区块链技术在支付结算领域的应用与风险
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摘要
近年来区块链技术的使用外延不断拓展,因此厘清区块链的功能与局限性,讨论区块链的应用场景与实施方式,有利于引导理性投资,保护投资者的合法权益,促进金融稳定防范系统性风险。本文将去中心化的节点认证机制引入经典数理模型,研究了区块链技术在商业票据支付结算领域中的应用,发现区块链技术有可能改进传统的支付结算模式的经营效率,降低交易者的成本并提高收益,但是区块链技术存在着很大的风险,应当谨慎使用与推广区块链技术,并对央行使用区块链技术提出了政策建议。
As the underlying technology to support the operation of digital currency,the block-chain has distinct technical features and unique application scenarios,but it has been abused and even reduced to a tool for profiteering by the lawless in recent years.Therefore,we should clarify the functions and limitations of block-chain,as well as discuss the application scenarios and implementation ways of it,which is beneficial to guide the rational investment to protect the legitimate rights and interests of the investors,and to promote the financial stability to prevent the systemic risk.This paper studies the application of block-chain technology in the payment and settlement of commercial bill.It is found that blockchain technology can improve the operating efficiency of traditional payment and settlement model,reduce the cost of traders and increase profits.However,because there are great risks in block-chain technology,we should carefully use and popularize block-chain technology,and then put forward policy recommendations for the central bank to use block-chain technology and digital currency.
As the underlying technology to support the operation of digital currency,the block-chain has distinct technical features and unique application scenarios,but it has been abused and even reduced to a tool for profiteering by the lawless in recent years.Therefore,we should clarify the functions and limitations of block-chain,as well as discuss the application scenarios and implementation ways of it,which is beneficial to guide the rational investment to protect the legitimate rights and interests of the investors,and to promote the financial stability to prevent the systemic risk.This paper studies the application of block-chain technology in the payment and settlement of commercial bill.It is found that blockchain technology can improve the operating efficiency of traditional payment and settlement model,reduce the cost of traders and increase profits.However,because there are great risks in block-chain technology,we should carefully use and popularize block-chain technology,and then put forward policy recommendations for the central bank to use block-chain technology and digital currency.
引文
李伟(2017):《央行科技司解答区块链适用场景等问题》,《中国新闻网》,http://www.chinanews.com/cj/2017/01-27/8136933.shtml。
李文红、蒋则沈(2018):《分布式账户、区块链和数字货币的发展与监管研究》,《金融监管研究》,第6期。
廖理(2016):《数字货币时代渐行渐近》,《清华金融评论》,第5期。
王晟(2016):《区块链式法定货币体系研究》,《经济学家》,第9期。
徐忠、姚前(2016):《数字票据交易平台初步方案》,《中国金融》,第17期。
姚前、汤莹玮(2017):《关于央行法定数字货币的若干思考》,《金融研究》,第7期。
Ammous,S.(2016):“Blockchain Technology:What is it Good for?”,Social Science Electronic Publishing,https://ssrn.com/abstract=2832751.
Barrdear,J.and M.Kumhof(2016):“The Macroeconomics of Central Bank Issued Digital Currencies”,Working Paper,Bank of England,No.605.
Bott,J.and U.Milkau(2017):“Central Bank Money and Blockchain:A Payments Perspective”,Journal of Payments Strategy and Systems,11,145-157.
Brummer,C.(2015):“Disruptive Technology and Securities Regulation”,Fordham Law Review,84,977-1037.
Buitenhek,M.(2016):“Understanding and Applying Blockchain Technology in Banking:Evolution or Revolution?”,Journal of Digital Banking,1,111-119.
Caruthers,R.(2015):“Global Payments Startup Leverages Blockchain Engine to Reduce Cross-border Friction”,Fierce Finance IT,https://www.reddit.com/r/Bitcoin/comments/36sgqa/global_payments_startup_leverages_blockchain/.
Cerme1o,J.(2016):“Blockchain in Financial Services:Regulatory Landscape and Future Challenges for its Commercial Application”,Working Paper,BBVA Research,No.16/20.
