区块链与证券行业研究方向,区块链与证券行业研究论文

随着科技的发展，区块链技术正在改变证券行业的运作方式。区块链技术可以让证券交易更加安全、高效、便捷，还可以改善资产管理和跨境资本流动。因此，区块链与证券行业的研究正在成为科学家们的热点话题。

首先，区块链技术可以提高证券交易的安全性。区块链可以构建一个安全可靠的分布式账本，从而可以有效地防止证券交易过程中的恶意行为。此外，区块链还可以提供一种更加高效的交易方式，可以更快地完成证券交易。

其次，区块链技术可以改善资产管理。区块链可以使资产管理更加透明，更加安全，更加可靠。此外，区块链还可以提高资产管理的效率，从而节省企业的成本。

最后，区块链技术可以改善跨境资本流动。区块链可以构建一个跨境资本流动的安全可靠的网络，从而可以更有效地完成跨境资本流动。此外，区块链还可以提高跨境资本流动的效率，从而节省企业的成本。

总之，区块链技术可以改变证券行业的运作方式，改善证券交易的安全性和效率，改善资产管理，改善跨境资本流动。因此，研究区块链与证券行业的关系，有助于更好地推动证券行业的发展。

❶ Briefly describe how blockchain finance works in the securities and fund business of wealthy people

Traditional financial institutions such as banks, securities, and insurance companies have developed to this day, with huge volumes, solid models, and central The extremely high degree of globalization has led to the formation of information barriers between various organizations, reduced communication efficiency, and significantly increased costs. The information Internet brought about by the first digital revolution gave birth to an emerging Internet financial system, which is committed to broadening the circulation channels of funds and realizing point-to-point communication between supply and demand. The current mature information Internet only realizes the digital transmission of information, and blockchain can build a value Internet that digitally transmits value based on its decentralization, non-tampering, openness and transparency, privacy protection and other characteristics, leading the second digital revolution. Open a new chapter in Internet finance.

❷ What are the applications of blockchain in the industry

——The following data and analysis are from the "Business Model Innovation and Investment Opportunities in China's Blockchain Industry" by the Qianzhan Industry Research Institute In-depth analysis report".

Currently, blockchain applications have extended from a single digital currency application to various areas of the economy and society, such as the financial industry, copyright protection, traceability and anti-counterfeiting, energy industry, sharing economy, Internet of Things, and many more in the field.

Financial field: the broadest application prospects. Although in the long term, blockchain has application potential in many aspects. But in general, blockchain currently has the best application prospects in the financial field, and related technologies are also developing the fastest. Blockchain systematically solves the pain points and stubborn problems in the entire business chain for financial institutions. Its "systematicity" is mainly reflected in three aspects: Blockchain technology can be applied to different banking services, from payment and settlement to bill circulation and From supply chain finance to more complex securities issuance and trading and other core business areas, financial institutions and technology companies are actively exploring and trying. The benefits brought by blockchain technology will benefit all transaction participants, including banks, bank customers, and bank partners (such as platform companies, etc.). Most of the pain points currently existing in various processes of financial services, such as efficiency bottlenecks, transaction delays, fraud and operational risks, are expected to be solved after the application of blockchain technology. For example, a large number of manual operations, manual verification and approval work in the existing process will be automated, paper contracts will be replaced by smart contracts, and losses due to system errors will no longer occur in the transaction processing link.

Copyright field: Blockchain technology solves copyright maintenance problems. With the development of the Internet, digital publishing has formed a relatively complete industrial chain, bringing considerable income to online writers and other relevant participants. But on the other hand, infringement and piracy restrict the further development of digital publishing, and all parties involved are suffering from it. Although the country has introduced various policies to solve the problem of copyright protection, it is difficult to fundamentally solve it due to limited technical means.

The mathematical principles of blockchain technology solve the problem of ownership confirmation during the transaction process. The recording, transmission, and storage results of value exchange activities are all credible, and can completely solve the problem of copyright protection. Once the information recorded in the blockchainThe generation will be permanently recorded and cannot be tampered with. Only by possessing more than 51% of the total computing power of the entire network can it be possible to modify the latest generated block record.

