The classic failure of digital warehouse receipts is double-pledge — the same cargo pledged at bank A and again at bank B. The fix is to register rights separately: the pledge right sits with the lending bank, the pick-up right releases on repayment, and both states go on-chain so any move leaves a trail.

At issuance the receipt gets a TSA trusted timestamp plus an SM2 national-cipher signature, and the hash is written to the attestation chain. Before lending, the bank checks the on-chain "pledge right" field; only if unoccupied does it release T+0 funds. Repayment triggers the "pick-up right" release, and the buyer draws the cargo with a key.

This goes further than a bare SHA-256 fingerprint: the fingerprint only proves "cargo exists, receipt is genuine"; the two-tier registration settles ownership — who holds the right, whether it can be re-pledged. Across SNSUC's seven transshipment grades, every hand should carry a clean ownership snapshot.

For banks, clear ownership makes the bad-debt exposure quantifiable, cuts approval from days to hours, and brings down the capital tied up while cargo is in transit.