Proceedings of the 2018 International Conference on Mechanical, Electronic, Control and Automation Engineering (MECAE 2018)

Research and Application of Warehouse Receipt Transaction Based on Smart Contract on the Blockchain

Authors
Yafei Chen, Zhihong Zhang, Beibei Yang
Corresponding Author
Yafei Chen
Available Online March 2018.
DOI
https://doi.org/10.2991/mecae-18.2018.106How to use a DOI?
Keywords
warehouse receipt transaction, blockchain, smart contract, distributed ledger, PBFT consensus algorithm.
Abstract
To solve the credibility and supervision lacking problem in the OTC warehouse receipt trading system, a scheme of using smart contract on the blockchain to implement the OTC warehouse receipt trading system is presented. As a distributed ledger, blockchain has the advantages of decentralization, irreversibility and trustworthiness. The warehouse receipt transaction data is recorded on the blockchain, ensuring its safety and credibility. Smart contract is automatically executed code stored on the blockchain, it can directly control the transaction of digital assets. No participant can control and tamper it before the contract is lapsed. In the process of using the Ethereum smart contract to realize warehouse receipt transactions, consensus is reached by the PBFT consensus algorithm, Since the trusted third-party is not needed, the lack of supervision problem is solved. This paper introduces the application of blockchain and smart contract to the OTC warehouse receipt trading system. It includes the design of smart contracts, the verification of smart contracts security. This paper also verifies the feasibility of designing smart contracts by using the instance of listed transactions.
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Proceedings
2018 International Conference on Mechanical, Electronic, Control and Automation Engineering (MECAE 2018)
Part of series
Advances in Engineering Research
Publication Date
March 2018
ISBN
978-94-6252-493-4
DOI
https://doi.org/10.2991/mecae-18.2018.106How to use a DOI?
Open Access
This is an open access article distributed under the CC BY-NC license.

Cite this article

TY  - CONF
AU  - Yafei Chen
AU  - Zhihong Zhang
AU  - Beibei Yang
PY  - 2018/03
DA  - 2018/03
TI  - Research and Application of Warehouse Receipt Transaction Based on Smart Contract on the Blockchain
BT  - 2018 International Conference on Mechanical, Electronic, Control and Automation Engineering (MECAE 2018)
PB  - Atlantis Press
UR  - https://doi.org/10.2991/mecae-18.2018.106
DO  - https://doi.org/10.2991/mecae-18.2018.106
ID  - Chen2018/03
ER  -