❸ What are the basic knowledge about blockchain

1. Application of blockchain technology in banking industry

The biggest feature of blockchain technology is decentralization, and this feature will reduce a lot of costs for the banking industry. The development of digital currency will make it possible to realize real-time digital transactions in banks. For example, in bill transactions, bank bill transactions have always relied on a third party to realize the transfer of valuable certificates. Even electronic bill transactions require interactive authentication through information from the central bank's ECDS system. . Blockchain technology can realize point-to-point transfer of value and no longer requires centralized system control. This not only speeds up the speed of ticket transfer, but more importantly, it can reduce errors caused by human factors and reduce processes. Naturally, it will reduce the bank's demand for personnel and save the bank's labor costs.

2. Application of blockchain technology in the insurance industry

Blockchain technology also has incomparable advantages in the insurance industry. From the perspective of data management, the application of blockchain technology by insurance companies can effectively improve risk management and control capabilities, including the risk supervision of insurance companies and the risk management of policyholders.

The application of blockchain technology in the insurance industry can strengthen the internal risk supervision of insurance companies. Blockchain technology can record the daily operating processes of insurance companies on nodes, and can achieve in-process control over the company's capital flow, investment status, compensation amounts and other businesses, and improve the company's risk management and control capabilities.

3. Application of blockchain technology in the securities industry

The application of blockchain technology in the securities industry can increase the flexibility of securities issuance. Companies issuing securities can use smart contracts , by setting the method and time of securities issuance, securities can even be issued 24 hours a day under the most ideal condition.

4. Blockchain technology and financial infrastructure

Blockchain technology uses a decentralized mechanism to exchange value, which will lead to a modern world characterized by centralization. Some financial infrastructures have undergone earth-shaking changes.

5. Application of blockchain technology in supply chain

The application of blockchain technology in supply chain first provides credit guarantee , the blockchain records the circulation information of commodities, etc., which can prove the true reliability of commodities and their circulation, so as to conduct a comprehensive evaluation of the utility of enterprises on the chain, etc., and has become an important factor for corporate bank loan credit, financing credit, An effective guarantee for transaction credit.

❹ Brokerages continue to increase their investment in financial technology to explore applications such as blockchain

Recently, many securities companies said that they are penetrating the capabilities of financial technology into actual business, such as blockchain , cloud computing and other technologies can be applied to the asset management ABS industryservices, investment research systems and institutional services, and are undergoing digital transformation. Financial technology is becoming a strategic direction for securities companies to focus on.

Financial technology penetrates traditional businesses

For many institutions, the penetration of financial technology into traditional businesses is becoming faster and faster. In the digital transformation of past business models, the application of technologies such as blockchain and big data has become increasingly mature.

Kong Weicheng, general manager of GF Securities (Hong Kong stock 01776) Asset Management Company, said that financial technology is currently an important strategy for the company’s layout. In the investment decision-making of asset management, the integration of technology and asset management is accelerating. “In specific asset management planning products, we have built an intelligent ABS cloud platform by applying blockchain technology, using the technology platform to effectively transmit and monitor risks on funds and business changes generated in the business process, while also ensuring data security. It is authentic and cannot be modified."

On July 4, at the Science and Technology Expo held in Beijing, Huatai Securities officially released the digital service system for institutional customers. It is understood that the digital service platform covers multiple modules such as investment banking projects, investment analysis, and financial products, and provides a variety of solutions for institutional customer needs such as institutional transactions and asset management.

Yang Huahui, chairman of Industrial Securities, also recently wrote publicly that the company will increase investment in financial technology, carry out innovative attempts in customer service, market analysis, and risk pricing, and further enhance the intelligent level of the company's middle and back-end management. . Yang Huahui believes that the combination of technology and the securities industry will transform from simple applications to more in-depth integration. In the future, securities firms will also pay more attention to the application of emerging fields such as artificial intelligence and blockchain.

