Frontiers in Business, Economics and Management 
ISSN: 2766-824X | Vol. 17, No. 1, 2024 

 

14 

Research on Optimization of Performance Evaluation 
Path of Blockchain Embedded Financial Shared Service 
Center 

Xiaojun Chen, Ying Gao and Hong Shao 

School of Accounting, Anhui University of Finance and Economics, Bengbu, China 

 

Abstract: With the progress of information technology and the promotion of the global economy, many large enterprises have 
set up financial sharing centers to unify accounting and financial management through this financial model. However, in the 

process of its development, there are still problems such as poor security of financial data, inadequate integration of information 

systems, and high repetitiveness of audit work. Based on this, this paper makes full use of the decentralization and open 

transparent characteristics of blockchain, combines it with financial sharing, researches and analyzes the feasibility and 

advantages of blockchain technology in financial management, and at the same time puts forward the optimization 

countermeasures of the performance evaluation path of financial shared service centers, to promote the transformation and 

upgrading of traditional financial shared service centers. 

Keywords: Blockchain, Financial shared service center, Performance evaluation, Path. 

 

1. Introduction 

Financial sharing has become the main direction of 

financial change for large enterprises in China, and many 

large and medium-sized enterprises are implementing this 

financial strategy. However, due to China's relatively short 

development history in the concept of financial shared 

services, some enterprises have chosen to learn from 

successful experiences abroad, while others still insist on 

using the performance appraisal mechanism under the 

traditional financial management model. These unreasonable 

performance appraisal methods can neither achieve the 

expected goals of the financial shared service center nor 

stimulate the employees' enthusiasm, so they cannot make full 

use of the financial shared services to reduce costs and 

increase efficiency. And with the emergence of blockchain 

technology, to a certain extent, the limitations of the financial 

shared service center are to find a solution. In this context, 

China is actively promoting the integration and development 

of blockchain in the economy and society, and in April 2020, 

for the first time explicitly pointed out that the new 

"infrastructure" covers artificial intelligence, cloud 

computing, blockchain, and other emerging technology 

infrastructure. As one of the "new infrastructures", blockchain 

has moved from the 1.0 stage to the 3.0 stage under the strong 

support of national policies. 

Meanwhile, along with the rapid development of 

the economy and society, China's corporate finance shared 

service centers also face a series of problems such as data 

security risks, insufficient integration of information 

systems, and inefficient business processing. To efficiently 

cope with the above challenges, it is particularly important to 

adopt blockchain technology. With the arrival of the Internet 

era, blockchain appears in a brand new way, which is an 

emerging network technology, also known as decentralized 

distributed ledger technology. As a decentralized system, 

blockchain combines unique attributes of distributed 

bookkeeping, cryptography, and smart contracts, which can 

solve the above problems to a certain extent. 

2. Deficiencies of the Traditional 
Financial Shared Service Center 
Performance Evaluation System 

2.1. Threats to Data Security 

Under the traditional financial management model, there 

are differences in business and management between 

companies in different regions, which makes it difficult to 

achieve efficient communication and collaboration between 

companies. To solve this problem, companies have started to 

try to establish financial shared service centers. Financial 

shared service center, as a traditional centralized organization, 

its main responsibility is to integrate the data of each regional 

company into a shared platform. Under this financial model, 

although accounting information can be updated and saved in 

real-time, this may also increase the security risks of 

accounting information. Especially in the financial sector, it 

is difficult to trace the root cause of information once it has 

been compromised. This occurs because centrally stored data 

is more vulnerable to attack than decentralized financial data, 

so the security risks posed by data leaks cannot be taken 

lightly. Also, when management and leaders have more power 

in the internal control structure, their internal control links 

tend to become more vulnerable, which can lead to poor 

decision-making. Therefore, to ensure data security, many 

organizations also need to put in place a comprehensive and 

efficient emergency alert system. 

