Blockchain technology for enterprise credit information sharing in supply chain finance

Abstract

Credit data barriers, such as incomplete credit records, false credit information, and low security of credit data, exist in the supply chain financial credit system, rendering it difficult to support the closure of the whole financing chain's credit system. Emerging blockchain technology can help improve credit-reporting ability through greater integrity, decentralization, transparency, security, and reliability. Aiming to address the problem of extensive credit investigation data and privacy protection, we propose a blockchain-based model to realize access control and management of the shared transaction information in the supply chain. Our model adopts a consensus mechanism to solve the problem of large credit investigation data and privacy protection of credit investigation data and realizes access control and management of the shared data chain. In our model, data are stored on the cloud server and shared with the proxy reencryption method. The model's data structure and workflow are designed to facilitate specific applications in supply chain finance. The embedded blockchain technology helps build the open shared reference architecture and establish the entire life cycle of a monitoring mechanism. The existing blockchain consensus mechanism has low security and a large resource consumption; as such, it is particularly important to design a new consensus mechanism to serve the credit investigation system. In this study, blockchain data sharing and traceability can be realized by improving the consensus mechanism, helping to improve the existing credit investigation service system. Our findings help optimize the existing supply chain financial credit system and enhance the efficiency of supply chain financing.

Keywords

• C52
• M15
• O39