It is understood that in recent years, securities firms have increasingly hoped to internalize the traditionally outsourced financial technology business into the company itself. Analysts from securities firms said that due to the large amount of data and long products and business processes involved within securities firms, it is difficult for outsourced technology businesses to understand the actual business model. In the future, the construction of core technology financial platforms will penetrate into various business sectors such as investment banking, research, asset management, prime brokers, and institutional services. By analyzing and deconstructing the accumulated massive data, it can also provide technology for the value creation of traditional businesses. Auxiliary. In addition, after such a platform is successfully built, such a digital model can also be exported to the outside world, which can not only provide services to institutions and ordinary customers, but also increase the business value of the technology platform itself.

Institutional financial technology competition is fierce

Due to the increasing emphasis on financial technology strategies, the “technological content” of competition among institutions is also increasing.

Since June this year, many securities firms have added chief information officers (CIOs) in compliance with regulatory requirements. According to industry insiders, the addition of a brokerage chief information officer will play an important role in the future integration of brokerage business and technology.

In addition to adding chief information officers, brokerages are also accelerating recruitment in financial technology. It is reported that in June this year, GF Securities, Haitong Securities (Hong Kong Stock 06837), Orient Securities (Hong Kong Stock 03958) and many other securities firms released dozens of financial technology-related positions, covering big data engineers, AI application engineers, data mining positions, cloud Computing engineer and other technical positions.

At the same time, as an important strategy of the company, institutions are investing more and more resources in financial technology. According to 2018 brokerage business performance data, 98 brokerage information systems invested as much as 13.067 billion yuan in 2018, a year-on-year increase of 16.89%. Among them, Guotai Junan (Hong Kong stock 02611), Changjiang Securities, and CITIC Securities (Hong Kong stock 06030) invested more than 500 million yuan, and GF Securities, Huatai Securities, Ping An Securities, Haitong Securities, and CICC (Hong Kong stock 03908) invested more than 400 million yuan.

A relevant person in charge of a medium-sized securities firm said that financial technology has increasingly become the core competitiveness of institutions seeking development. In addition to increasing investment, financial technology's subversion of traditional business models also requires practitioners to change their thinking and concepts.

“The digital transformation of business is not simply to move the business online, but to apply financial technology scenarios through a deep understanding of business logic, improve business efficiency and risk control, and provide innovation and use of intelligent technology. Optimized services." The above-mentioned securities dealers believe that in the future, a number of specialty securities companies with differentiated financial technology services may appear in the industry, and the industry will also form a new market pattern based on the level of financial technology capabilities.

This article is from China Fund News

For more exciting information, please visit the financial website (www.jrj.com.cn)

❺ Blockchain An analysis paper on the prospects of blockchain in the financial field

An analysis paper on the prospects of blockchain in the financial field

Blockchain technology was born in 2008, and its first application was Bitcoin. Blockchain technology uses a decentralized consensus mechanism to maintain a complete, distributed, and non-tamperable ledger database, allowing participants in the blockchain to implement a unified ledger system without establishing a trust relationship. . In 2015, many mainstream financial institutions in Europe and the United States recognized the application prospects of this technology and explored the application of blockchain technology in the financial field. The International Monetary Fund pointed out in a report that "it has the potential to change finance." Some people believe that blockchain technology will change human society as profoundly as double-entry accounting and shareholding.

Blockchain will make it possible for all individuals to become important nodes in the allocation of financial resources. It will also promote the improvement of the existing financial system and financial rules, and build a shared and win-win situation. financial development ecosystemTie. The emergence of blockchain technology is a revolution in human credit creation. It allows both parties to the transaction to carry out economic activities without the need for third-party credit intermediaries, thereby achieving low-cost value transfer. It can be said that blockchain technology is a more efficient value exchange technology in the Internet era. The Internet has evolved from an information Internet that transmits information to a value Internet that transfers value. This is conducive to traditional financial institutions taking advantage of the opportunity to transform and transform endogenous businesses. Processes and application scenarios are Internetized.

1. Characteristics and shortcomings of blockchain

(1) Main characteristics of blockchain

(1) Decentralization. In the blockchain, there is no centralized hardware or management organization. The distributed structure system and open source protocol allow all participants to participate in the recording and verification of data, which is then sent to various nodes through distributed propagation. Each participant The nodes are all "self-centered", and the rights and obligations are equal. Blockchain is not simply decentralized, but multi-centered or weakly centered. When the Internet of Things makes it possible for all individuals to become central nodes, the central status of traditional financial intermediaries changes, transforming from a monopoly-type, resource-advantaged center and strong intermediary to an open platform, becoming a service-oriented multi-center. Center of differentiation.