2.2. Inadequate Integration of Information 
Systems 

Since the concept of financial sharing was introduced late 

in China, it is difficult to complete the transformation of the 

financial processing model in a short time. Although some 

enterprises have independently developed information 

integration systems, these systems may face challenges such 

as unclear computer programming logic and loss of reporting 

details, which can reduce the credibility and practical 

application value of the data. In addition, due to the 



 

15 

complexity of the business processing process in the financial 

sharing center, the lack of communication and collaboration 

between business departments leads to low efficiency in the 

financial sharing service center, which makes it difficult to 

meet the needs of corporate financial development. Therefore, 

if the construction of the information system is not perfect 

enough under this model, it will not be able to effectively 

integrate and calculate financial data, which will, to a certain 

extent, reduce the reliability of the financial sharing model. 

2.3. High Duplication of Audit Efforts 

At this stage, the financial shared service center of many 

enterprises still relies mainly on manual document auditing, a 

practice that not only results in a slow and inefficient auditing 

process but is also prone to errors, affecting the accuracy of 

financial information. Duplication occurs between the 

business end of the enterprise and the financial shared service 

center when auditing the same business, especially in sales, 

procurement, and other business processes. The front-end 

business team will scan the original vouchers, then convert 

them into an electronic format and upload them to the 

financial shared service center after the audit is completed. 

The finance shared service center will then need to re-audit 

them before the business processes of bookkeeping and 

payment can be executed. However, in this process, multiple 

audits may be encountered, such as failed audits, returns, or 

resubmissions. This not only takes up a lot of time and human 

resources, but the repetitive auditing work also exposes the 

trust issues of the traditional model.  

3. Feasibility and Path of Blockchain 
Embedded in Financial Shared 
Service Centre Performance 
Evaluation 

3.1. Blockchain Technology 

Blockchain technology, originally used in Bitcoin, encrypts 

data using ciphers and digital signatures, and then embeds this 

encrypted data in existing "blocks", thus creating a "chain" 

structure that prevents the digital currency from being 

duplicated and causing the data to be Duplication. From an 

enterprise perspective, blockchain technology enables the 

sharing of ledgers and the storage of data, with advantages 

such as decentralization, data tampering, and anonymity. In 

addition, blockchain technology allows all employees to enter 

data without relying on third-party financial data processing 

systems. Therefore, the use of blockchain technology can, to 

a certain extent, solve the problems of traditional centralized 

data systems. 

3.2. The Fit Between Blockchain Technology 
Thinking and The Financial Shared 

Services Model 

First of all, it is necessary to clarify the objectives of the 

financial shared service center, whose core objective is to 

improve the financial management efficiency of large 

enterprise groups. On the one hand, it is positioned as a new 

organizational structure model from a strategic point of view. 

Its main purpose is to reduce operating costs by using a 

centralized organizational structure. On the other hand, to 

achieve this strategic goal it is necessary to decompose the 

business and establish a unified accounting center to ensure 

a timely and accurate exchange of information, transfer of 

data, and feedback between departments. This way of 

thinking is highly consistent with the concept of "weak 

centralization" in blockchain technology and is also in line 

with the demand for efficient operations in financial shared 

service centers. Blockchain technology enables the digital 

processing of information, and all operations can be 

completed automatically according to pre-set processes, 

which helps to improve the efficiency of financial shared 

service center operations. 

Secondly, the financial shared service center wanted to 

ensure the security and integrity of the data and wanted it to 

be compatible with the "private chain" and "federated chain" 

structures of blockchain technology. If a node fails, it will not 

affect other nodes, minimizing the possibility of financial data 

loss or corruption. In this process, the non-tamperable nature 

of the blockchain can improve the security of enterprise 

information (as shown in Figure 1). 

 

Figure 1. Description of the linking mechanism between the blockchain and the financial sharing center 

 



 

16 

3.3. The Fit Between Blockchain Technology 
Features and The Characteristics of 

Financial Shared Services 

The introduction of blockchain technology enables the data 

in the ‘federation chain’ to be verified against each other, 

which is consistent with the validation criteria for transaction 

information in financial shared service centers. After a 

complete ‘federation chain’ is built within an enterprise, data 

can be shared between enterprises. Since all financial data are 

open and transparent, all relevant financial information is 

synchronized according to the specific needs of customers in 

the disclosure of financial statements, which avoids the risk 

of human intervention as in the case of traditional financial 

query systems. In addition, blockchain technology can 

hierarchize customer permissions to ensure that all publicly 

available data can be fairly viewed in a distributed ledger of 

nodes, thus reducing investor losses due to information 

asymmetry (as shown in Figure 2). 

