Research And Implementation Of Warehouse Receipts Trading Platform Based On Blockchain And Smart Contract

In 2008,Nakamoto published a white paper titled "Bitcoin: A Peer-to-Peer Electronic Cash System".The advent of Bitcoin announced the birth of blockchain technology.Blockchain technology has the characteristics of decentralization,traceability,and irreversibility.It has quickly attracted the attention of various industries,especially banking,securities,and internet finance.The emergence of blockchain technology triggered the application of smart contract,providing a trusted execution environment for it.Smart contract is automatically executable codes stored in the blockchain and can directly control the trading of digital assets.No participant can control and tamper it before the contract is lapsed.Therefore,the application of blockchain and smart contract technology to Over-The-Counter warehouse receipt transaction has a higher research significance and practical value.This article researches the Ethereum blockchain platform,improves the mechanism of Ethereum's inconsistent with OTC warehouse receipt transaction business,uses smart contract to realize the warehouse receipt transaction business,and finally realizes warehouse receipt transaction system based on blockchain smart contract.The main research contents of this article are:(1)Based on Ethereum architecture,in-depth study of blockchain related technologies.Conducted in-depth research on Ethereum transaction,block and other data structures and the current popular consensus mechanism,and discussed the deployment and interaction mechanisms of Ethereum smart contract.(2)To study the business rules and procedures for OTC warehouse receipt trading,and use smart contract technology to design and implement warehouse receipt trading business contract.In combination with actual business scenarios,system contracts with specific functions,such as role authority control and node admission,are implemented.Finally,the security verification of the business contract is performed.(3)Improve and optimize modules in Ethereum that do not meet warehouse receipt trading.In the over-the-counter trading system,the warehouse receipt transaction data only allows a small number of nodes to have accounting rights,and the Ethereum POW consensus mechanism needs a large number of nodes to participate and consume a lot of manpower in order to prevent 51% of attacks.Therefore,this paper uses PBFT consensus algorithm to replace Ethereum POW consensus algorithm.In addition,the PBFT consensus algorithm does not require mining to ensure safe operation of the entire network.Naturally,it is suitable for warehouse receipt trading systems.However,due to the special nature of Ethereum virtual machine,any programmable resource in Ethereum must consume Gas.Therefore,to improve Ethereum,remove the Ether and retain the gas mechanism.(4)Based on the above research,a warehouse receipt transaction business system based on blockchain smart contracts is implemented.First,the overall design of the improved Ethereum blockchain is followed.Second,according to the overall design,the key modules in the system are designed and implemented in detail.Finally,the business contracts are implemented,the blockchain nodes and business contracts are deployed.Then implementes the warehouse receipt transaction system and test it.Experiments show that the warehouse receipt using smart contract have higher security and feasibility,and the execution results of warehouse receipt has higher consistency.