(2) To trust. From a trust perspective, blockchain uses a set of open and transparent mathematical algorithms based on consensus specifications and protocols to enable all nodes to automatically and securely exchange data in a trustless environment. Blockchain essentially solves the problem of trust through mathematical methods. All rules are expressed in the form of algorithmic programs. Participants do not need to know the credit level of the counterparty, and do not need transaction endorsement or guarantee verification from a third-party institution. They only need trust. A common algorithm creates credit, generates trust, and reaches consensus for participants through the algorithm.

(3) Timestamp. Blocks are generated by packaging data and code within a period of time. The header of the next block contains the index information of the previous block, and a chain is formed by connecting the end to the end. The blocks that record the complete history and the chain that can be completely verified form a timestamp that can trace the complete history. It can provide retrieval and search functions for each piece of data, and can use the blockchain structure to trace the source, one by one. verify. Therefore, the blockchain is timestamped when generated, forming a database that cannot be tampered with or forged. Modifications to the database on a single node are invalid unless more than 51% of the nodes in the system can be controlled at the same time, so the data reliability of the blockchain is very high.

(4) Asymmetric encryption. The blockchain uses an asymmetric encryption algorithm, that is, a "key pair" is used in the encryption and decryption process. The two keys in the "key pair" have asymmetric characteristics. In the application scenario of blockchain, on the one hand, the key is the public key visible to all participants. Participants can use the public key to encrypt a piece of authenticity information, and only the owner of the information can use the private key to decrypt it. On the other hand, the private key is used to sign the information, and the signature is verified by the corresponding public key to ensure that the information was sent by the real holder. Not rightIt is said that encryption minimizes the friction boundary in value exchange, enables the anonymity of transparent data, and protects personal privacy.

(5) Smart contract: Since the blockchain can realize point-to-point value transfer, corresponding programming scripts can be embedded during transfer. This smart contract method is used to handle some unforeseen transaction patterns and ensure Blockchain can continue to be effective. This kind of programmable script is essentially a list of many instructions to achieve pertinence and conditionality in value exchange and to achieve specific uses of value. Therefore, any value exchange activity based on the blockchain can achieve hard control over its use, direction and various restrictions through intelligent programming, eliminating the cost of soft constraints by law or contract.

(2) Main problems of blockchain

(1) High energy consumption problem. There is an impossible triangle in the traditional currency and banking system, that is, it is impossible to achieve decentralization, low energy consumption and high security at the same time. The impossible triangle also exists in the construction of blockchain. For example, in the actual application of Bitcoin, its development has brought about the rapid expansion of computer hardware, and the main costs in the "mining" process have shifted to hardware costs and electricity costs. Therefore, after applying blockchain technology to achieve equity cost benefits, maximizing its technical efficacy has become an urgent problem to be solved.

(2) Storage space problem. Since the blockchain records every transaction information from the initial information in the system, and each node has to download, store and update data blocks in real time, if the data of each node is completely synchronized, the network pressure will be great, and each node will The storage space capacity requirements of each node may become a key issue restricting its development.

(3) The problem of stress resistance. The system built based on the blockchain follows the barrel theory and must take into account the worst processing speed and network environment among all network nodes. Therefore, if the blockchain technology is promoted to a large-scale transaction environment, its overall stress resistance It remains to be verified. If the transaction volume generated per second exceeds the design capacity of the system (the weakest node), transactions will automatically enter the queue and be queued, resulting in a poor user experience.

2. Application of blockchain in the financial field

(1) Financial infrastructure

Blockchain may serve as the infrastructure of the Internet in many fields. All show broad application prospects. In the financial industry, blockchain technology will first affect financial infrastructure such as payment systems, securities settlement systems, and transaction databases. Later, the technology will also expand to general financial services, such as credit systems, "anti-money laundering," etc. This is because, based on the characteristics of blockchain technology, it will first enter the infrastructure field with high trust requirements and high cost of traditional trust mechanisms. In the past, infrastructure was a public product, but new technologies and new systems of blockchain make it more It is possible for multiple people to participate in the provision of public goods. The future of Internet finance will use Internet technologies such as blockchain to transform the core production systems of traditional financial institutions and build financial enterprises on the Internet.

