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The need to accelerate the innovation and application of the supply chain has been suggested by the State Council of China. To solve the problem of data isolation caused by privacy protection in the power material supply chain, a data traceability and sharing mechanism based on blockchain is designed in this paper. Firstly, the existing problems of the power material supply chain are introduced, and the applicability of blockchain in the power material supply chain in view of these problems is analyzed. Secondly, blockchain-based power material supply deployment and application structures are proposed. Then, considering the problem of data isolation in the material inspection and distribution links between suppliers and the material company, a data traceability mechanism based on blockchain is designed to provide evidence for the data authenticity and a proxy re-encryption method is used to ensure security and privacy in data sharing. Finally, the effectiveness of the proposed data traceability and sharing mechanism is verified using the Hyperledger Fabric platform for power material case studies. The simulation results show that the combination of proxy re-encryption and blockchain technology in the power material supply chain can confirm the validity of the historical data and keep the private data of the material company confidential, so as to realize the traceability and sharing of the power material supply data.