De Meijer,C.(2015):“The UK and Blockchain Technology:A Balanced Approach”,Journal of Payments Strategy and Systems,9,220-229.
Di Gregorio,M.(2017):“Blockchain:A New Tool to Cut Costs”,Middle East Insurance Review,2,50-51.
Diamond,D.(1984):“Financial Intermediation and Delegated Monitoring”,Review of Economic Studies,56,393-414.
Fico,P.(2016):“Virtual Currencies and Blockchains Potential Impacts on Financial Market Infrastructures and on Corporate Ownership”,SSRN Electronic Journal,https://ssrn.com/abstract=2736035.
Gerstl,D.(2016):“Leveraging Bitcoin Blockchain Technology to Modernize Security Perfection under the Uniform Commercial Code”,In:Maglyas,A.and A.Lamprecht(eds.),International Conference of Software Business,ICSOB 2016,Switzerland:Springer International Press.
Guo,Y.and C.Liang(2016):“Blockchain Application and Outlook in the Banking Industry”,Financial Innovation,2,24-36.
Hayes,A.(2016):“Decentralized Banking:Monetary Technocracy in the Digital Age”,In:Tasca P.,Aste T.,Pelizzon,L.and N.Perony(eds),Banking Beyond Banks and Money,Switzerland:Springer International Press.
Hemangi.G.(2016):“Blockchain Technology:Opportunities and Challenges for Financial Industry”,Master Dissertation,Graduate School of International Studies,Seoul National University.
Karame,G.(2016):“On the Security and Scalability of Bitcoin's Blockchain”,Proceedings of the 2016 ACM SIGSAC Conference on Computer and Communications Security,New York:ACM.
Kiviat,T.(2015):“Beyond Bitcoin:Issues in Regulating Blockchain Transactions”,Duke Law Journal,65,569-589.
Kshetri,N.(2017):“Will Blockchain Emerge as a Tool to Break the Poverty Chain in the Global South?”,Third World Quarterly,38,1710-1732.
Lamarque,M.(2016):“The Blockchain Revolution:New Opportunities in Equity Markets”,Master Dissertation,Massachusetts Institute of Technology.
Lin,I.and T.Liao(2017):“A Survey of Blockchain Security Issues and Challenges”,Network Security,19,653-659.
Mainelli,M.and M.Smith(2015):“Sharing Ledgers for Sharing Economies:An Exploration of Mutual Distributed Ledgers(Aka Blockchain Technology)”,Journal of Financial Perspectives,3,38-69.
Paech,P.(2016):“Securities,Intermediation and the Blockchain:An Inevitable Choice between Liquidity and Legal Certainty?”,Uniform Law Review,21,612-639.
Pinna,A.and W.Ruttenberg(2016):“Distributed Ledger Technologies in Securities Post-Trading Revolution or Evolution?”,Working Paper,ECB Occasional Paper,No.172.
Price,E.(2016):“Regulatory Divergence Could Hamper Blockchain”,International Financial Law Review,35,37-45.
Ramakrishnan,R.and A.Thakor(1984):“Information Reliability and a Theory of Financial Intermediation”,Review of Economic Studies,51,415-432.
Raskin,M.and D.Yermack(2016):“Digital Currencies,Decentralized Ledgers,and the Future of Central Banking”,NBER Working Paper,No.22238.
Salmony,M.(2016):“Blockchain-Not for Payments?”,BIT-Banking and Information Technology,56,6-8.
Sayer,P.(2016):“Bank of England Wants Next Payment System to Be Blockchain Ready”,CIO Newsletter,https://www.cio.com/article/3121225/bank-of-england-wants-next-payment-system-to-be-blockchain-ready.html.
Walch,A.(2015):“The Bitcoin Blockchain as Financial Market Infrastructure:A Consideration of Operational Risk”,New York University Journal of Legislation and Public Policy,18,837-895.
Walker,M.and J.Luu(2016):“Blockchain and the Nature of Money”,Social Science Electronic Publishing,https://ssrn.com/abstract=2939042.
Zamfir,V.(2015):“Introducing Casper‘the Friendly Ghost’”,Ethereum Blog,https://blog.ethereum.org/2015/08/01/introducingcasper-friendly-ghost.
