Research on the Construction and Trust Issue of Asset Securitization Multiple Initiators Underlying Asset Pool Model Based on Blockchain

Abstract

In recent years, with the rapid development of China's economy, the process of asset securitization has become faster and faster, and has now become one of the most important financing methods, and has made financing change from being based on overall creditworthiness to being based on some high-quality assets, thereby innovating the financing review and approval mechanism. Moreover, China's mortgage loans are developing rapidly, and the conditions for asset securitization are maturing, and the era of large-scale asset securitization is approaching. However, in the process of development, due to the long process of asset securitization and many types of products, there are problems such as opaque and asymmetrical information, and it is very easy to be out of supervision in the business process which can lead to the occurrence of many risks and harm the interests of investors. In response to these problems, most scholars currently believe that blockchain technology can help solve the difficulties in asset securitization issuance due to its characteristics of decentralization, without relying on trust and the difficulty of tampering with recorded information. However, in the current asset securitization platform based on blockchain technology in China, the underlying asset pool only includes one initiator's underlying assets, which leads to excessive pressure on individual enterprises to bear the platform costs, and only a small number of strong large enterprises can apply blockchain technology for asset securitization, and most SMEs cannot carry out asset securitization. Therefore, this paper aims at this pain point by analyzing the application of blockchain technology in the field of asset securitization, proposing an asset securitization model containing a pool of underlying assets from multiple initiators (SMEs), analyzing the factors affecting the trust between initiators and the role of mutual trust, and finally giving several methods to maintain and enhance the trust between initiators.