Research On Supply Chain Governance Mechanism Based On Blockchain Smart Contract

In the context of the global COVID-19 epidemic,a large number of contracts have been affected to varying degrees,bringing new challenges to supply chain management.Technically speaking,the blockchain smart contract is decentralized and non-terminable,which can be executed automatically.For example,lots of studies have found that blockchain application can save cost and increase efficiency obviously in supply chain.Therefore all circles are highly interested in exploring more functions about it.However,due to the technical characteristics of blockchain smart contracts,such as immutable and non-terminable,the security incidents caused by smart contract vulnerabilities accounted for nearly half from 2011 to 2019,which has become the most risky part in the supply chain management.At present,the research on blockchain smart contracts focuses on the application,constraints research,and the applicability of relevant laws in the process of contract implementation.Therefore,based on the technical characteristics of the blockchain smart contract,the research on the supply chain governance mechanism based on the blockchain smart contract is expected to deepen the theoretical research in the supply chain field,so to better ensure the normal operation of the supply chain and resolve the challenges of the blockchain smart contract in the supply chain governance by using the automatic execution,decentralization and non-terminable technical characteristics of the smart contract.First of all,the relevant research studies from domestic and abroad from the perspective of supply chain management research,blockchain governance research,and blockchain smart contract research are reviewed hereby.It is found that smart contracts have the characteristics of finiteness,certainty,validity,input and output writing,as well as automatic execution,decentralization and non-terminable technical characteristics.Secondly,combined with the technical characteristics of smart contracts,the supply chain governance mechanism differences of different types of chain owners are explored through multiple case studies.Moreover,combined with the technical characteristics of blockchain smart contracts,based on the contract governance mechanism and relationship governance mechanism,the impact of blockchain smart contracts in supply chain management is discussed.Finally,an impact path model that the impact of blockchain smart contracts on opportunism through the supply chain governance mechanism is proposed.Empirical evidence had proved that the impact path that the blockchain smart contract,through supply chain contract governance and relationship governance,impacts opportunism.In detail,it is found through analysis that the application of blockchain smart contracts is conductive to clarify the design of explicit terms and contingent terms of contracts,promote the enforceability of contracts,and promoting the relationship governance of all parties involved in the supply chain.The explicit clause design and contract enforceability of the contract and the relationship governance of the transaction party can effectively reduce opportunistic behaviors.But the contingent clause design has no significant impact on the opportunistic behavior of the partners.Through the test of regulatory effect,it is found that the technical expertise of IT personnel can enhance the positive relationship between smart contracts and relationship governance,contract enforceability,clear terms and contingent terms of contracts.This study has explored the influence of blockchain smart contracts on opportunism through supply chain contract governance and relationship governance,and the regulatory impact of IT personnel’s technical support in it,which has broadened the research field of blockchain smart contracts in supply chain management.Through the multiple case studies of Midea,we.trade and Sync Fab,the application scenario of blockchain smart contract enabling supply chain management has been deepened,which has practical reference significance for enterprise practice.