On October 31, 2022, the Center for Accounting Studies of Xiamen University, a key research base of humanities and social sciences of the Ministry of Education, and the Department of Accounting of the School of Management of Xiamen University jointly organized the topic of "Practice and Application" of the "International Symposium on 'Digitalization and Accounting: Reconstructing the Future'". Among them, the article titled "Blockchain Technology for Business and Finance Data Management' Project Completes Key Data on-chain" was published on China.org.cn and reprinted by People's Daily. The full article is as follows:

Recently, an international symposium on "Digitalization and Accounting: Reconstructing the Future" was held at Xiamen University. According to the conference, the project of "Blockchain Technology for Business and Financial Data Management", which was first disclosed by Luckin Coffee during the second quarter 2022 earnings call, has completed the development of key data on the chain for self-operated and affiliated sales business and entered the trial operation stage. The next step will be to explore third-party data on the chain to further strengthen the credibility of the data.

"Digitalization and Accounting: Reconstructing the Future" is an international symposium organized by the Center for Accounting Studies of Xiamen University, a key research base of humanities and social sciences of the Ministry of Education, and the Department of Accounting of Xiamen University School of Management. The conference brought together more than ten experts and scholars from practice and academia, including William Coen, Chairman of the IFRS Foundation Advisory Committee, Lu Jianqiao, IASB Board Member, Aiko Sekine, Professor of Waseda University Business School, member of IFRS Advisory Council, and member of Interim Committee of Financial System Council of Ministry of Finance Japan, to discuss and stimulate each other to support the accounting profession in understanding the impact of digitalization and discussing effective strategies to deal with it.

As a guest speaker, Jiang Shan, Senior Vice President of Luckin Coffee, shared the theme of "Enhancing the Trustworthiness of Enterprise Financial Data with Blockchain Technology". According to his introduction, the blockchain financial trust enhancement project is implemented with the help of the domestic self-developed blockchain platform "Chang'an Chain", which is divided into two main stages: the first stage is the chain stores of key data, making full use of the characteristics of blockchain's distributed, multi-node storage and real and untameable, to chain the core business and financial data to achieve its own data credit enhancement. The second stage is to use relevant third parties to do cross-validation, introduce third parties to the chain, and further strengthen the effectiveness of credit enhancement through multi-party data consensus verification.

It is understood that Luckin Coffee is a pioneer in introducing blockchain into the operation and financial system in the food and beverage consumption industry. In order to achieve a thorough historical cut and improve the level of governance, it has continued to promote the strengthening of the industry and finance system in the past two years, supported by the financial management system and big data platform, and constantly optimizing the underlying data structure. The blockchain industry and finance data credit enhancement project is a significant attempt and innovation in this field. The industry believes that the project's implementation and validation of effectiveness will not only help it to comprehensively enhance the transparency of the industry's financial system but also is expected to become an important case for enterprises to build an intelligent accounting system.

Up to now, the project has identified, extracted, and completed the development of key data on the chain for self-operated and associate sales business based on the key links of core business combing, and is expected to complete the trial run this year. In the next step, it will continue to explore the data on the payment platform, take-out platform, delivery platform, and suppliers broaden the scope of data on the chain, promote the opening of the system, realize the consensus verification of more subject nodes on the chain for business finance data, and continuously strengthen the credibility of the data on the chain.