Title transfer on re-export cargo used to stall on a simple question: who sees the original document first. The physical bill of lading sits in a courier, and banks will not lend against it. Now the warehouse receipt body is hashed with SHA-256 in the browser, then dual-signed with China's state cypher SM2 — transferor and transferee each sign once. The hash tree is anchored on-chain, so ownership moves from 'seen the paper' to 'verified the signature'.

On the bank side, what arrives is a verifiable title chain. No waiting for the courier, no second round of authentication. One digital receipt can be pledged at bank A and rediscounted at bank B; each transfer appends an SM2 signature node, and lending compresses from T+2 to T+0.

SHA-256's 256-bit output gives a collision probability low enough to ignore, while SM2 meets financial-grade requirements on signing efficiency and compliance. The whole stack leans on no foreign algorithm.

Operator read: when structuring re-export finance, require the forwarder and warehouse to support browser-side hashing on-chain, and bind the pricing ticket, inspection slip and receipt to one root hash. Any later pledge or rediscount then verifies in seconds.