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Utilizing Blockchain Technology and Smart Contracts to Transform Securities Post-Trade Process
Blockchain,Distributed Ledger Technology (DLT),Smart contract,Security Post-Trade Process,
|Publication Year :||2017|
|Abstract:||金融服務產業由於網際網路全球普及化與各種科技革新應用如雲端運算 (Cloud computing)、區塊鏈 (Blockchain)、機器學習 (Machine learning)、APIs (Application Programming Interface) 的引入，正掀起一股創新的浪朝。新名詞「數位金融」(Fintech) 的出現無疑說明了金融產業與資訊科技兩者的緊密連結，特別在今日金融市場環境中，多數金融資產僅以數位記錄的方式存在，這開啟了區塊鏈，或其另一個常見名稱：分散式帳本科技 (Distributed leger technology，DLT) 改造金融系統之可能性。本論文透過研究區塊鏈技術最成熟的數位貨幣應用「比特幣」(Bitcoin)，瞭解區塊鏈技術之基本特性後，進一步藉由各國、各產業研究案例發掘此新興技術超越「貨幣」以外之金融應用，包含用於有價證券買賣(Japan Exchange Group)、私募市場股權管理(Nasdaq, “Linq” ) 以及跨境支付 (The Ripple Protocol) 等等。接著，本論文選定以櫃檯買賣市場 (Over-the-counter market) 債券交易之真實案例為主要研究主題。從瞭解其運作現狀後，找出痛點 (Pain point) 與潛在改進之處，並提出利用智能合約進行改造的解決方案。經改造後可立即帶來的效益包括 (1) 縮短交割時間；(2) 即時確認清算狀態；以及 (3) 降低營運成本。未來亦可帶來「去除中介服務提供者」以及「款項與債券撥轉最佳化」之好處。最後，本論文整理出區塊鏈技術用於金融產業之關鍵優勢，同時亦指出相關技術瓶頸如效能、可擴充性問題，並針對其中「資料管理」與「區塊鏈治理與法規」議題進行討論。|
The financial services industry is facing a flurry of innovation due to the application of new technology such as “Cloud conputing”, “Blockchain”, “Machine learning”, “Application Programming Interface”. People come up with the newly-created world “Fintech” to discripe how financial insdrustry is tightly connected with information technology nowadays. Ever since the financial insdrustry went through the process of computerized, the majority of financial assets such as shares or bonds exist only as digital records. It opens up and enhances the opportunity of utilizing blockchain, or commonly called distributed ledger technology (DLT), to transform the financial system. In this thesis, through the research of the most well known and proven blockchain use case, bitcoin, we understood the key characteristics of the blockchain technology. Then we continue to expore even more potential use cases beyond the “currency” application by collecting research cases and reports through out the whole financial industry. For example, in the related work we covered World Economic Forum’s (WEF) point of view, two proof-of-concepts from Japan Exchange Group, Nasdaq’s “Linq” in private market and the Ripple protocol for cross border payment, just to name a few. After all the surveys, we decide to focus on the securities post-trade process as our research topic. First, we went through and analized the current state of securities trading. And we pointed out the challenges and difficulties both investers and the exchange might be facing right now. According to these pain-points, we proposed to transform the current state process with smart contracts, a promising application enabled by blockchain technology. Through our evalution, the proposed solution would instantly bring the following three benefits, including (1) Reduced settlement time; (2) Real-time confirmation; and (3) Reduced operational cost. Further, two more benefits are expected in the future step. One is the elimination of third party service provider and the other is the optimization of cash and bonds transfer. In the end, we summarized the key beneficial features of blockchain technology in the financial industry as well as some limitations and concerns, especially the data management and regulation issues. People needs to fully understand these adoption challenges while developing new blockchain application to make sure the solutions are effective and feasible.
|Appears in Collections:||資訊管理學系|
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