Decentralization of supply chain factoring

1. The four well-known decentralized loan agreements are compound, Dharma, dydx and maker, We summarize it into three modes:
(1) P2P matchmaking mode

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Dharma and dydx are peer-to-peer agreements to match borrowers and lenders. Therefore, the number of loans and borrowings based on the two agreements is equal
for example, in Dharma, smart contracts act as "guarantors" to evaluate the asset prices and risks of borrowers. The creditor decides whether to loan to the borrower according to the evaluation results provided by the "guarantor". At the same time, when the borrower fails to repay on time, the "guarantor" will automatically carry out the liquidation procere. The maximum borrowing period of Dharma platform is 90 days, and the loan interest is fixed. The lender's funds are locked ring the loan period, and only after matching with the borrower can it start to earn interest
dydx protocol is also a P2P mode, but the main difference between it and other lending platforms is that dydx also supports other transactions besides borrowing and lending, such as futures trading. When a trader opens a position in dydx, he or she will borrow margin and reach an agreement with the lender on the terms through the platform to conct margin trading. Therefore, the target customers of dydx are mainly margin dealers. The interest of the dydx platform is variable, and there is no lock-in period or maximum term for users to borrow money on the dydx platform< The first mock exam mode of BR / > (2) is (3) liquid pool trading
take compound as an example, borrowers and lenders trade through the liquid trading pool instead of matching with counterparties. The interest rate of each loan and loan is determined by the liquidity of the pool, that is, the ratio between the total amount of money provided by the lender and the total amount of money demanded by the borrower. Compound doesn't set a fixed loan term, so the lender can deposit the funds into the loan pool, continuously earn interest, and withdraw the assets at any time. The borrower has an unlimited contract period

according to market research, as of February 20, 2021, the total borrowing volume of the decentralized mortgage market hit an all-time high of US $8 billion for the first time. Decentralized lending market is a network system based on smart contract, where cryptocurrency holders can lend their assets / certificates on the chain to others to make profits.
currently, the top three defi protocols in the total amount of borrowing are:
1, compound: the total amount of borrowing is 4446012599 US dollars, accounting for 55.60%
2. Maker: the total amount of borrowing is 2335968433 US dollars, accounting for 29.21%< 3. AAVE V1: the total amount of borrowing is 643772395 US dollars, accounting for 8.05%<

the Xueshuo innovation blockchain Technology Workstation of Lianqiao ecation online is the only approved "blockchain Technology Specialty" pilot workstation of "smart learning workshop 2020 Xueshuo innovation workstation" launched by the school planning, construction and development center of the Ministry of ecation of China. Based on providing diversified growth paths for students, the professional station promotes the reform of the training mode of the combination of professional degree research, proction, learning and research, and constructs the applied and compound talent training system.

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3.

In the traditional supply chain finance, financing difficulty, high financing cost and cumbersome financing process have always been one of the bottlenecks restricting small and medium-sized enterprises to become bigger and stronger. Banks rely on the ability of core enterprises to control goods and regulate sales. For the sake of risk control, banks are only willing to provide factoring services to upstream suppliers (limited to first tier suppliers) with direct accounts payable obligations of core enterprises, or provide prepayment or inventory financing to their downstream distributors (first tier suppliers). As a result, the demand of secondary and tertiary suppliers / distributors with huge financing demand can not be met, the business volume of supply chain finance is limited, and the small and medium-sized enterprises can not get timely financing, which will easily lead to proct quality problems and damage the whole supply chain system

to solve these problems, we can make use of the characteristics of decentralized, tamper proof and distributed ledger of blockchain technology to build a blockchain supply chain financial platform

The core enterprise issues a / R certificate to the distributor. After the distributor signs the receipt, it indicates that it has signed the purchase and sales contract and the core enterprise delivers the goods

