Butadiene rubber closed at RMB 15,680/t and natural rubber at RMB 19,600/t, a RMB 3,920 spread. When price moves, the exposure on pledged receipts moves with it, and the dispute centers on who held title and exactly when it was confirmed.

A browser-generated SHA-256 fingerprint stamps every issuance, transfer and pledge of a receipt onto the chain. The point is not the buzzword on-chain but the immutability of the timestamp: if any party alters a document afterward, the hash will not match and a court sees it at a glance.

For admissibility, the timestamp plus a notary's endorsement forms the full evidence chain. The receipt is co-stamped by a notary node at creation; on dispute, the original hash and notary receipt are pulled, giving the title flow a third-party proof that beats a warehouse's paper ledger.

For SNSUC's digital-receipt business, the meaning is risk control moved upstream: title is fixed the second it is confirmed, not patched after default. The more prices swing, the more the anchor is worth.