26 leading industrial companies, technology platforms and financial corporations have published the Industrial Finance Blockchain Alliance White Paper with the goal of establishing a blockchain infrastructure in China.
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China Baowu Steel Group joined 25 leading industrial companies, technology platforms and financial corporations to publish the Industrial Finance Blockchain Alliance White Paper (Chinese: 产业金融区块链联盟白皮书). The joint publishers of the white paper include industry leaders such as China Baowu and Ansteel Group; Bank of China, China Construction Bank and other financial institutions; and technology platforms such as JD digits and Tencent Cloud. This white paper aims to establish a safe and compliant blockchain infrastructure and to build an industrial ecosystem credit database and an eco-industrial system. According to the white paper, blockchain technology has many applications in the industrial finance area, including offering industrial ecosystem synergies and constructing typical application scenarios.
One of the typical application scenarios is a highly efficient, interconnected industrial finance system. The most noteworthy encumbrances of industrial finance are lengthy supply-chain, numerous participating companies, asymmetric information and complex intermediate actors. Blockchain, with its decentralization and transparency, could be a great solution to these problems. Another typical application scenario is intelligent commodity trading. Using blockchain technology to form an intelligent contract system can help cut business costs and realize intelligent real-time monitoring.
Since the 'New Infrastructure' was presented by the Central Economic Working Conference in 2018, more and more solid businesses have become deeply integrated with blockchain technology. Now blockchain is playing a vital role in promoting cross-regional synergetic development, intelligent manufacturing and financial empowerment in the real economy. According to the new-formed Industrial Finance Blockchain Alliance, the application scenarios of the platform will be extended from the steel ecosystem to the upstream and downstream of the industrial chain over the next several years.