Blockchain-Driven Trust Architecture in Multi-Tier Supply Chains: Reshaping Financing Strategies from Manufacturers to Distributors and E-Commerce Platforms

Abstract

In supply chain finance (SCF), the long-standing issue of "difficult and expensive financing" has hindered SMEs' growth, with blockchain technology offering a novel solution.This study adopts a theoretical framework of supply chain internal and external financing to systematically analyze financing models: internal financing for upstream manufacturers, midstream distributors, and downstream e-commerce enterprises, and external bank financing via blockchain platforms.It compares decision-making differences between traditional and blockchain-enabled financing, revealing that blockchain technology reshapes the financing landscape through three core mechanisms: information sharing via distributed ledgers, credit transmission across supply chain tiers, and cost optimization through smart contracts.The study finds that blockchain reconstructs the trust system, optimizes banks' risk pricing, and alleviates financing constraints for end-tier enterprises.Additionally, platforms dominated by different entities (e.g., manufacturers, e-commerce companies, and banks) reshape supply chain pricing and profit distribution through differentiated governance rules.These findings provide theoretical support for integrating "blockchain + SCF" and guide supply chain members in optimizing financing decisions and technology adoption strategies.