The current information Internet can be collectively referred to as the TCP/IP model, and HTTP is the most important application protocol in the application layer. In the Internet of Value, blockchain is a point-to-point transmission protocol in the application layer. Its value is the same as that of the HTTP protocol in the information Internet. The huge potential and prospect of blockchain is that it can reconstruct the infrastructure and core production systems of the traditional financial industry, not just at the application level such as APPs. This is because, at the network level, the blockchain is based on the IP communication protocol and the distributed network; at the data level, the blockchain database system is brand new and is significantly better than the existing one. There is a database for the financial system; at the application level, blockchain-based registration, settlement, clearing systems, smart contracts, and the Internet of Things can greatly improve efficiency. Financial activities on the blockchain are programmable finance. .

(2) Digital Currency

From the perspectives of security and cost, it is a general trend that banknotes will be replaced by new technologies and new products. The establishment of digital currency issuance and circulation systems is very necessary for financial infrastructure construction and economic development. Following the idea of ​​integrating traditional currency and digital currency, the issuance, circulation and trading of digital currency should be led by the central bank, reflecting convenience and security, and achieving a balance between protecting privacy, maintaining social order, and combating illegal and criminal activities. It is conducive to the effective operation and transmission of monetary policy. It is necessary to retain the control of monetary sovereignty. Digital currency is freely convertible and controllable.

The success of blockchain technology on Bitcoin proves the feasibility of programmable digital currency. Research from the Bank of England suggests that central banks could consider issuing blockchain-based digital currencies, which could increase financial stability. The technical routes of digital currency can be divided into two types: account-based and non-account-based. They can also be used in layers to try to coexist. The characteristic of blockchain technology is distributed bookkeeping, which is not account-based and cannot be tampered with. If the digital currency focuses on protecting personal privacy, this technology can be used. However, the current blockchain occupies too many computing resources and storage resources and cannot cope with the current scale of transactions. This problem needs to be solved before it can be promoted and applied.

(3) Self-finance

From the perspective of services and non-monetary creation, modern finance is realized through intermediaries. In the Internet era, it is possible to achieve direct finance in the true sense of disintermediation. However, this possibility is not complete. The main reason is that the current Internet finance is based on the original finance and cannot be jumped out. Blockchain technology provides a possibility. Blockchain can be divided into public blockchain and private blockchain. Public blockchains are like Bitcoin. Once the protocol is approved, it becomes an integral part of the blockchain. Private blockchains still need to be permissioned, and blockchain technology in banking systems requires auditing of each participant. Private blockchain is very similar to a form of self-finance, and public blockchain is more similar toSupport and guarantee for the bottom layer of private blockchain. When blockchain technology is widely used and third-party financial management technology is generally available, self-financing based on blockchain technology will become completely possible.

3. Blockchain Application and Financial Supervision

Blockchain technology is currently the only tool that can be used to record and prove transaction consistency and company financial accuracy without the need for a third party. Therefore, it can meet the requirements of potential regulators and the public for audit effectiveness, accuracy and timeliness, and has broad application prospects in the financial field. However, its development is still restricted by the current system. On the one hand, blockchain has had an impact on the current system because its decentralized and autonomous characteristics dilute concepts such as the state and supervision. For example, digital currencies represented by Bitcoin challenge the country's right to issue currency and regulate monetary policy, causing monetary authorities to take a conservative attitude towards the development of digital currencies. On the other hand, regulatory authorities also lack full understanding and expectations of this new technology, and the establishment of laws and systems will be seriously delayed, resulting in the lack of necessary institutional norms and legal protection for blockchain applications, increasing the risks for market entities.

Once blockchain financial technology is widely deployed in the financial industry, the de-financial nature of supervision will occur, and supervisory functions, supervisory methods and supervisory means will be redefined. For example, if securities lending, repurchases, and margin trading can be traded through the blockchain, regulatory authorities can consider using the information from this public ledger to monitor systemic risks in the market, which is not only efficient but also reliable. From a macro-financial perspective, after the emergence of the financial era, the currency creation and transmission mechanism and the credit creation pattern will change. From a micro-finance perspective, with the further development of blockchain technology, finance and business have become difficult to distinguish, and will transcend the meaning of separate and mixed industry supervision. The reform of the financial supervision system needs to be discussed from this perspective.

