Multi party participation, whole process transparency, traceability and non tampering. Blockchain technology with these remarkable characteristics has been favored by many industries since its birth.
In China, the financing development of small, medium-sized and micro enterprises has fallen into a strange circle. On the one hand, the financing difficulties of small, medium-sized and micro enterprises include short service life, thin assets, lack of qualified collateral, etc; On the other hand, it is difficult for commercial banks to lend money because of the difficulty of risk control and the distrust of enterprise data. Even though blockchain, as a machine for creating trust, brings us opportunities. However, the technological strength of small, medium-sized and micro enterprises is weak, and the business chain is facing no small threshold.
The key to the development of many small, medium-sized and micro enterprises in China is to achieve the purpose of increasing enterprise credit through business chain, so as to solve the problem of financing difficulties
On March 24, 2022, BSN seminar invited Zeng Tan, a qualified developer of BSN and the head of blockchain big data of Hubei Pulian Dongwen Information Technology Co., Ltd.
With the theme of “Application of BSN based financial intelligence alliance chain in the field of finance, taxation and finance”, Zeng Tan brought a wonderful sharing for developers and industry users from four aspects: company introduction, financial intelligence alliance chain, blockchain middleware and application practice.
The following is the main content of this sharing.
1. Company introduction
Founded in 2017, Hubei Pulian Dongwen Information Technology Co., Ltd. is a data service technology company based on data traceability and data credit enhancement, which realizes enterprise digital portrait and enterprise data credit enhancement, and accurately assists the financing of small, medium-sized and micro enterprises. It is also the first drafting unit of the national bank loan data credit enhancement classification standard for small, medium-sized and micro enterprises.
Product service system
The company’s “manyoucai intelligent fiscal and taxation cloud platform” serves small and micro enterprises with compliance awareness and financing needs and agent bookkeeping companies undergoing transformation and upgrading. The service content is basic accounting data processing service and SaaS service of Intelligent Finance and taxation cloud platform. The main function is to solve the financing difficulties caused by incomplete, non-standard and untrue accounts of small and micro enterprises, and meet the needs of traditional agency bookkeeping companies to transform from bookkeeping accounting to management accounting.
The company’s “data credit enhancement platform” integrates the information of government departments, enterprise operation, finance and taxation, and explores providing financing credit enhancement services for small, medium-sized and micro enterprises with standardized and structured accounting basic data.
2. Financial intelligence alliance chain
Before using blockchain, enterprises collect all data and manage it. Then classify and encrypt the data. Finally, conduct security audit on the obtained data, or provide services such as privacy computing to the data demander.
In this process, the data provided by enterprises are generated from their own platforms, which banks or financial institutions do not believe.
Based on this problem, Pulian Dongwen introduces blockchain in key links. Based on the characteristics of multi-party participation, transparency, traceability and non tampering of the blockchain, all alliance members have achieved data sharing, multi-party encryption and secure transmission under the blockchain. On the chain, through the data comparison of key nodes and key processes, the trusted flow of data on the chain among members is realized.
This not only enriches the data model of the enterprise’s internal platform, but also meets the needs of third parties and regulators in terms of data security and data compliance.
Financial intelligence alliance chain, taking BSN as the infrastructure for blockchain network, operation and maintenance and node management, hyperledger farbic1 4.3 as the basis of smart contract technology, middleware as the basis of on chain transactions, and secret on chain, blockchain traceability and verification of key nodes on the chain as the core business support capabilities, so as to make the industry, finance, taxation and financial data searchable, verifiable and traceable.
The financial intelligence alliance chain has the following three obvious technical characteristics.
Oneid ensures the uniqueness of data of enterprises on the chain, and breaks the data island and realizes data integration through unified entity identification and connection.
Dense data uplink
After being authorized by the user, the industry finance, taxation and financial data will be linked to the financial intelligence alliance chain in a confidential manner to ensure data security.
Data available invisible
Ensure the authorized private use of data, achieve the “availability and invisibility” of data, and realize the balance between data value utilization and enterprise privacy protection.
3. Blockchain Middleware
The current blockchain field generally faces the following five problems.
Lack of professionalism
The alliance members lack professional blockchain technical talents, and the later maintenance cost is high.
Business interruption caused by technology iteration or system upgrade of the underlying chain affects the interaction of data resources on and off the chain.
Repeated wheel making
The development team repeats the development contract and devotes excessive energy to the data interaction with the blockchain when carrying out data chaining and data interaction on the blockchain.
High selection cost
Due to the lack of comprehensive knowledge and understanding of blockchain technology and a certain degree of lack of knowledge in technology selection, the development team often increases the later migration cost due to improper selection.
Conventional blockchain application technology development cannot carry out cross chain data interaction on different chains, forming an island of data value and asset value, and cannot share data.
Based on this background, Pulian Dongwen has developed middleware services.
The application layer software realizes data interaction, communication and cross chain interworking on and off the chain with the help of middleware. It mainly realizes the functions of alliance member management, data uplink, data transmission, cross chain interaction, data uplink failure retransmission, data uplink success callback and so on.
Middleware is used to manage configuration conversion and data docking between various business systems. Including data uplink service, uplink job service, cross chain service, permission service, etc.
It adopts complete HTTP service and calls BSN gateway through API.
Middleware uplink scheme
4. Application practice
For a long time, the financing development of small, medium-sized and micro enterprises in China has fallen into a strange circle.
On the one hand, it is difficult for small, medium-sized and micro enterprises to finance because of their short life, thin assets, lack of qualified collateral, low data reliability and high guarantee rate. On the other hand, it is difficult for commercial banks to lend money because of the difficulty of risk control and the distrust of enterprise data.
The difficulty in financing small, medium-sized and micro enterprises is reflected in the data level, which is mainly “it is difficult to guarantee the authenticity of business and there is a risk of data fraud; it is difficult to prove the innocence of fiscal and tax data and there are multiple sets of accounts; it is impossible to prove the authenticity of industrial fiscal and tax data by comparing third-party data”. All this leads to “banks do not believe in enterprise production and operation and fiscal and tax data”.
The financial intelligence service platform of Pulian Dongwen has well solved this series of problems by using blockchain technology, and provided solutions for export trade financing of small, medium-sized and micro enterprises.
Since the innovative export e-Loan product of Pulian Dongwen was launched on the market in 2020, through the data credit enhancement mode, the credit success rate of recommended white single enterprises has reached 76.47%, and so far, it has been 0 overdue and 0 bad.
Cases in financial field
In the financial field, the accounting electronic archives system of Pulian Dongwen realizes the demand of real-time verification of accounting electronic archives data through blockchain technology. The process is as follows: the data provider archives the accounting data to the accounting electronic archives platform, and carries out the chain operation of the original data and electronic archives. The chain data includes original documents, vouchers, account books, statements, electronic archives, etc; The borrower calls to view the electronic file data and confirms that the original accounting document is unique and has not been tampered with through the unique identification of the uplink.
This reduces the storage of paper files, responds to the national call for low-carbon environmental protection, and ensures the safety, uniqueness and non tampering of online data.