China News Service, Xiong'an, November 29th, title: Why did China's first batch of blockchain order financing land in Xiong'an?

  China News Agency reporter Cui Tao

  "As of November 29, we have released 40 blockchain scenarios involving various fields. These scenarios are expected to be implemented and implemented in Xiongan." Meng Hongwei, deputy director of the Blockchain Laboratory of the Smart City Innovation Federation of Xiongan New Area Told reporters.

  In November this year, China's first batch of blockchain order financing landed in Xiong'an.

It is reported that Xiong’an New District is actively exploring innovative application models of blockchain, and a variety of blockchain application scenarios will soon be implemented in Xiong’an.

Blockchain order financing landed in Xiong'an

  "Because there is no fixed asset mortgage, and no guarantee company can be found, it can be proved that we only participate in the construction of Xiong'an with a single corporate order. According to the past, financing is very difficult." Hebei Xiong'an Kejian Supply Chain Management Service Co., Ltd. Chairman Wang Jun said.

On November 29th, Wang Jun, chairman of Hebei Xiong'an Kejian Supply Chain Management Service Co., Ltd., displayed information inquiries and submitted a power of attorney.

In November this year, China's first batch of blockchain order financing landed in Xiong'an.

It is reported that Xiong’an New District is actively exploring innovative application models of blockchain, and a variety of blockchain application scenarios will soon be implemented in Xiong’an.

Photo by China News Agency reporter Han Bing

  At present, the Xiongan New District has entered an important stage of undertaking the simultaneous advancement of Beijing's non-capital functions and construction.

In 2021, there will be 177 projects under construction in the Xiongan New District, with a total investment of over 600 billion yuan (RMB, the same below), and more than 3,000 participating enterprises. There is a huge demand for enterprise supply chain financing.

Except for 125 general contracting companies, most of the participating companies are small and medium-sized enterprises.

Problems such as financing difficulties and expensive financing faced by small and medium-sized enterprises still exist.

On November 25, the work site of the Blockchain Laboratory of the Smart City Innovation Federation of Xiongan New District.

In November this year, China's first batch of blockchain order financing landed in Xiong'an.

It is reported that Xiong’an New District is actively exploring innovative application models of blockchain, and a variety of blockchain application scenarios will soon be implemented in Xiong’an.

Photo by China News Agency reporter Han Bing

  Zhang Zhaorui, head of the Finance Group of the Reform and Development Bureau of the Management Committee of Hebei Xiong’an New Area, said that starting from 2020, the Xiong’an New Area Management Committee has organized and developed a blockchain information system for construction fund management in the Xiong’an New Area.

Up to now, the system has more than 100 government-invested projects on the chain, accumulatively paid tens of thousands of payments on the chain, and accumulated a large amount of contract information and payment data.

  "Having such a huge construction fund data system is unique in the country. We have been thinking about what we can do with this data." Zhang Zhaorui said that on the basis of this system, the Xiongan New Area organized various operation and maintenance banks, Xiongan New District Smart City Innovation Federation Blockchain Laboratory, China Xiongan Group Co., Ltd. and other units have studied the characteristics, scope of application and selection criteria of the blockchain information system order financing business, and developed and launched the blockchain order financing system .

  Wang Jun did not expect that in the Xiongan New Area, relying only on corporate orders, he quickly obtained a block chain order financing of 4 million yuan from the bank.

  "It is completely online operation, and the product interest rate is below 6%. It only takes a week for the enterprise to complete the application from the application to the approval." Wang Jun said.

Advantages of blockchain technology

  According to Meng Hongwei, for a long time, the information asymmetry and data distortion between banks and enterprises have been the main reasons for the difficulty and expensive financing of small and medium-sized enterprises.

Especially for supply chain financing, the true and credible data that can reflect the business background determines the bank's credit line to the company, which becomes the key to whether the company can obtain financing services.

  "In blockchain order financing, the blockchain mainly plays the role of data credit enhancement and three-dimensional interaction. The non-tampering feature of the blockchain ensures the credibility of data sources such as general contract, subcontract, payment information and so on. The traceability feature of the block chain realizes the multi-party association of trade backgrounds, presenting a complete supply chain from subcontracting enterprise to general contracting enterprise to the owner unit. The data on the chain is confirmed by all parties and can be shared through a certain authorization mechanism. "Meng Hongwei said.

  Zhang Zhaorui said that blockchain order financing has improved credit approval and risk management models through trusted data on the chain, increased the scale and intensity of corporate loans, strengthened the ability of small and medium-sized enterprises to use intangible assets to finance, innovated financial service models, and improved Convenience of corporate financing.

  "This is actually the establishment of a blockchain-based credit system, which can better manage and evaluate the participating enterprises, and create a good business environment in the future development of Xiong'an New District." Zhang Zhaorui said.

A variety of blockchain application scenarios will be practiced in Xiongan

  Not only blockchain order financing, but a variety of blockchain application scenarios will be practiced in Xiongan.

  "In the beginning, we used blockchain technology to issue demolition funds to the demolished people, and later used to pay migrant workers' wages. In the future, we will use blockchain technology to serve high-end and high-tech enterprises developing in Xiong'an," said Meng Hongwei.

  Meng Hongwei said that in order to undertake the relief of Beijing's non-capital functions, a large number of high-end high-tech companies will come to Xiong'an. These companies, like supply chain companies, have no fixed assets and possess high-tech patents and intellectual property rights.

Using blockchain technology, corresponding preferential policies and financial services can be matched according to the qualifications of the enterprise.

At the same time, blockchain technology can also be used to supervise housing pre-sale funds in the future.

  "In order to give full play to the role of blockchain in empowering the real economy, improving public service capabilities, and building a credible system, Xiongan New District will continue to carry out key technological breakthroughs and application scenarios mining based on the metropolitan blockchain, and innovate Government service model, deepen the reform of supply chain finance, build a good business environment, and build the Xiongan service brand." Meng Hongwei said that these practices will provide key support for the agglomeration and development of small and medium-sized enterprises and provide a strong guarantee for the large-scale construction of Xiongan New Area.

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