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

• Main Authors: Lin, Ya-Ling, 林雅苓
• Other Authors: 李顯峰
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/02583358452850569372

碩士 === 國立臺灣大學 === 經濟學研究所 === 105 === 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.