The system uses a blockchain platform to enable trusted data transmission, prevent data from being tampered with, and reduce reconciliation steps. The main participants on the chain include: banks (fund providers), factoring companies or third-party platforms (financing service providers), and core enterprises.
For the supply chain finance system, an interface with a blockchain platform is added to receive requests such as customer information creation and financing applications. It obtains supply contracts, accounts payable information, and repayment information from core enterprises, and connects with external systems like invoice verification systems, CFCA, and third-party financing platforms for review and verification.
The blockchain-based supply chain finance system does not alter the overall functional framework of the existing supply chain finance system. For the supply chain finance system, it adds an interface to the blockchain platform to accept requests for customer information creation and financing applications. It obtains supply contracts, accounts payable information, and repayment information from core enterprises, and connects with external systems like invoice verification systems, CFCA, and the Credit Reference Center for review and verification. The blockchain platform primarily develops corresponding communication interfaces and data encryption/decryption functions based on supply chain finance requirements to achieve trusted data transmission, prevent data tampering, and reduce reconciliation steps.
All inter-institutional information is transmitted through blockchain nodes. Suppliers at all levels operate on the financing and circulation platform to conduct transactions such as splitting, circulation, and financing. The financing and circulation platform then puts the relevant information on the chain for the bank to perform its review. By putting information on the chain directly from the core enterprise's system, it ensures that the financing information on the financing and circulation platform is genuinely linked to the core enterprise's real business, thereby guaranteeing the authenticity of the trade background.