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A Blockchain-Driven Supply Chain Finance Application for Auto Retail Industry
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 t...
Autores principales: | , , , , , , |
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Formato: | Online Artículo Texto |
Lenguaje: | English |
Publicado: |
MDPI
2020
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Materias: | |
Acceso en línea: | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7516533/ https://www.ncbi.nlm.nih.gov/pubmed/33285870 http://dx.doi.org/10.3390/e22010095 |
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author | Chen, Jingjing Cai, Tiefeng He, Wenxiu Chen, Lei Zhao, Gang Zou, Weiwen Guo, Lingling |
author_facet | Chen, Jingjing Cai, Tiefeng He, Wenxiu Chen, Lei Zhao, Gang Zou, Weiwen Guo, Lingling |
author_sort | Chen, Jingjing |
collection | PubMed |
description | 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. |
format | Online Article Text |
id | pubmed-7516533 |
institution | National Center for Biotechnology Information |
language | English |
publishDate | 2020 |
publisher | MDPI |
record_format | MEDLINE/PubMed |
spelling | pubmed-75165332020-11-09 A Blockchain-Driven Supply Chain Finance Application for Auto Retail Industry Chen, Jingjing Cai, Tiefeng He, Wenxiu Chen, Lei Zhao, Gang Zou, Weiwen Guo, Lingling Entropy (Basel) Article 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. MDPI 2020-01-13 /pmc/articles/PMC7516533/ /pubmed/33285870 http://dx.doi.org/10.3390/e22010095 Text en © 2020 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (http://creativecommons.org/licenses/by/4.0/). |
spellingShingle | Article Chen, Jingjing Cai, Tiefeng He, Wenxiu Chen, Lei Zhao, Gang Zou, Weiwen Guo, Lingling A Blockchain-Driven Supply Chain Finance Application for Auto Retail Industry |
title | A Blockchain-Driven Supply Chain Finance Application for Auto Retail Industry |
title_full | A Blockchain-Driven Supply Chain Finance Application for Auto Retail Industry |
title_fullStr | A Blockchain-Driven Supply Chain Finance Application for Auto Retail Industry |
title_full_unstemmed | A Blockchain-Driven Supply Chain Finance Application for Auto Retail Industry |
title_short | A Blockchain-Driven Supply Chain Finance Application for Auto Retail Industry |
title_sort | blockchain-driven supply chain finance application for auto retail industry |
topic | Article |
url | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7516533/ https://www.ncbi.nlm.nih.gov/pubmed/33285870 http://dx.doi.org/10.3390/e22010095 |
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