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  • 學位論文

我國證券及期貨市場應用區塊鏈技術之探討

A Study on the Application of Blockchain Technology in Taiwan’s Securities and Futures Markets

指導教授 : 李顯峰
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摘要


近年來,金融科技蔚為顯學,其中的區塊鏈技術更被喻為第四次工業革命創新科技的中心。區塊鏈技術是一種分散式帳冊技術,不同於現今的網際網路是資訊的傳遞,區塊鏈技術可以做到價值的傳遞,擔任過去金融中介機構信任的角色,故又稱為信任機器。 本研究先以較為人所熟知的比特幣,進行區塊鏈技術的簡介。但由於比特幣的區塊鏈技術並不完全適用於高度監管的證券及期貨業,故我們建議可以採用不同的技術方法,例如採用私有鏈、運用智能合約、納入監管單位為節點、運用於洗錢防制等作業,並可提升法遵科技之應用效率,使得區塊鏈技術與證券及期貨業的作業能相輔相成,達到簡化交易後之結算交割流程。區塊鏈技術可降低作業成本,再加上可全年無休及跨國特性,預期可推升我國證券及期貨之交易量,達到活絡我國資金流通之效果,進而繁榮實體經濟。此外,本研究亦探討新科技將能促使我國工作數量增加,並達到產業升級、提高我國競爭力之效果,惟該工作轉型過程將是一場嚴格的考驗。 我們亦檢討了區塊鏈技術尚面臨著法規面、速度面,以及實證面之挑戰,並提出政府、業界與學界如何透過合作,使產官學達到三贏綜效之建議。本研究亦訪談業界專家,以瞭解實務面的觀點,以及區塊鏈技術刻正面臨以太坊的DAO硬分岔事件等現實挑戰。本研究針對證券及期貨業應用區塊鏈技術的理論面與實務面,進行完整的探討與建議。

並列摘要


Recently FinTech becomes a school, in which blockchain technology has hailed as the center of the fourth industrial revolution. Today's Internet is for the transmission of information, while blockchain technology is a distributed ledger technology, and can transmit values, like the trusty role of financial intermediaries in the past. Thus, it is also known as a Trust Machine. In this paper, we introduce the blockchain technology with bitcoin. However, blockchain technology of bitcoin cannot be fully applicable to the highly regulated securities and futures industry, it is suggested to adopt different technical methods such as the use of the private blockchain, the use of smart contracts, the incorporation of the supervisory unit as a node, enforcement in anti-money laundering. It can improve the efficiency of RegTech, making the complement between the securities and futures markets operations, and simplifying the post-trade clearing and settlement process. It can reduce the operating costs, coupling with the 24/7 and transnational characteristics. And it is expected to increase the trading volume of Taiwan's securities and futures in Taiwan, and then enhance the real economy. In addition, the study will explore the new technology that could be able to increase employment and enhance Taiwan's competitiveness. But the transformation process will be a rigorous process. Blockchain technology is facing the challenges from the legal, speed and operational aspects. The government, industry and academia can cooperate to achieve win-win synergies goal. This study also interviewed industrial experts to understand the practical aspects, as well as the challenge from Ethereum DAO hard-fork.

參考文獻


Satoshi Nakamoto, Bitcoin:A Peer-to-Peer Electronic Cash System, 2008。
WEF, Deep Shift Technology Tipping Points and Societal Impact Survey Report , 2015.9。
Gil-Pulgar, Julio, Bitcoin: Welcome to the Fourth Industrial Revolution, Bitcoin.com, 2016.10.7。
The Goldman Sachs Group, Inc. Blockchain: Putting Theory into Practice, 2016.5.24。
WEF, The Future of Financial Services, 2015.6。

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