Construction And Application Practice Of Supply Chain Financing Model Based On SM Blockchain

Under the traditional mode,supply chain information management is weak.At present,the development of supply chain financial services is mainly restricted by the "asymmetry" and "incompleteness" of its business information.Enterprises in the upstream and downstream of the supply chain respectively use numerous and complex,independent and closed ERP systems,forming many "information isolated islands",resulting in information fragmentation,unable to achieve information transparency and visibility,resulting in the transmission of trust.And the "information asymmetry" among the members of the supply chain is very easy to cause fraud,and the risk of performance is high,so banks and other financial factoring institutions,for the consideration of risk control,only provide financing services to the first-level upstream suppliers or downstream dealers of the core enterprises,resulting in the financing needs of many second-and third-tier suppliers/ dealers can not be met,and generally speaking,the financing needs of these small and medium-sized enterprises are the strongest.Due to the demand for financing,this kind of small and medium-sized enterprises will turn to private lending,and the financing cost will be further expanded,which shows that there are "financing difficulties" and "expensive financing" pain points for small and medium-sized enterprises in the supply chain.On the basis of the characteristics of block chain technology,such as decentralization of block chain technology,extremely difficult to tamper with data,encryption security and so on,the consortium blockchain technology adds a node controllable entry mechanism,no mining and no waste of resources.its semi-closed structure is naturally suitable for practical application scenarios with relatively fixed members in the supply chain,so this paper will start from the actual project case "Block chain supply chain Financial system of Panzhihua Iron and Steel Co.,Ltd.".This paper discusses the use of consortium blockchain technology to solve the pain point of supply chain finance.The block chain service layer system of the framework at the bottom of the consortium blockchain is constructed.By analyzing the basic flow of the financing model of the supply chain financial accounts receivable,the accounts receivable are "electronic vouchers" on the consortium blockchain,and the corresponding smart contracts are developed.Every flow of electronic vouchers is "recorded" on the alliance chain network,so that every step of the flow of accounts receivable is credible.To solve the pain point of "information asymmetry" and "incomplete information" in the supply chain,banks and other financial factoring institutions can join the consortium blockchain network to obtain the status of "electronic vouchers" in real time.It can also confirm accounts receivable through the "electronic voucher split relation tree" issued by suppliers,provide financing services in time,and solve the pain points of "financing difficulties" and "expensive financing" in supply chain finance.For the consideration of information security and national supervision,we have reformed the federation chain framework Hyperledger Fabric to support the SM password standard.Therefore,the work of this paper mainly includes two aspects,on the one hand,the transformation of the national secret of Hyperledger Fabric and the optimization of the underlying SM2 algorithm,on the other hand,the construction of the supply chain financial block chain service layer system based on the consortium blockchain and the smart contract based on the supply chain accounts receivable financing model developed on this platform.