Abstract: A theoretical framework of blockchain & supply chain finance is introduced, and three-party game and dynamic evolutionary game models are used to analyze the impact of blockchain on the supply chain financial system through a two-way perspective between banks and enterprises. It is found that the financing constraints of the supply chain financial market were reduced by the technology of the blockchain, which increased the availability of funds for financing companies. Similarly, the low operation and maintenance cost of blockchain technology ultimately improves the financing efficiency of participants in the blockchain & supply chain financial model. From a long-term perspective, achieving the optimal balance puts forward requirements on the technology of the blockchain itself. On the one hand, it may reduce the cost of blockchain operation and maintenance. On the other hand, it is necessary to design a stable and effective supply chain financial system constraints. This constraint, to some extent, might be the stabilizing role of the supply chain itself has been replaced from the outside. also has a guidance for the development of financing market which is a little ineffective currently.

Key words: supply chain finance; blockchain technology; financing efficiency; evolutionary game