Chain Nong Technology Applies for Blockchain Payment and Settlement Patent: Enhancing Efficiency in Agricultural Supply Chain Finance

Chain Nong Technology Applies for Blockchain Payment and Settlement Patent: Enhancing Efficiency in Agricultural Supply Chain FinanceOn March 29, 2025, the State Intellectual Property Office of China revealed that Chain Nong (Shenzhen) Information Technology Co., Ltd

Chain Nong Technology Applies for Blockchain Payment and Settlement Patent: Enhancing Efficiency in Agricultural Supply Chain Finance

On March 29, 2025, the State Intellectual Property Office of China revealed that Chain Nong (Shenzhen) Information Technology Co., Ltd. (hereinafter referred to as "Chain Nong Technology") applied for a patent titled "A System and Method for Payment and Settlement Based on Blockchain," with publication number CN119692995A and application date in December 2024. This patented technology is expected to significantly improve the efficiency and security of agricultural supply chain finance, providing new impetus for the digital transformation of the agricultural sector.

The patent abstract details the system's operational principles. The system primarily consists of funder nodes, management nodes, supplier nodes, and purchaser nodes, forming a payment and settlement network based on a consortium blockchain. Participating financial institutions, suppliers, and purchasers must first submit identity credentials to the management node for verification. The management node conducts offline verification and incorporates them into the consortium blockchain, assigning them the identities of funder nodes, supplier nodes, and/or purchaser nodes respectively. Notably, the management node maintains a complete record of all data in the consortium blockchain's data layer, crucial for ensuring data integrity and traceability.

The transaction flow is as follows: After a purchaser node purchases goods from a supplier node via the consortium blockchain, they must pledge the goods' warehouse receipt to the funder node. This pledge information is encrypted and broadcast to the consortium blockchain, ensuring security and immutability. Subsequently, the funder node, upon the purchaser's request, pays the supplier offline and broadcasts the encrypted payment voucher to the consortium blockchain. Finally, under the instruction of the management node, the purchaser node returns the funds to the funder node and redeems the warehouse receipt, completing the transaction.

The core of this patented technology lies in utilizing blockchain technology to achieve transparent, efficient, and secure payment and settlement. Traditional agricultural supply chain finance has been hampered by information asymmetry, cumbersome transaction processes, and low payment settlement efficiency. Chain Nong Technology's patented technology utilizes blockchain's distributed ledger technology to enable real-time recording and sharing of transaction information, effectively preventing information tampering and data loss, thereby increasing transparency and credibility.

Furthermore, the application of smart contracts reduces manual intervention, simplifies transaction processes, and improves payment settlement efficiency. Traditional payment processes often involve multiple parties' review and confirmation, resulting in lengthy processing times and low efficiency. The blockchain-based payment and settlement system, through pre-set smart contracts automatically executing the transaction process, significantly reduces transaction time, lowers transaction costs, and improves capital turnover efficiency.

In addition, this technology enhances the security of supply chain finance. The immutability and distributed storage characteristics of blockchain technology effectively guarantee the integrity and security of transaction data, reducing financial risks. Traditional payment methods are susceptible to manipulation and fraud, while blockchain technology minimizes these risks. The warehousing receipt pledge further guarantees fund security, increasing the willingness of financial institutions to provide loans.

Chain Nong Technology, established in 2018, is a company specializing in software and information technology services. It has a registered capital and paid-in capital of RMB 1 million and is located in Shenzhen. Public information shows that the company has invested in two other companies, holds 38 patent information items, and three administrative licenses, demonstrating its strength in technological innovation and industry layout. The application for this blockchain payment and settlement patent reflects its active exploration and innovation in the field of agricultural supply chain finance.

This patented technology has broad application prospects. It is not only applicable to the agricultural sector but also to other supply chain scenarios requiring efficient and secure payment and settlement. For example, in the fresh food e-commerce and cold chain logistics sectors, this technology can effectively solve problems such as payment and goods tracking, improving supply chain efficiency. With the continuous development and popularization of blockchain technology, this patented technology is expected to play a role in more fields.

In conclusion, Chain Nong Technology's patented system and method for blockchain-based payment and settlement represent a significant technological innovation in agricultural supply chain finance. It utilizes blockchain technology to address the pain points of traditional payment and settlement methods, improving efficiency, security, and transparency, and providing strong technical support for agricultural modernization and digital transformation. In the future, with further refinement and promotion of this technology, it is expected to have a profound impact on agricultural supply chain finance, driving the entire industry towards a more efficient, secure, and transparent direction. The continued innovation of Chain Nong Technology is also worthy of our expectation. This innovative technology not only improves the efficiency of payment and settlement but also provides new safeguards for the security and transparency of agricultural supply chain finance. In the future, with the continuous maturity and popularization of the technology, we can expect blockchain-based payment and settlement systems to be applied in more fields, bringing higher efficiency and lower risks to all walks of life. Chain Nong Technology's continued innovation will contribute to the modernization of agriculture and the development of the digital economy. We believe that the successful application of this patented technology will strongly promote the digital transformation of agricultural supply chain finance and ultimately benefit farmers and agricultural enterprises.