Ant Financial held its 2019 Ant Technology Exploration Conference (ATEC) with the theme The New Force of Digital Finance on Janurary 4. Ant Financial released its latest blockchain product "Shuangliantong" on ATEC.
2019 ATEC Poster PHOTO: Credit to Aliyun
Jan 7, 2019 /EqualOcean/ - According to ithome.com, Ant Financial held its 2019 Ant Technology Exploration Conference (ATEC) with the themeThe New Force of Digital Finance on Janurary 4. Ant Financial released its latest blockchain product "Shuangliantong (双链通)" on ATEC.
LI Jieli (李杰力), the director of Ant Financial, introduced that Shuangliantong is the main blockchain product of Ant Financial. Shuangliantong focuses on the Accounts Payable from the core enterprises in the supply chain, and take the Accounts Payable as credit endorsement. With the support of blockchain technology, the medium and small size enterprises are able to receive financing from Ant Financial with the recorded core enterprises' Accounts Payable on their financial statements.
Shuangliantong, which means Double Chain Connection in English, refers to the business concept to connect the blockchain and supply chain, might be the trend for future enterprises. As the modern social division of labour is becoming more detailed and specified, the supply chain gathers more medium and small size enterprises. The efficiency of the supply chain affects the competive strength for the whole industry, and the modern supply chain need to be updated.
The blockchain technology is misunderstood widely, it is different with the Initial Coin Offering (ICO) like Bitcoins. The value of the blockchain technology is that it can maintain the authenticity of the information, as the original data cannot be edited and misrepresented. With the support of blockchain technology, the financial and accounting information in the supply chain can be transparent and authentical. It is reliable for the financial institutes like Ant Financial to grant the loans to medium and small size companies.
The combination of supply chain and blockchain benefits the medium and small size companies that are in the supply chain. The medium and small size companies can received the loan in 1 second, whilst the companies may need 3 months waiting period in traditional financing methods. Shuangliantong benefits the medium and small size companies in the supply chain, and increase the efficiency and constancy of the whole supply chain. Shuangliantong is a very innovative and foresigtful business mode, and it has a very high possiblity to bring a reformation to the supply chain.