Construction,Mechanism and Application of Supply Chain Finance System Based on Consortium Blockchain
Due to the outbreak of the Covid-19 epidemic around the world in 2020 and the huge impact on the global supply chain,small and medium-size enterprises(SMEs)are facing huge pressure to survive,and the financing conditions for SMEs are is particularly difficult.Once the cashflow chain is broken,SMEs may face bankruptcy,thus endangering the survival of large and medium-sized firms,and may even lead to the collapse of the whole supply chain.In the long term,the financing constraints of SMEs have been a problem that has plagued many countries around the world,including developed countries,and have not been effectively solved.Supply chain finance is one of the effective methods to alleviate financing constraints for firms.However,traditional supply chain finance has many shortcomings,such as information asymmetry,transaction forgeries,difficult credit evaluation,low business efficiencies,and inconvenient regulation of collateral.This paper utilizes the excellent characteristics of blockchain to empower traditional supply chain finance,which can effectively resolve the shortcomings of traditional supply chain finance and help alleviate the financing constraints of firms.The research results not only can provide a new way to effectively solve the financing constraints for SMEs,but also can make a positive contribution to the comprehensive development of the digital economy and society.Currently,most literatures mainly discuss the basic characteristics,development models,business optimizations,and evolutionary games of blockchain-based supply chain finance.This paper firstly indicates the reasons for choosing the consortium blockchain and illustrates the network constructions of the supply chain finance system based on consortium blockchain.And then we initially analyze the operating mechanism of the system through adopting PBFT algorithm to achieve consistent consensus.We finally show the application scenarios of accounts receivable financing in our system.The main results we found are as follows.Firstly,because of the outstanding performances of the consortium blockchain,such as partial decentralization,consensus trust,tamper-proof,traceability,smart contract,privacy and security,it is much more suitable for the consortium blockchain rather than a public blockchain or private blockchain to build up the supply chain finance system.Secondly,the existing literatures of blockchain-based supply chain finance are not abundant,and there are very rare researches about its internal logicality and operating mechanisms.Through carrying out the processes of selecting the master node,packaging data,building new blocks and verifying messages,the PBFT algorithm can achieve consistent consensus among all the nodes,which is the essential key to the operating mechanism of the supply chain finance system based on consortium blockchain.Meanwhile,this paper optimize the"requests pool"in the consensus processes and propose the data structures of the consensus algorithm.We hope to provide the theoretical references for the R&D and applications of the blockchain-based supply chain finance system for banks and firms.Thirdly,from the three perspectives of business processes,data adding to blockchain and financing performances,this paper discusses how banks and firms utilize the blockchain-based supply chain system to implement the financing businesses of accounts receivable.Compared with the common trade finance and the traditional supply chain finance,our system could be able to significantly shorten corporate financing time,reduce corporate loan interest rate and expand corporate loan volume.Our research is not only conducive to solving the corporate financing difficulties,especially for small and medium-sized enterprises,but also provides theoretical foundations and practical guidance for firms and banks to exploit and develop the supply chain finance system based on consortium blockchain.
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