ResearchIndustry2026-10-16
Bonded digital warehouse receipts push the title fingerprint upstream, cutting pledge funding from T+3 to T+0
Taking natural rubber as the case, a 5,000-ton bonded receipt carries about 99.7 million yuan of value. Batch-level SHA-256 browser-side fingerprints move title confirmation ahead of delivery; bank pledge funding drops from T+3 to T+0 and turnover multiples rise from 9x to above 10x.