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

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.