The "decentralization" brought about by blockchain technology still requires centralized departments to provide regulatory and guarantee support. Regulators can proactively embrace new technologies in Internet finance. U.S. Securities and Exchange Commission member Kara Stein believes that regulators need to be in a leading position, taking advantage of the advantages of blockchain technology and quickly responding to its potential weaknesses. For example, blockchain technology hopes to break privileges and human manipulation and allow computer algorithms to achieve "free credit notarization." But in practice, due to the lack of supervision, digital currency transactions such as Bitcoin face high risks of speculation and money laundering. Therefore, the application of blockchain technology requires regulatory authorities to formulate relevant standards and specifications to ensure that financial innovative products are used appropriately. At the same time, it is necessary to improve the protection of consumer rights and interests, strengthen education on the protection of financial consumer rights and interests, and improve consumers' awareness of risk prevention.

❻ What applications can blockchain technology have in the securities industry

The application of blockchain technology in the securities industry can increase the flexibility of securities issuance, and companies that issue securities can Using smart contracts, by setting the method and time of securities issuance, under the most ideal conditions, evenSecurities can be issued on a 24-hour basis.

Under the operation of smart contracts, automatic matching of buyers and sellers is realized, and settlement and clearing steps are automatically completed through the distributed digital registration system. The transaction records on the blockchain will not be changed arbitrarily, so the entered information actually has a publicity effect, so there will be no dispute in the stock exchange's ownership confirmation.

In addition, blockchain technology makes the securities trading process more open and transparent. Through blockchain technology, the securities industry does not need core institutions to operate and manage, nor does it require investment banks to underwrite, to achieve true point-to-point transactions, reduce illegal activities such as black-box operations and insider trading in securities transactions, and realize the control of securities. Effective supervision of the industry.

❼ From the perspective of securities, why can blockchain become a disruptive technology?

From the perspective of securities, why can blockchain become a disruptive technology? Technology.
Basically, it is the first blockchain solution that can be used by all the financial giants in the world. This is a private equity market. In this system, many start-up companies can sell their stocks. The equity system is placed in the framework and traded. As we all know, many startup companies are increasingly delaying their IPOs, resulting in more and more unicorns around the world. Individuals actually have such demand for equity flows for unicorns, so Nasdaq believes that this is a very large blue ocean. They built a blockchain-based system in which these private equity can be easily registered and traded. Nasdaq has made a lot of efforts in this area, and it completed its first transaction last year and completed a blockchain-based equity voting system last year. So you can see that Nasdaq has done a lot in this area. Much effort. (Central Broadcasting Network)
The only advantage of blockchain is that the information recorded on it cannot be tampered with and can be viewed by anyone. European crowdfunding takes advantage of this feature of the blockchain to make crowdfunding projects more open and transparent, and the flow of funds can be traced.

❽ What are the prospects of blockchain finance?

1. In fact, the combination of blockchain technology and finance is not accidental. Simply put, blockchain is a distributed shared ledger and database, which has the characteristics of decentralization, non-tampering, full traceability, and traceability. Finance is cooperation based on trust, and these characteristics of blockchain lay the foundation for creating trust. Blockchain technology is of great significance in solving problems in the financial field such as high credit risk, low capital utilization efficiency, and high payment processing costs.
2. In reality, Bitcoin is not equal to blockchain. Digital currency is just one of the applications of blockchain technology in the financial field. In the fields of supply chain finance, payment and clearing, trade finance, financial transactions and other fields, "blockchain +" has rich application scenarios and imagination space.
3. Industry insiders pointed out that although the application prospects of blockchain technology are broad, Really implemented nowThere are only a few projects that have produced social benefits. Blockchain technology is in its early stages of development and still needs to be viewed rationally. In the next step, blockchain technology should be used to explore digital economic model innovation, add impetus to the optimization of the business environment, and provide support for promoting high-quality economic development.