BFS: A blockchain-based financing scheme for logistics company in supply chain finance

Abstract

Against the backdrop of the booming supply chain finance and logistics industry, Logistics 4.0 has emerged. However, the financing capacity of today's logistics companies is still unable to respond to the needs of the rapid development of the supply chain. On the one hand, the problem of logistics companies’ lack of existing high-value collateral in supply chain finance has led to a clutter of their credit data and difficulty in verifying their creditworthiness. On the other hand, the massive access to logistics companies’ business information can also lead to privacy leaks. At the same time, the transparency feature of blockchain is used to solve the financing dilemma of many industries in supply chain finance. On this basis, we propose a blockchain-based financing scheme (BFS) for logistics company. BFS utilises more efficient and interpretative smart contract technology, as well as improved privacy information query and invocation algorithms, to realise automatic control of entity node privacy information flow and significantly simplifying the steps and lowering the thresholds to financing for logistics companies, while protecting the privacy of their data. After extensive simulation testing, BFS can run supply chain blocks at a stable transaction throughput of around 280 RPS, with data transfers that meet the financing needs of logistics companies, providing a higher and more stable performance than the native Hyperledger Fabric.

KEYWORDS:

• Blockchain
• supply chain finance
• Hyperledger Fabric

Disclosure statement

No potential conflict of interest was reported by the author(s).

Additional information

Funding

This work was supported by Education Department of Hunan Province: [Grant Number 2019-291, 20A191].