Blockchain Improves Supply Chain Management
January 10, 2020 | Article
"The Secret to success is to do the common things, uncommonly well"
With the rapid development of the automotive industry in recent years, the general logistics service provider, Beijing Automobile Industrial Holding Company Limited ("BAIC"), needs to improve its logistics business system to cope with the increasing number of downstream carriers and logistics business. BAIC hopes to reform its business system through electronification and the introduction of blockchain technology, to improve business efficiency, and at the same time solving the long-term financing difficulties experienced by downstream carriers.
BAIC, Wanxiang Blockchain Labs and DBS Bank found each other, At the end of November 2018, they jointly announced the use of blockchain technology to build a comprehensive service platform called "Chain Alliance". The platform uses the logistics of complete vehicles as the actual business scenario and integrates the three major functions of logistics, settlement and supply chain finance. Hence, history is changed.
By digitizing paper documents, the "Chain Alliance" realizes the effectiveness of integrating the 4 streams of flow from the source; information, logistics, capital, and service. Allowing all parties to obtain business data in real-time, encrypt the data through blockchain technology, and once the business data is uploaded it becomes immutable.
In the “2018 Financial Blockchain Innovation Excellent Case Selection Activity” jointly organized by the China Academy of information and Communication Technology ("CAICT") and the Payment and Clearing Association of China ("PCAC"), “Chain Alliance” won the “2018 Excellent Case of Financial Blockchain Innovation and Application”.