ORIGINAL RESEARCH article
Front. Blockchain
Sec. Blockchain in Industry
Volume 8 - 2025 | doi: 10.3389/fbloc.2025.1668735
This article is part of the Research TopicIndustrial Transformation through Blockchain: From Smart Manufacturing to Secure HealthcareView all articles
Blockchain-Enabled Asset-Backed Securitization and Digital Transformation in E-Commerce Supply Chains: A Game-Theoretic Approach
Provisionally accepted
- 1Shenyang University of Technology, Shenyang, China
- 2Beijing Union University, Beijing, China
- 3Universiti Malaysia Sabah, Kota Kinabalu, Malaysia
- 4Sichuan International Studies University, Chongqing, China
Select one of your emails
You have multiple emails registered with Frontiers:
Notify me on publication
Please enter your email address:
If you already have an account, please login
You don't have a Frontiers account ? You can register here
The development and growth of Asset-Backed Securitization (ABS) finance in the e-commerce supply chain is of great value in alleviating the capital constraints of enterprises. However, asset-backed securitization finance faces problems such as low cooperation efficiency and lack of trust mechanism. The consensus mechanism, encryption algorithm, traceability and other characteristics of blockchain can help strengthen cooperation between enterprises, improve the level of information sharing, and promote trust transmission. In the finance process, most managers are risk-averse, and managers are prone to overconfidence, overestimating returns and underestimating risks. This paper studies assetbacked securitization finance in the e-commerce supply chain. Four models are constructed using game analysis: a non-cooperative model without blockchain, a cooperative model without blockchain, a noncooperative model with blockchain, and a cooperative model with blockchain. The asset-backed securitization finance strategy considering manager overconfidence and risk aversion with blockchain is analyzed to explore the optimal finance decision. Through numerical analysis, it is found that blockchain helps to enhance the transparency and authenticity of financing information and increase the financing returns of e-commerce platforms. To a certain extent, the cooperation model can mitigate the negative impact of managers' overconfidence on the financing returns of suppliers, e-commerce platforms and SPV. However, risk avoidance under the cooperative model is not conducive to the improvement of suppliers' financing returns. The higher asset pool yield has significantly increased the financing returns of the SPV. The financing returns of suppliers and SPV will decline with the increase of the price sensitivity coefficient in the cooperative model, but it will be different in the noncooperative model. This study strives to provide decision-making references for finance entities.
Keywords: Blockchain, Supply chain financing, Asset-backed securitization, Financing Equilibrium, Strategy Optimization
Received: 18 Jul 2025; Accepted: 18 Aug 2025.
Copyright: © 2025 Yang, Shao and Ye. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY). The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.
* Correspondence: Junbo Shao, Beijing Union University, Beijing, China
Disclaimer: All claims expressed in this article are solely those of the authors and do not necessarily represent those of their affiliated organizations, or those of the publisher, the editors and the reviewers. Any product that may be evaluated in this article or claim that may be made by its manufacturer is not guaranteed or endorsed by the publisher.