A Blockchain-Based Digital Asset Platform with Multi-Party Certification

Abstract

Assets such as warehouse receipts are important for enterprises, which can be used to pledge in supply chain finance (SCF). However, traditional pledges are performed manually, which inevitably encounters inefficiency and security problems such as multiple pledges. To improve asset security, we propose a blockchain-based digital asset platform (BDAP) with multi-party certification. BDAP not only has a security protocol based on the threshold ECDSA algorithm to make related participants confirm the authenticity of assets but also embeds a Verifiable Byzantine Fault Tolerant (VBFT) mechanism, randomly selecting the consensus nodes and improving the safety of the nodes. Moreover, data stored on the blockchain makes traceability possible. Through a set of experiments, we have verified the functionality and performance of BDAP. When the pressure test reaches 100 concurrent user volume, BDAP’s average response time is 1.441 s, showing a high ability to process transactions. However, now just a few open-minded banks are willing to access BDAP, it might take a long time to change the traditional perception of the participants in supply chain finance.