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2021.04.01
Cedar FinTech awarded China Supply Chain Application and Innovation Prize 2020


On the 8th China Supply Chain Application and Innovation Gala held on March 26,  Cedar FinTech received the China Supply Chain Application and Innovation Prize 2020 for its commodities supply chain financial service platform called Cedar Chain.



Launched in May 2020, Cedar Chain is an innovative application of blockchain technology created jointly by Cedar Holdings and Chinese Academy of Sciences. Supported by Cedar Holdings' years of experience in comprehensive supply chain services, Cedar Chain digitalized the whole business process together with the relevant supply chain finance, logistics and warehousing. This offers targeted solution to tricky problems plaguing companies for a long time and enables a smooth flow of capital within the industrial chain.

Since its debut, Cedar Chain has received rave reviews from its clients and the supply chain finance industry for is superior application performance. It was awarded several prizes such as “Excellent Innovative Application of Big Data, Cloud Service and Blockchain 2020” given by China Federation of Logistics and Purchasing.

China’s 315 Gala aired on national broadcaster CCTV called out faulty steel passed off as new steel bar through second processing, which makes the circulation of important supplies like construction materials a huge concern for the society. That's when Cedar Chain based on blockchain technology comes in. By combining the business process, supply chain finance, logistics and warehousing, Cedar Chain managed to slash the manage cost for its users. From shipment planning, scheduling, stock out, delivery to receipt of goods, every stage of the logistics is visible and transparent with real time data. What’s more, the platform connected to China’s judiciary system allows tracing back and retrieving evidence in any stage of a project. This acts as a powerful deterrence to illegal business operators and adds to the cost of misconduct, ensuring the legality and safety of the business on Cedar Chain.

Mr Fang, Project Manager of Fu Li Construction, a subsidiary of Poly Group said, “Our company started to use Cedar Chain in 2020 for our project in Huizhou and Shanwei". "On this platform, the monitoring of all the stages of goods flow is possible, with key electronic documents including contract and invoice uploaded timely as needed. This ensures hassle-free goods receipt and efficient settlement, which massively enhances the progress of a project.”

“Suppliers needs certificates issued by CFFA in order to get access to the platform of Cedar Chain. With technological means applied, unqualified suppliers would be strictly rejected entry. Platform like this could inject new momentum into traditional industries”, said a senior executive of China Federation of Logistics and Purchasing.

Currently, Cedar Chain has a business coverage of centralized procurement and distribution of construction materials, coke and oil among commodities. Going forward, Cedar Chain will strengthen the connection between physical operation of business and the platform in order to provide its clients with easy and reliable solutions to commodities supply chain.


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