 

Figure 2. Blockchain technology embedded in the financial shared service center infrastructure 

4. The Advantages of Blockchain 
Embedded in The Performance 
Evaluation of Financial Shared 
Service Center 

4.1. Improve the Performance Evaluation 
System and Cultivate Excellent Talents 

Under the financial shared service model, the repetitive 

monotony of financial work weakens the creativity of staff to 

a certain extent, thus restricting the development of 

individuals. Using blockchain timestamps, smart contracts, 

and other technologies for personnel management allows 

employees to reduce workforce and multi-task while 

achieving the goals set by the enterprise.2022 On May 27, the 

Ministry of Transport of the People's Republic of China 

formally determined that Shandong ports as the first pilot unit 

of the "smart ports" and the construction of the financial 

shared service center is a vital part of its overall structure. The 

construction of the Financial Shared Service Center is a vital 

part of its overall structure. Port of RIZHAO established 

Rizhao Port's logistics blockchain platform in 2019, applying 

blockchain technology to the monitoring of steel exports, 

realizing full tracking of cargoes, and improving the 

transparency of data and the creditworthiness of users. At the 

same time, the "distributed bookkeeping" technology of 

blockchain was introduced to supervise the whole process of 

commodities, ensuring the authenticity and validity of the 

commodity information and the inability to be tampered with. 

4.2. Overcoming the Data Security Problems of 
Traditional Shared Service Centers 

The traditional financial shared service center concentrates 

all the economic business of the enterprise, which increases 

the difficulty of enterprise information transmission and 

processing and quickly causes the blockage of the information 

pathway of the financial shared center. Due to the openness 

and instability of the information network, there is a huge 

security risk, which is very easy to cause financial data 

leakage and virus attacks. Under blockchain decentralized 

distributed bookkeeping, all nodes can synchronously record 

changes in data, and all nodes have complete and entirely 

consistent sub-accounts so that even if a node is destroyed or 

modified, it will not cause any damage to the overall account 

and records, thus ensuring the security of data. On this basis, 

it can be combined with "Alliance Chain + Private Chain", 

which has both the semi-openness of Alliance Chain and the 

participation and privacy restrictions of Private Chain to 

protect the nodes' privacy better. Puhua Commercial Group 

Co., Ltd started to implement the "Blockchain-Financial 

Sharing Center Integration" project in December 2019, taking 

financial reimbursement as a pilot project, adopting the 

distributed storage technology of blockchain, storing the 

reimbursement information of the enterprise in the enterprise 

node and disseminating the information to each enterprise 

node on the network so that all enterprises can view the 

information "openly". By adopting blockchain distributed 

storage technology, the reimbursement information of 

enterprises is stored in enterprise nodes, and the information 

is "openly" disseminated to each enterprise node on the 



 

17 

network so that all enterprises can view it, which not only 

relieves the data storage burden of enterprises but also avoids 

the hidden danger of data security. 

4.3. Reducing Operational Costs 

The smart contract of blockchain makes the financial data 

in the process of business transmission, and ensures the 

completeness and accuracy of accounting information while 

automating the audit nodes of each process, which 

significantly shortens the approval process of financial 

processing, and effectively reduces the operating cost and 

time cost of finance. Under the traditional "financial sharing" 

model, the boring and repetitive nature of financial work has 

led to personnel turnover. Applying blockchain technology 

eliminates unnecessary, repetitive, and low-value-added work 

and reduces training costs for company personnel. In addition, 

by utilizing the DPoS consensus mechanism, similar to the 

decision-making method of the board of directors' voting, 

agents are selected for authentication, which reduces the 

consumption of algorithms, ensures operational efficiency, 

and reduces operational costs without increasing the risk. 