(1)本文侧重于理论分析,而没有提供实证检验,这主要有两个原因。首先,高频的有效数据不可得。目前研究区块链技术的机构包括各国央行、互联网企业,以及商业化的区块链联盟等,由于涉及到商业秘密,很多关于区块链技术的运行数据并不对外公开。其次,区块链技术是一种新兴技术,相关研究还在不断的发展和探索中。比如目前运用在票据支付结算领域的共识算法、加密机制等,与当年中本聪在比特币交易中采用的区块链技术存在较大差别。由于数据的产生背景发生了变化,因此无法获取连续稳定的高频数据序列来进行统计分析。
(1)本部分从理论上分析了联盟区块链技术对支付结算体系效率的改善。但在实际中,由于受到计算机算力的限制,区块链上的交易记录并不能实时生成。以比特币为代表的公有链,每秒仅能处理约7笔交易,一般交易确认的时间平均为10分钟。联盟链的共识节点小于公有链,其处理效率提高到了每秒1000-10000笔交易,但即便如此,仍然难以应对大量高频交易的需求。只有当计算机算力达到足够的水平后,区块链技术提高交易效率的作用才能真正发挥出来。
李文红、蒋则沈(2018):《分布式账户、区块链和数字货币的发展与监管研究》,《金融监管研究》,第6期。
廖理(2016):《数字货币时代渐行渐近》,《清华金融评论》,第5期。
王晟(2016):《区块链式法定货币体系研究》,《经济学家》,第9期。
徐忠、姚前(2016):《数字票据交易平台初步方案》,《中国金融》,第17期。
姚前、汤莹玮(2017):《关于央行法定数字货币的若干思考》,《金融研究》,第7期。
Ammous,S.(2016):“Blockchain Technology:What is it Good for?”,Social Science Electronic Publishing,https://ssrn.com/abstract=2832751.
Barrdear,J.and M.Kumhof(2016):“The Macroeconomics of Central Bank Issued Digital Currencies”,Working Paper,Bank of England,No.605.
Bott,J.and U.Milkau(2017):“Central Bank Money and Blockchain:A Payments Perspective”,Journal of Payments Strategy and Systems,11,145-157.
Brummer,C.(2015):“Disruptive Technology and Securities Regulation”,Fordham Law Review,84,977-1037.
Buitenhek,M.(2016):“Understanding and Applying Blockchain Technology in Banking:Evolution or Revolution?”,Journal of Digital Banking,1,111-119.
Caruthers,R.(2015):“Global Payments Startup Leverages Blockchain Engine to Reduce Cross-border Friction”,Fierce Finance IT,https://www.reddit.com/r/Bitcoin/comments/36sgqa/global_payments_startup_leverages_blockchain/.
Cerme1o,J.(2016):“Blockchain in Financial Services:Regulatory Landscape and Future Challenges for its Commercial Application”,Working Paper,BBVA Research,No.16/20.
De Meijer,C.(2015):“The UK and Blockchain Technology:A Balanced Approach”,Journal of Payments Strategy and Systems,9,220-229.
Di Gregorio,M.(2017):“Blockchain:A New Tool to Cut Costs”,Middle East Insurance Review,2,50-51.
Diamond,D.(1984):“Financial Intermediation and Delegated Monitoring”,Review of Economic Studies,56,393-414.
Fico,P.(2016):“Virtual Currencies and Blockchains Potential Impacts on Financial Market Infrastructures and on Corporate Ownership”,SSRN Electronic Journal,https://ssrn.com/abstract=2736035.
Gerstl,D.(2016):“Leveraging Bitcoin Blockchain Technology to Modernize Security Perfection under the Uniform Commercial Code”,In:Maglyas,A.and A.Lamprecht(eds.),International Conference of Software Business,ICSOB 2016,Switzerland:Springer International Press.
Guo,Y.and C.Liang(2016):“Blockchain Application and Outlook in the Banking Industry”,Financial Innovation,2,24-36.
Hayes,A.(2016):“Decentralized Banking:Monetary Technocracy in the Digital Age”,In:Tasca P.,Aste T.,Pelizzon,L.and N.Perony(eds),Banking Beyond Banks and Money,Switzerland:Springer International Press.
