On April 25, the IEEE Computer Society Blockchain and Distributed Accounting Standards Committee held a plenary meeting, and the "Blockchain-based Supply Chain Finance Standard" was officially released. This is the first international standard of blockchain for supply chain finance published by IEEE.
It is understood that the standards set by the ant group led, it defines the supply chain based on the block chain financial general framework, role model, a typical business process, technical requirements, safety requirements, etc., can help organizations "suit the remedy to the case", raising the level of standardization of the financial system of supply chain in enterprise itself, as a standard to promote synergy, digital power industry upgrade. In December 2018, the standard was reviewed and formally approved by IEEE.
IEEE (Institute of Electrical and Electronics Engineers) is the world's largest non-profit professional technical society, which has developed more than 1,300 industry standards in the fields of space, computer, telecommunications, biomedical, power and consumer electronics. The IEEE Blockchain and Distributed Ledger Technical Standards Committee (IEEE BDL) is responsible for guiding, managing and supervising the project establishment, development, review, release, publicity and implementation of blockchain standards and related application practices, aiming to promote the international standardization and application practice of blockchain and distributed ledger technologies.
In recent years, China's supply chain finance has accumulated rich experience in applying blockchain technology to open up upstream and downstream production coordination and information sharing. Traditional supply chain finance business is highly dependent on manual audit, with high labor cost and fraud risk, and it is difficult for financial services to reach small and medium-sized enterprises far from the core enterprises.
After the introduction of blockchain technology, can greatly reduce labor costs, improve the security and transparency of transaction audit. All participants collaborate and securely share data using a decentralized ledger to break down silos of supply chain information and speed up the flow of capital throughout the supply chain while improving efficiency.
Li Ming, director of block Chain Research Department of China Institute of Electronic Technology Standardization, said, "The release of IEEE standard" Supply Chain Finance based on Block chain "not only shows that block chain contributes to supply chain finance industry, but also establishes a cooperative relationship of mutual trust for upstream and downstream enterprises of the industrial chain. And to further promote China's experience in the blockchain enabling entity industry to the international through standard channels."