完全符合“降杠杆”的基本方向。

(4) Leveraging. , on the one hand, reduces corporate leverage and, on the other, reduces the occupancy of bank risk capital, is fully in line with the fundamental direction of “leveraging” for society as a whole.

(5)提供银行、核心企业之外的第三方运营能力。由于区块链保障了数据不被篡改，完全不同于传统中心化模式下各方担心第三方运营方篡改数据，这种模式保证了运营方在数据方面的可信，也就提供了传统模式下所不具备的第三方运营的可行性。

(5) provides the ability to operate by third parties other than banks and core enterprises. provides the viability of third-party operations that are not available under the traditional model because the block chain guarantees that the data will not be tampered with and is completely different from the traditional centralized model in which the parties fear that the data will be tampered with by third-party operators.

1、区块链技术进入工程化发展期，向多层次融合创新、业务驱动优化演变。区块链基础功能架构已趋于稳定，面向业务场景需求的工程技术优化成为业界共识。以实现“高效、安全、便捷”的发展目标，核心技术优化、扩展技术融合和跨链技术突破正成为技术演化重点方向。

1. Block chain technology enters a period of engineering development to integrate innovation and business-driven optimization at multiple levels. has stabilized the basic functional structure of the block chain, and engineering technology optimization for business scenario needs has become a consensus in the industry. In order to achieve the “efficient, safe, and easy” development goal, core technology optimization, extension technology integration, and cross-chain technology breakthroughs are emerging as priorities for technological evolution.

2、区块链与实体经济加速融合，有力支撑国家重大战略，应用边界不断扩展。区块链应用深度和广度持续提升，脱虚向实趋势明显，在智慧农业、司法存证、疫情防控、数字政府等关键领域以及实现“碳达峰、碳中和”等国家重大战略方向的价值不断体现，为各行业数字化转型提供了新的驱动力。

2, accelerated integration of block chains with the real economy strongly underpins major national strategies and the application of ever-expanding borders. block chains continue to increase in depth and breadth of application, a clear trend of disillusionment and the value of key areas such as intelligent agriculture, judicial evidence, outbreak control, digital government, and the achievement of key national strategic directions such as “carbon peaks, carbon neutrality” provide new drivers for the digital transformation of industries.

3、区块链产业联盟化、生态化格局逐渐形成，我国开源体系加速构建。近年来，我国区块链产业基础、产业链条、产业环境和产业生态日益完善，区域级、行业级区块链基础设施不断涌现，产业商业模式在业务运营联盟化、技术应用开放化中寻找新机遇。与此同时，我国区块链开源社区蓬勃发展，生态体系加速形成。

In recent years, the infrastructure of the sector’s industrial base, industrial chain, industrial environment and industrial ecology has been improving, the infrastructure of regional and industrial sector blocks has emerged, and the industry’s business model has sought new opportunities in operational alliances and the opening up of technology applications. At the same time, the country’s community of origin has flourished and the ecological system has accelerated.

来源：中国信息通信研究院、UQPAY 等

Source: China Institute of Information and Communication, UQPAY, etc.