Hemangi.G.(2016):“Blockchain Technology:Opportunities and Challenges for Financial Industry”,Master Dissertation,Graduate School of International Studies,Seoul National University.
Karame,G.(2016):“On the Security and Scalability of Bitcoin's Blockchain”,Proceedings of the 2016 ACM SIGSAC Conference on Computer and Communications Security,New York:ACM.
Kiviat,T.(2015):“Beyond Bitcoin:Issues in Regulating Blockchain Transactions”,Duke Law Journal,65,569-589.
Kshetri,N.(2017):“Will Blockchain Emerge as a Tool to Break the Poverty Chain in the Global South?”,Third World Quarterly,38,1710-1732.
Lamarque,M.(2016):“The Blockchain Revolution:New Opportunities in Equity Markets”,Master Dissertation,Massachusetts Institute of Technology.
Lin,I.and T.Liao(2017):“A Survey of Blockchain Security Issues and Challenges”,Network Security,19,653-659.
Mainelli,M.and M.Smith(2015):“Sharing Ledgers for Sharing Economies:An Exploration of Mutual Distributed Ledgers(Aka Blockchain Technology)”,Journal of Financial Perspectives,3,38-69.
Paech,P.(2016):“Securities,Intermediation and the Blockchain:An Inevitable Choice between Liquidity and Legal Certainty?”,Uniform Law Review,21,612-639.
Pinna,A.and W.Ruttenberg(2016):“Distributed Ledger Technologies in Securities Post-Trading Revolution or Evolution?”,Working Paper,ECB Occasional Paper,No.172.
Price,E.(2016):“Regulatory Divergence Could Hamper Blockchain”,International Financial Law Review,35,37-45.
Ramakrishnan,R.and A.Thakor(1984):“Information Reliability and a Theory of Financial Intermediation”,Review of Economic Studies,51,415-432.
Raskin,M.and D.Yermack(2016):“Digital Currencies,Decentralized Ledgers,and the Future of Central Banking”,NBER Working Paper,No.22238.
Salmony,M.(2016):“Blockchain-Not for Payments?”,BIT-Banking and Information Technology,56,6-8.
Sayer,P.(2016):“Bank of England Wants Next Payment System to Be Blockchain Ready”,CIO Newsletter,https://www.cio.com/article/3121225/bank-of-england-wants-next-payment-system-to-be-blockchain-ready.html.
Walch,A.(2015):“The Bitcoin Blockchain as Financial Market Infrastructure:A Consideration of Operational Risk”,New York University Journal of Legislation and Public Policy,18,837-895.
Walker,M.and J.Luu(2016):“Blockchain and the Nature of Money”,Social Science Electronic Publishing,https://ssrn.com/abstract=2939042.
Zamfir,V.(2015):“Introducing Casper‘the Friendly Ghost’”,Ethereum Blog,https://blog.ethereum.org/2015/08/01/introducingcasper-friendly-ghost.
(1)本文侧重于理论分析,而没有提供实证检验,这主要有两个原因。首先,高频的有效数据不可得。目前研究区块链技术的机构包括各国央行、互联网企业,以及商业化的区块链联盟等,由于涉及到商业秘密,很多关于区块链技术的运行数据并不对外公开。其次,区块链技术是一种新兴技术,相关研究还在不断的发展和探索中。比如目前运用在票据支付结算领域的共识算法、加密机制等,与当年中本聪在比特币交易中采用的区块链技术存在较大差别。由于数据的产生背景发生了变化,因此无法获取连续稳定的高频数据序列来进行统计分析。
(1)本部分从理论上分析了联盟区块链技术对支付结算体系效率的改善。但在实际中,由于受到计算机算力的限制,区块链上的交易记录并不能实时生成。以比特币为代表的公有链,每秒仅能处理约7笔交易,一般交易确认的时间平均为10分钟。联盟链的共识节点小于公有链,其处理效率提高到了每秒1000-10000笔交易,但即便如此,仍然难以应对大量高频交易的需求。只有当计算机算力达到足够的水平后,区块链技术提高交易效率的作用才能真正发挥出来。