Because of the shortage of funds, distributors need to borrow money from finance

3. After the financial institutions have approved, the amount of loans will be sent to the core enterprises

The distributor will repay the loan and interest after selling the goods

4. The main work of commercial factoring is to manage accounts receivable in the face of creditors' transferring accounts receivable; Collection of bad debts; Guarantee and financing as one business

under this business model, supply chain financial service is to find out the core enterprises of the whole instrial chain and integrate the upstream and downstream of the instrial chain through the core enterprises, which is a kind of financial service for the whole instrial chain achieved by the core enterprises to the banks

therefore, it is very clear that the transfer of creditor's rights and debt and the counterpart of commercial factoring have a clear definition, that is, the cooperative relationship between creditors and debtors, while the supply chain finance takes the core enterprise as the main cooperative contractor, and carries out business more flexibly through information flow, cash flow and other ways

supply chain finance is a branch of commercial factoring, so in short, we usually say that supply chain finance is commercial factoring.

5.

Differences:

1. The two instries are different

2. P2P factoring is mainly for the upstream suppliers of the supply chain to transfer the accounts receivable of core enterprises, P2P provides funds, or docking factoring companies

Supply chain ABS is asset securitization, which transforms accounts receivable into securities

the data of enterprise accounts receivable can often directly reflect the proction and sales scale, enterprise benefits, financial status and other information of the enterprise, which is closely related to the development and survival of the enterprise

In recent years, the accounts receivable of various instries in China remain high, which seriously affects the capital turnover of enterprises, and makes the enterprises in the debt chain unable to operate normally, struggling, and even going bankrupt

Therefore, the management of accounts receivable has become a very important issue in business activities

extended data

with the expansion of its own scale, the existing capital flow of P2P online lending platform is no longer enough to support the platform in technology research and development, increasing financial license, online lending system upgrade and other expenses, so they choose to be listed for financing. In the choice of listing channels, the head P2P platform often chooses Hong Kong or overseas listing instead of A-share listing, mainly considering the profit requirements, net profit level and waiting time of domestic listed enterprises

as of December 31, 2017, four Chinese P2P online lending platforms have been listed in the United States: Yiren loan was listed on the New York Stock Exchange in December 2015, and xinerfu, Hechun and paipai loan successively landed on the U.S. stock exchange in 2017

in addition, Lexin, the parent company of orange finance, a P2P online lending platform, was listed on NASDAQ on December 31. According to the judgment of zero one finance and economics, with the continuous maturity of China's Internet financial regulatory environment, more online lending platforms will choose to be listed for financing in the future

6. Brief introction: Tianxingjian supply chain commercial factoring (Shenzhen) Co., Ltd. is registered in Qianhai, Shenzhen and headquartered in Guangzhou. It is the first comprehensive commercial factoring service provider of aluminum instry supply chain in China. Specializing in the business of "supply chain commercial factoring" and "factoring management consultant", we are committed to creating a set of market-oriented, standardized and customized innovative comprehensive business service system for enterprises. Effectively enhance the market competitiveness of enterprises. Relying on the application instry of aluminum instry, the company focuses on serving the upstream and downstream enterprises of aluminum related instries and provides accounts receivable financing for enterprises in the instry; Management and collection of accounts receivable; Sales sub account management; Credit risk guarantee; Customer credit investigation and evaluation and other comprehensive business services. Assist enterprises to establish a business development model with the gene of combination of instry and finance, design capital solutions matching with enterprise operation, help enterprises broaden business channels, improve the utilization rate of funds, and improve the financing difficulties of enterprises. Build internal banking system and enterprise credit system
legal representative: Zhuang Jiapeng
time of establishment: September 26, 2016
registered capital: RMB 50 million
Instrial and commercial registration number: 440301117552789
enterprise type: limited liability company (solely owned by legal person invested or controlled by natural person)
address: Room 201, building a, No.1 Qianwan 1st Road, Qianhai Shenzhen Hong Kong cooperation zone, Shenzhen (settled in Shenzhen Qianhai business secretary Co., Ltd.)

