Issue |
RAIRO-Oper. Res.
Volume 58, Number 6, November-December 2024
|
|
---|---|---|
Page(s) | 4791 - 4817 | |
DOI | https://doi.org/10.1051/ro/2024194 | |
Published online | 19 November 2024 |
Inventory pledge financing decisions based on a permissioned blockchain by controlling fraudulent risk
1
Hunan Key Laboratory of Data Science & Blockchain, Business School, Hunan University, Changsha 410082, P.R. China
2
Key Laboratory of High-Performance Distributed Ledger Technology and Digital Finance (Hunan University), Ministry of Education, Hunan, P.R. China
* Corresponding author: lanqiujun@hnu.edu.cn
Received:
12
March
2024
Accepted:
3
October
2024
Inventory pledge financing (IPF) is a crucial financing way for small and medium-sized enterprise (SMEs). But banks are reluctant to finance SMEs due to fraudulent risk in practice. This paper discusses the application of blockchain in IPF, particularly its impact on mitigating fraud risks. Utilizing game theory models, we illustrate how the finance and operation decisions of participants, along with supply chain efficiency, are influenced by the introduction of blockchain. Meanwhile, equilibrium outcomes are analysed and numerical study is given. Our analysis reveals that under certain conditions, blockchain integration can lead to reduced loan interest rates, lower wholesale prices, increased order quantities by buyers, and enhanced supply chain efficiency. Lastly, we develop a protocol to demonstrate the transfer of digital warehouse receipt on a permissioned blockchain to avoid fraudulent risk. This study provides a theoretical foundation, and a guidance for decisions-making in blockchain-enabled IPF schme.
Mathematics Subject Classification: 90B06 / 91A04
Key words: IPF / warehouse receipt / fraudulent risk / finance and operation decisions / blockchain
© The authors. Published by EDP Sciences, ROADEF, SMAI 2024
This is an Open Access article distributed under the terms of the Creative Commons Attribution License (https://creativecommons.org/licenses/by/4.0), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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