Huawei and Shanghai Pudong Development Bank have announced the launch of their SPDB Finwarehouse blockchain solution during the event of HUAWEI CONNECT 2021, which started on Sept. 23 and will last until Oct. 31.
Last year, SPD Bank and Huawei released the Bank of Things White Paper, which proposes a new financial services model and system. Following this, SPD Bank began to apply innovative digital technologies to promote the Bank of Things, partnering with Huawei to “dive into digital”. SPDB Finwarehouse is one of the important initiatives that has resulted from this partnership and direction.
The solution is designed for industrial supply chains and is an innovative way to manage pledges for movable warehousing properties. Previously an area of financial services that wasn’t seeing extensive digitalization, movable properties represent an innovative market space worth billions of yuan.
SPDB Finwarehouse: Secure and Easy Management of Movable Properties
Often, movable properties are subject to several risks. For example, ownership may not be clear, so the property is pledged several times. At the same time, supervision companies may not always be completely ethical, which is why adulteration is likely to occur. Even if supervision is precise, it is costly without digital means. And without a disposal platform, goods are difficult to monetize.
The solution also helps accurately determine the value of goods. It integrates verified trade, perception, and market information, and uses it to determine ownership, valuation, and efficient disposal. Essentially, logistics, commercial, capital, and information flows become centralized, providing the necessary data to properly evaluate movable assets. Both upstream and downstream enterprises can now access accurate financial services, which cover the entirety of the supply chain.
Trustworthy Asset Pool Powered by Smart IoT
Based on the HUAWEI CLOUD platform, SPDB Finwarehouse makes every object identifiable, every alarm traceable, and every item trustworthy. The solution features the following technologies:
- Distributed RFID positions objects within meters, takes stock automatically and tracks items in real-time.
- With Pangu models, most models can be reused, reducing the number of samples required for training and shortening the project development period.
- The Huawei IoT platform implements GUI-assisted modeling, flexibly defines and builds models, and centrally manages them. It cross-validates data through digital twin technology and performs comprehensive risk analysis on the goods, processes, personnel, and environment of the warehouse.
Monitoring Center Ensures Authenticity of Inbound Goods
“SPDB Finwarehouse is a pilot digital finance project. We have performed an in-depth evaluation of the needs of the enterprise service market. Now, we need to continue looking for ways to transform our business logic and rebuild our technical capabilities in order to keep up digitalization.” — said Mr. Chen Haining, GM of the IT Department at SPD Bank. He added, “By integrating digital technologies into industries, we can use digital capabilities to drill down into the supply chain scenarios of various real economy industries. SPD Bank looks forward to working with Huawei to integrate finance with the real economy.”
In a world where everything is connected, finance, technology, and industry will be closely linked. Huawei and SPD Bank are drawing on the power of cloud-based FinTech to serve the community, enable customers, and create new industry value.
Huawei hosts HUAWEI CONNECT 2021 online from September 23 to October 31. The theme of this year’s event is Dive into Digital. They are going to dive deep into the practical application of technologies like cloud, AI, and 5G in all industries, and how they can make organizations of all shapes and sizes more efficient, more versatile, and ultimately more resilient as we move towards economic recovery.