7. Bank acceptance financing is to take the acceptance bill to the bill market or bank or financing company for discount, that is, the payee of the bill transfers or "resells" it to the discount bank or financing company through discount, and bears discount interest and handling charges

factoring financing is that the payee transfers the relevant creditor's rights of the accounts receivable to the factoring company or bank, so as to obtain a certain proportion of the price from the factoring company or bank

letter of guarantee (generally referred to as bank guarantee) financing refers to the financing demand side, which transfers the rights and interests of the letter of guarantee, or requires the applicant of the letter of guarantee to directly make the beneficiary into a financing bank, and then obtain financing from the bank

L / C financing means that the beneficiary obtains a certain proportion of funds from the bank by means of mortgage L / C

if the confirmed warehouse refers to the bonded warehouse receipt, it is the way to mortgage the goods under the bonded warehouse receipt to the bank to obtain financing

the pledge of accounts receivable refers to that the lender uses accounts receivable as pledge to make loans to the bank

then, the difference between them is also very obvious - the feature of bank acceptance financing is relatively easy to realize, because bank acceptance is the reputation of the bank, so it is easy to discount, and what the financier bears is only the interest from the discount date to the maturity of the bill, as well as some expenses; Factoring financing is characterized by the fact that the factoring company or bank needs to accept the application, investigate the credit status of the payer and make an evaluation, and finally decide whether to accept or extend credit, and the proportion of payment, that is, the proportion of payment is related to the difficulty of collection, and the proportion of different difficulties is different - the greater the difficulty, the less the proportion of collection) (bank) letter of guarantee is the reputation of the bank, so as long as you do a loan procere and pay the loan interest and service charge; For L / C financing, the issuing bank of L / C should have a good reputation, and the financing bank should accept L / C mortgage, while the loan proportion is about 70%; Bonded warehouse receipt belongs to physical mortgage, and the loan amount also needs to be discounted; Accounts receivable pledge is also a kind of pledge loan, which should be discounted

in addition, except that factoring financing belongs to factoring company's purchase of creditor's rights, the price paid is greatly discounted, and there is no right of recourse, other kinds of financing have the right of recourse, but their right of recourse is different: the recourse of bank acceptance bill belongs to the payer's failure to perform the obligation of payment, and according to the bill law, the bill assignee implements the right of recourse against the bill transferor; The rest belong to the nature of loans, so recourse is implemented according to the loan law.

8. Supply chain finance provides financial services for core enterprises, and banks provide loans.
factoring is an intermediary relationship to coordinate the relationship between core enterprises, upstream and downstream enterprises and banks

9.

1. Commercial factoring refers to the trade financing tool that the supplier transfers the accounts receivable generated from the sales / service contract with the purchaser to the factoring agent, and the factoring agent provides the comprehensive financial services such as accounts receivable financing, accounts receivable management and collection, credit risk management, etc

2. The essence of commercial factoring is that suppliers turn the credit of core enterprises (i.e. purchasers) into their own credit based on commercial transactions to realize accounts receivable financing

The main laws involved in factoring business include contract law and property law The contract law stipulates the above-mentioned problems of confirming the right of assignment of creditor's rights, limiting the assignment and the debtor's right of defense Property law defines accounts receivable, and factoring business is carried out within the scope of accounts receivable

In addition, we need to pay attention to the fact that the chapter of factoring contract has been added to the contract part (Draft) of the civil code. The main reason is that when the factoring business disputes occur, there is no cause of action in bringing a lawsuit to the court, which can only be filed as civil or economic disputes. Since then, after the promulgation of the contract part of the civil code, it can be directly filed as factoring contract disputes

and the creditor debtor is required to transfer the fictitious accounts receivable, and the factoring business is carried out without the knowledge of the creditor debtor. This clause is also added because most factoring cases are caused by forgery of trade background, and the risk of factoring business can be reced through legislation< br />