基於區塊鏈之實物期貨交易系統

Physically Delivered Futures Trading System based on Blockchain

林暉恩(Hui-En Lin)

指導教授 ： 袁賢銘

國立交通大學/資訊學院/網路工程研究所/碩士(2020年)

摘要

台灣目前的期貨皆以國外大宗商品以及現金交割為主，而一般中小型生產者的農產品卻無法透過現有的期貨市場享有分散風險的好處。此外，現有的期貨交易資料皆儲存於期貨交易所，而期貨交易所的系統仍為傳統集中式的架構，因此一直都有系統崩潰、資料損毀等問題存在。
本研究期望透過建置一個實物期貨交易平台，幫助農牧業生產者與需求者直接媒合，減少中間商不當操作市場的問題。生產者能事先得知要生產的數量以及約定一個合理的價格，避免未來的不確定性。買方在訂單成立後若不需要商品也可將訂單以自訂的價格在平台上轉手，藉此分散買方的風險。
區塊鏈作為一個信任機器，擁有不可竄改以及避免單點故障的好處，因此我們將期貨合約及訂單的內容存於區塊鏈中來保證整體交易流程的安全。由於公鏈虛擬貨幣的價值較不穩定，我們採用法幣計算款項並引入銀行的角色確保金流的正確。金流都在系統外進行，但繳款資訊會包含於訂單內容中，並由銀行使用智能合約進行確認。
最後，我們比較了傳統的PoW與系統採用的PoA兩種共識機制。結果表明，PoA具有吞吐量優勢，可以為用戶帶來更好的體驗。

關鍵字

區塊鏈 ； 實物期貨 ； 智能合約 ； 以太坊

並列摘要

Futures in Taiwan are currently dominated by foreign bulk trading and cash delivery. However, small-sized agricultural producers cannot get the benefits of risk diversification through existing futures market. In addition, existing futures transaction data are stored in the futures exchange, and the system of futures exchange is still traditional centralized structures. Therefore, there have always been problems with system crashes, and data corruption.
This study expects to help agricultural producers and consumers directly match through the establishment of a physically delivered futures trading platform to reduce the problem of intermediaries' improper market operation. Producers can know the quantity to be produced in advance and agree on a reasonable price to avoid future price uncertainty. Buyers can resell the established order at a customized price if they need, thereby diversifying the risk.
As a trust machine, blockchain has the advantages of immutability and preventing a single point of failure. Therefore, we store the content of futures contracts and orders in blockchain to ensure transaction security. Since the value of cryptocurrency on the public chain is unstable, we still use fiat currency for the payment and introduce the role of bank to ensure the correctness of the cash flow. The cash flow is performed outside the system, but payment information is included in the order content and confirmed by the bank using smart contract.
Finally, we compared the PoW consensus algorithm with the PoA adopted by the system. The result shows that PoA has the advantage in throughput and can give users better experience.

並列關鍵字

Blockchain ； Physically delivered futures ； Smart contract ； Ethereum

參考文獻

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