A Financial Management Platform Based on the Integration of Blockchain and Supply Chain

• Published in: Sensors (Basel, Switzerland) Vol. 23; no. 3; p. 1497
• Main Authors: Liu, He, Yang, Biao, Xiong, Xuanrui, Zhu, Shuaiqi, Chen, Boyu, Tolba, Amr, Zhang, Xingguo
• Format: Journal Article
• Language: English
• Published: Switzerland MDPI AG 29-01-2023; MDPI
• Subjects: Alliances; Blockchain; Communication; Computer architecture; Energy consumption; Financial management; Financial services industry; Internet of Things; Internet of Things finance; Logistics; Payment systems; Privacy; Product development; Smart cities; Suppliers; supply chain; Supply chains; Systems design; Traffic; Vehicles; Internet of Things finance; supply chain; blockchain; financial management
• ISSN: 1424-8220; 1424-8220
• DOI: 10.3390/s23031497

Internet of Things (IoT) finance extends financial services to the whole physical commodity society with the help of IoT technology to realize financial automation and intelligence. However, the security of IoT finance still needs to be improved. Blockchain has the characteristics of decentralization, immutability, faster settlement, etc., and has been gradually applied to the field of IoT finance. Blockchain is also considered to be an effective way to resolve the problems of the traditional supply chain finance industry, such as the inability to transmit core enterprise credit, the failure of full-chain business information connections and the difficulty of clearing and settlement. Supply chain finance allows the strongest enterprise in the supply chain to apply for credit guarantee from the bank to obtain bank loans, and use the funds for circulation in the supply chain to ensure that each enterprise in the whole supply chain can obtain working capital to realize profits, so as to maximize common interests. In this paper, a financial management platform based on the integration of blockchain and supply chain has been designed and implemented. Blockchain is used to integrate supply chain finance to synchronize the bank account payment system, realize the automatic flow of funds, process supervision and automatically settle account periods based on smart contracts. The four functional modules of the system are designed using unified modeling language (UML), and the model view controller (MVC) architecture is selected as the main architecture of the system. The results of the system test show that the proposed platform can effectively improve the system security, and can use the information in the blockchain to provide multi-level financing services for enterprises in supply chain finance.