2022, Haier Smart Home Co., Ltd utilized blockchain and big 

data and other technologies to establish the "Financial 

Sharing Digital Correspondence Data Pool + Firms One-click 

online application + one-click authorization by the enterprise 

+ one-click reply to the letter by the finance company's 

automatic query" is the business closed loop. Using 

blockchain technology, the audit letter can be returned quickly, 

the whole process is transparent, and traces can be left in the 

whole process, reducing the operation nodes from fourteen to 

five, saving two million dollars of management costs per year. 

4.4. Alleviating the Problem of Information 
Asymmetry 

Under the traditional financial shared service model, 

because the head office and branch offices of SMEs are far 

away from each other, they often cannot transmit the 

information changes and business contents of branch offices 

or subsidiaries to the finance department in a timely manner, 

and they can't carry out effective information exchange 

between financial shared service centers, which leads to the 

asymmetry of information. Blockchain peer-to-peer 

technology is characterized as flat, open, and equal, does not 

require layers of auditing, and can realize real-time data 

transmission, which solves the problem of information 

asymmetry that exists in the financial sharing business. 

5. Blockchain Embedded in Financial 
Shared Service Center Performance 
Evaluation Optimization 
Countermeasures 

5.1. Smart Contracts Integrated into Financial 
Shared Services to Optimize Performance 

Evaluation System 

Smart contracts can realize the automatic execution of 

transactions, reduce manual errors, improve the operational 

efficiency of the business, and realize the timely evaluation of 

performance. Before the contract is implemented, it is ensured 

that the predetermined standards are met through the 

reasonable setting of various rules and conditions in the 

contract. Every transaction of the same type within the same 

time period, from the date of contracting, can be broadcasted 

to any port through the timestamp and, after passing through 

the verification node, continue to the next step until the 

enterprise completes the transaction. At this point, the 

financial shared service center will extract the appropriate 

information from the node and complete the corresponding 

accounting process. Due to the change in the method of 

transmitting data, each node will record all the processes of 

the transaction and can transmit the transaction data in real-

time, which allows effective monitoring and management of 

performance, ensures the sharing of business information, and 

enables better protection of data security and integrity. Smart 

contracts can improve the speed and quality of service 

delivery, which in turn improves customer satisfaction and 

has a direct impact on the customer dimension of financial 

shared service center performance evaluation (as shown in 

Figure 3). 

 

Figure 3. Operation logic of smart contract 

5.2. Using Cryptography to Secure Data in 
Financial Sharing Centers 

Blockchain utilizes a variety of cryptography techniques, 

such as hash function and asymmetric encryption, to ensure 

data security and privacy. The hash function has the 

characteristics of irreversibility and avalanche effect, which 

ensures that the financial data is not tampered with in the 

storage and transmission on the blockchain and improves the 

security of the data. At the same time, the use of digital 

signature technology to achieve the verification of the identity 

of the transaction subject and the authenticity of the 

transaction in high-risk financial transactions, and the use of 

hash functions to identify whether the data has been tampered 

with, improve the management level of the risk of financial 

shared service centers, and realize the accurate evaluation of 



 

18 

the risk tolerance level of each department and personnel, and 

then realize the reasonable setting of the enterprise's 

performance objectives and evaluation standards (as shown in 

Figure 4). 

 

