Research On The Application Model Of Block Chain Technology In Internet Consumer Financial Assets Securitization

In recent years,China's consumer financial asset securitization market has developed very well.In 2018,the issuance of ABS in consumer finance reached 300 billion yuan.Among them,the Internet consumer financial ABS industry such as Alibaba and Jingdong Financial ABS occupied a monopoly position.However,the traditional asset securitization model has the problem of information asymmetry,which can cause moral hazard.Specifically,in asset securitization,information asymmetry will lead to moral hazard.Information asymmetry will lead to doubts about the authenticity of basic assets,inefficient information circulation and processing,difficult management and supervision,and difficult securities trading in the secondary market.Under the background of stricter regulatory environment,information asymmetry will hinder the development of asset securitization market.In June of 2018,Jingdong Finance innovated its asset securitization business of Jingdong White Strip Accounts Receivable,introduced block chain technology and established multi-party alliance chain,which solved the problem of information asymmetry and eliminated the pain point of asset securitization.This paper takes the application of block chain in ABS business of Jingdong Finance as an example to analyze the specific process of applying block chain technology to asset securitization in Jingdong Finance,and to study what mode,effect,pain point,problems and lessons can be learned from the application of block chain technology in asset securitization of Jingdong Finance.Relevant conclusions and Enlightenment of industry promotion are drawn.This paper summarizes the experience of block chain application in improving efficiency and reducing risk in the process of asset securitization,and looks forward to its application prospects,with a view to providing some reference for the practical operation of other enterprises.This paper concludes that the use of block chains can solve the problem of asymmetric ABS information,improve the asset utilization rate of Jingdong after the use of block chains,increase the business volume of Jingdong ABS after the use of block chains,and still exist problems in the use of block chains in ABS.The following policy recommendations are put forward: speeding up technology research and development,improving storage capacity and transaction frequency,and improving the information management system of block chains.We should reduce the risk of securitization in aunified and multi-pronged manner,actively innovate the financing methods of SMEs,promote the solution of the financing difficulties of SMEs,adhere to the concept of innovation-driven development,and promote the innovation of the application mode of block chains.