What Are the Advantages of Blockchain Supply Chain Financial Products in the Future?

With the deepening of socialized production mode, the market competition has changed from the competition between single customers to the competition between supply chains. All parties in the same supply chain are interdependent, "one prosperity and one loss"; At the same time, because credit sales has become the mainstream way of transaction, suppliers in the middle and upper reaches of the supply chain are difficult to obtain financial support from banks through the "traditional" way of credit, and the shortage of funds will directly lead to the stagnation of subsequent links and even "chain breaking". Maintaining the survival of the supply chain, improving the effectiveness of supply chain capital operation and reducing the overall management cost of the supply chain has become an important topic actively explored by all parties. Therefore, the "CICC Yinuo" jointly created by Buno and CICC came into being.

On August 15, the financial ecology conference of CICC payment industry and the unveiling ceremony of CICC blockchain Research Institute were grandly held in Beijing. Zhang Mingyu, co-founder and vice president of Bubi and general manager of Bubi also attended the meeting. The following is a record of some media interviewing Zhang Mingyu on issues related to "Zhongjin Yinuo" after the meeting.

Q1: Mr. Zhang, it is said that the partner with CICC this time is Buno (Shenzhen) Technology Co., Ltd. What is Buno? There was not much news about Buno in the market before. Can you introduce it to us?

Zhang Mingyu: Buno (Shenzhen) Technology Co., Ltd., a wholly-owned subsidiary of Bubi (Beijing) Network Technology Co., Ltd., is a "blockchain supply chain finance" product built by Bubi based on blockchain technology and facing the dilemma of difficult and expensive financing of small and medium-sized enterprises, In fact, this product has been released during the digital Expo in Guizhou this year. CICC payment can be said to be Buno's first partner. In the future, Buno will continue to give full play to its technical advantages and continue to create value for the society. Our vision is to be a connector of commercial value.

Q2: the product of this cooperation is Zhongjin Yinuo. Why did you choose this name at the beginning? Is there any different intention?

Zhang Mingyu: the product we released today is called "Zhongjin Yinuo". As we all know, blockchain is a machine to create trust. We call it "CICC Yinuo", "CICC" refers to CICC payment, and "Nuo" is our Buno. The moral is very simple, which represents "a promise of China gold", a promise of gold.

Q3: can you explain the biggest highlight or advantage of CICC Yinuo?

Zhang Mingyu: there are three aspects to this:

First, we chose high-quality core enterprises and high credit core enterprises to do this business. In fact, we have high credit of bank acceptance bills, because bank acceptance bills are nothing more than considering that this enterprise has absolute payment ability. I'll write bank acceptance bills for him. In this way, as long as it is a high-quality core enterprise, he guarantees the authenticity and effectiveness of trade information on "CICC Yinuo". Secondly, he promises to pay when due, which means that the enterprise's credit is still high.

Second, because the split and circulation under the whole model do not require handling fees and deposits, its cost can be as low as commercial tickets.

Third, it can be split at will. According to your real trade scenario and amount, you can split and transfer the creditor's rights of accounts receivable formed under credit sales at will. Because with random splitting, it can circulate among enterprises. The blockchain itself is a chain, so it is easy for him to do backtracking and risk management on the whole chain, which means that it is good for capital financing, In terms of payment and settlement, you can easily trace your original assets in the whole risk management.

For example, we say that any enterprise in the chain looks for a factoring company for financing, and the factoring company must sell its assets after lending. What about the traditional one? Then he must trace who the original assets are, layer by layer, depending on which accounts receivable is compliant or the risk is controllable. If we use this model, we can see that the traceability of the whole chain is very high, which means that in the process of asset flow, my assets will be realized again, and the factoring company will be faster, which is equivalent to that we have made a collection of these advantages.

Q4: Mr. Zhang, what are the main clients of CICC Yinuo?

Zhang Mingyu: the main customers are divided into three categories,

The first category is core enterprises. The so-called core enterprises include many manufacturing industry chains and many small and medium-sized enterprises. Those who can get bank credit are our target customers.

Second, small and medium-sized enterprises rely on small and medium-sized enterprises in this industrial chain.

Third, financial institutions, including factoring companies, banks and small loan companies, can allow financial institutions to serve more customers than they originally could through CICC Yinuo platform.

Q5: when you introduced "CICC Yinuo", you mentioned the release of core enterprise trust. Can you tell me how to release it?

Zhang Mingyu: through the blockchain, it turns out that we don't know each other. It's actually very difficult for you to make me absolutely believe in someone, but the credit of core enterprises in the market can be seen with the naked eye. These large enterprises do business around him. If you can serve him well, there may be 60000 or 70000 secondary suppliers, and so on, I just need to pass on the credit of the core enterprise.

Our implementation method is such a model. The core enterprise registers its accounting voucher, that is, the creditor's rights and debts between it and the supplier, and then gives it to the primary supplier. The primary supplier will keep it and transfer it to the following suppliers. When any supplier gets this asset and goes to the Bank factoring company for financing, It will certainly show that the original debtor of this asset is the core enterprise, so we can see the process of reviewing the trade background through the platform.

Q6: Thank you very much, Mr. Zhang. Last question, what else do you want to say about the blockchain and the future of Buno?

Zhang Mingyu: today's Internet has almost perfectly solved the problem of information transmission. Anyone, time and place can complete the information transmission process through the Internet at an extremely low cost. However, at present, the Internet can not realize the point-to-point transmission of value, and still depends on the traditional central organization for bookkeeping. The development of blockchain technology will change this situation. Through a series of technologies such as consensus algorithm and smart contract, the network can realize bookkeeping, rather than the central organization. Blockchain is like a machine that creates trust, realizes value point-to-point transmission, and paves the way for the formation of future value Internet system.

If Buno is a tree, it is the soil where blockchain Buno grows. The emergence of Buno is inseparable from the development of blockchain technology. With the continuous development of blockchain technology, I believe Buno will continue to grow. Meanwhile, as the world's first "blockchain" "supply chain finance" product, in the future, Buno will give full play to its advantages, create more social value, be a commercial value connector, and make the future business more active and prosperous.

What Are the Advantages of Blockchain  Supply Chain Financial Products in the Future? 1

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