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RSS FeedsEntropy, Vol. 22, Pages 95: A Blockchain-Driven Supply Chain Finance Application for Auto Retail Industry (Entropy)

 
 

13 january 2020 12:00:23

 
Entropy, Vol. 22, Pages 95: A Blockchain-Driven Supply Chain Finance Application for Auto Retail Industry (Entropy)
 




In this paper, a Blockchain-driven platform for supply chain finance, BCautoSCF (Zhi-lian-che-rong in Chinese), is introduced. It is successfully established as a reliable and efficient financing platform for the auto retail industry. Due to the Blockchain built-in trust mechanism, participants in the supply chain (SC) networks work extensively and transparently to run a reliable, convenient, and traceable business. Likewise, the traditional supply chain finance (SCF), partial automation of SCF workflows with fewer human errors and disruptions was achieved through smart contract in BCautoSCF. Such open and secure features suggest the feasibility of BCautoSCF in SCF. As the first Blockchain-driven SCF application for the auto retail industry in China, our contribution lies in studying these pain points existing in traditional SCF and proposing a novel Blockchain-driven design to reshape the business logic of SCF to develop an efficient and reliable financing platform for small and medium enterprises (SMEs) in the auto retail industry to decrease the cost of financing and speed up the cash flows. Currently, there are over 600 active enterprise users that adopt BCautoSCF to run their financing business. Up to October 2019, the BCautoSCF provides services to 449 online/offline auto retailors, three B2B asset exchange platforms, nine fund providers, and 78 logistic services across 21 provinces in China. There are 3296 financing transactions successfully completed in BCautoSCF, and the amount of financing is ¥566,784,802.18. In the future, we will work towards supporting a full automation of SCF workflow by smart contracts, so that the efficiency of transaction will be further improved.


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104 viewsCategory: Informatics, Physics
 
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