Blockchain-Enabled Risk Governance in Supply Chain Finance: Mechanism Analysis and Policy Optimization Pathways

Abstract

With the rapid development of the digital economy, supply chain finance, as an important financial model for serving the real economy and alleviating financing constraints faced by small and medium-sized enterprises (SMEs), has become a key tool for promoting industrial chain collaboration and optimizing resource allocation. However, in practice, supply chain finance still faces challenges such as difficulties in verifying the authenticity of trade backgrounds, instability in credit transmission from core enterprises, pronounced information asymmetry, and insufficient efficiency in multi-stakeholder coordination. These issues lead to the intertwined accumulation of credit risk, operational risk, and compliance risk, thereby constraining the sustainable development of supply chain finance. Blockchain technology, characterized by distributed ledgers, immutability, traceability, and smart contracts, provides a new technological foundation and institutional support for risk governance in supply chain finance. Based on the logic of risk generation in supply chain finance, this paper systematically reviews major risk types and risk transmission mechanisms, and constructs an analytical framework for blockchain-enabled risk governance. It examines how blockchain influences risk identification, risk prevention, and risk accountability from four dimensions: information credibility, process transparency, credit constraints, and regulatory coordination. The study argues that blockchain not only reduces information asymmetry and moral hazard in supply chain finance transactions, but also facilitates the formation of a collaborative governance system, enabling a shift in risk governance from ex post remediation to ex ante early warning and process-based control. To enhance the practical effectiveness of blockchain-enabled risk governance in supply chain finance, this paper further proposes policy recommendations including promoting standardized data-sharing mechanisms, improving smart contract rule systems, strengthening credit constraints on core enterprises, and establishing a coordinated regulatory technology framework, with the aim of providing theoretical support and practical reference for the high-quality development of supply chain finance in China.