Figure 4. Schematic diagram of the message signature process 

5.3. Utilizing Blockchain Technology to 
Effectively Reduce Operating Costs 

Intelligent contracts are introduced at the business and 

consensus layers to realize repeated writing of contracts and 

automatic execution when conditions are met, thus saving 

human capital. At the same time, the finance sharing center 

and the treasury and capital modules of subsidiaries are 

incorporated into a single alliance chain, and the DPoS 

consensus mechanism is used to jointly maintain the ledger, 

achieving a flattening of the hierarchical operation and thus 

reducing management costs. Blockchain technology's 

timestamps and digital signatures ensure the traceability of 

information and the security and integrity of data, reducing 

potential costs due to data leakage or tampering. Data sharing 

in a peer-to-peer network allows data transmission between 

nodes to no longer rely on central service nodes, while there 

is no upper limit to the network capacity of a peer-to-peer 

network, and the resources of the entire network increase 

synchronously with the number of nodes, resulting in a better 

quality of service and further lowering the operating costs of 

financial sharing centers. Tesla has partnered with Cargo 

Smart, China Ocean Shipping (Group) Company, and 

Shanghai International Port (Group) Co., Ltd to conduct a 

pilot project on auto parts transportation. The project uses 

blockchain technology to help record the operational process 

of cross-border transportation of auto parts from Tesla's 

Shanghai factory on the chain. This ten-point project 

establishes a close link between consignees, freight 

forwarders, and ocean carriers, simplifies verification steps, 

and the process requires one-stop completion of verification, 

agency, payment, and consignment notes, which greatly saves 

time and labor costs and improves process efficiency. 

5.4. Using Decentralization Technology to 
Alleviate Information Asymmetry 

The decentralization of blockchain has three major 

advantages: fault tolerance, attack resistance, and conspiracy 

prevention. The blockchain's distributed system consists of 

multiple decentralized and independent nodes that are not 

easily breached, providing a secure data processing 

environment for the performance evaluation of financial 

shared service centers. The fairness of each node in the 

decentralized system gives the blockchain openness and 

transparency, and every modification will be notified to the 

other nodes, which makes it difficult for each participant on 

the blockchain to seek his or her own interests at the expense 

of others, and at the same time alleviates the problem of 

asymmetric information. General Motors Finance has 

partnered with blockchain startup Spring to combat identity 

synthesis fraud and to dilute risk by taking advantage of 

"private or federated chains". The Massive Automotive 

Industry Blockchain MOBI (Mobility Open Blockchain 

Initiative) was founded in 2018 by Ford, GM, BMW, and a 

number of other companies. In January 2021, a working 

group led by BMW and Ford released a second-generation 

automotive identity standard, which will be used to combat 

used-vehicle marketplace fraud for used-vehicle sellers, 

regulators, and insurers with tamper-resistant history records, 

thereby reducing vehicle information mismatch. 

Decentralized technology strengthens compliance in financial 

shared service centers and ensures the validity and reliability 

of performance evaluation systems in multiple ways. 

6. Conclusion 

With the continuous development of modern science and 

technology, financial shared services have gradually become 

the primary trend of corporate financial change. The 

introduction of blockchain technology in the performance 

evaluation system of the financial shared service center can 

well solve the problems of high data security risk and 

information asymmetry in the traditional financial sharing 

model. Using blockchain technology, the performance 

evaluation system of financial shared service centers can be 

optimized, talents can be cultivated, operating costs can be 

reduced, and financial shared services can be promoted to 

develop in the direction of more reliable, safer, and more 

efficient. 

Acknowledgements 

Fund Project: Anhui Provincial University Humanities and 

Social Sciences Research Key Project: Research on the 

Performance Evaluation System of Blockchain Technology 

Embedding Financial Shared Service Center (Project No.: 

SK2021A0236). 

References 

[1] Xiaolin Chen; Xiufang Wang: Study on Auditing Information 
System of Financial Sharing Center Based on Digital 
Technology, Communication of Finance and Accounting, 
Vol.43 (2022) No.21,p.135-140. 

[2] Dengyun Gao; Lu Li; Hui Bian: Research on Performance 
Evaluation of Enterprise Blockchain Financial Sharing Center 
Based on BSC, Money China, Vol.39 (2021) No.1, p.86-90. 



 

19 

[3] Dong Cheng; Yu Cheng: Optimization of Financial Sharing 
Model under Blockchain Thinking, Accountant, Vol.17 (2020) 
No.22, p.26-27. 

[4] Jiting Rao: Exploration of the Use of Blockchain Technology 
in Financial Shared Service Center--Taking Puhua Group as an 
Example, Mordern Business, Vol.17 (2022) No.14, p.189-192, 

[5] Tian Tian: Embedding Blockchain Thinking to Optimize 
Financial Sharing Models, Commercial Accounting, Vol.41 
(2020) No.10, p.103-105. 

[6] Yuhan Qi: Research on the Optimization of Financial Shared 
Services for Small and Medium-sized Enterprises in the 
Context of Blockchain, China Storage & Transport, Vol.35 
(2024) No.5, p.150-151.