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国际证监会组织(IOSCO)对分布式账本技术的政策立场

来源: 南方日报网络版     时间: 2019年08月26日 01:55:44
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(02|区)(块)(链)(技)(术)(是)(分)(布)(式)(账)(本)(技)(术)(的)(一)(种)(类)(型)(
在)(区)(块)(链)(的)(数)(据)(结)(构)(中)(,每)(个)(区)(块)(按)(时)(间)(顺)(序)(,通)(过)(数)(字)(签)(名)(方)(式)(保)(存)(数)(据)(记)(录)(,各)(个)(区)(块)(之)(间)(形)(成)(链)(条)(,同)(样)(通)(过)(数)(字)(签)(名)(确)(保)(其)(不)(可)(篡)(改)(。比)(特)(币)(区)(块)(链)(是)(世)(界)(上)(第)(一)(种)(,也)(是)(目)(前)(最)(大)(的)(、被)(广)(泛)(研)(究)(的)(分)(布)(式)(账)(本)(技)(术)(。比)(特)(币)(区)(块)(链)(采)(用)(复)(杂)(程)(度)(较)(高)(的)(共)(识)(机)(制)((“挖)(矿)(”工)(作)(量)(证)(明)(),对)(添)(加)(到)(账)(本)(中)(的)(新)(信)(息)(进)(行)(验)(证)(和)(授)(权)(。比)(特)(币)(区)(块)(链)(所)(带)(来)(最)(为)(重)(要)(的)(创)(新)(是)(分)(布)(式)(和)(共)(识)(机)(制)(,分)(布)(式)(特)(征)(削)(弱)(了)(对)(中)(央)(对)(手)(方)(或)(集)(中)(式)(数)(据)(库)(的)(需)(求)(,共)(识)(算)(法)(解)(决)(了)(主)(体)(之)(间)(的)(信)(任)(问)(题)(。
03|开)(放)(型)((permissionless)和)(封)(闭)(型)((permissioned)DLT
以)(比)(特)(币)(、以)(太)(坊)(区)(块)(链)(为)(代)(表)(的)(开)(放)(型)((permissionless)DLT,是)(一)(种)(开)(源)(系)(统)(,对)(于)(系)(统)(参)(与)(者)(不)(施)(加)(限)(制)(性)(要)(求)(。参)(与)(者)(作)(为)(网)(络)(节)(点)(,可)(以)(在)(账)(本)(中)(访)(问)(数)(据)(,向)(账)(本)(中)(添)(加)(信)(息)(,参)(与)(验)(证)(过)(程)(。开)(放)(型)(DLT不)(需)(要)(中)(心)(化)(对)(手)(方)(或)(可)(信)(参)(与)(者)(,依)(靠)(共)(识)(算)(法)(建)(立)(信)(任)(。
封)(闭)(型)((permissioned)DLT是)(一)(定)(范)(围)(的)(可)(信)(主)(体)(之)(间)(的)(共)(享)(系)(统)(。封)(闭)(型)(DLT中)(的)(治)(理)(机)(构)(根)(据)(特)(定)(标)(准)(,批)(准)(新)(的)(参)(与)(者)(加)(入)(系)(统)(,并)(规)(定)(节)(点)(在)(验)(证)(过)(程)(中)(的)(责)(任)(。封)(闭)(型)(DLT不)(是)(完)(全)(的)(去)(中)(心)(化)(系)(统)(。目)(前)(,金)(融)(市)(场)(主)(体)(研)(发)(的)(概)(念)(验)(证)(多)(属)(于)(封)(闭)(型)(DLT。
04|共)(识)(算)(法)(
共)(识)(机)(制)(是)(在)(分)(布)(式)(账)(本)(网)(络)(参)(与)(者)(之)(间)(建)(立)(信)(任)(的)(数)(学)(算)(法)(。目)(前)(最)(为)(普)(遍)(的)(两)(种)(共)(识)(算)(法)(是)(工)(作)(量)(证)(明)((PoW)和)(权)(益)(证)(明)((PoS)。PoW是)(算)(力)(密)(集)(型)(算)(法)(,而)(PoS是)(资)(本)(集)(中)(型)(算)(法)(。PoW一)(般)(应)(用)(于)(比)(特)(币)(区)(块)(链)(等)(开)(放)(型)(DLT中)(,网)(络)(中)(的)(节)(点)(自)(愿)(进)(行)(数)(据)(验)(证)(。最)(快)(找)(到)(哈)(希)(值)(,完)(成)(验)(证)(的)(节)(点)(,可)(以)(获)(得)(一)(定)(形)(式)(的)(奖)(励)(,一)(般)(是)(某)(种)(电)(子)(资)(产)((如)(比)(特)(币)()。PoW机)(制)(具)(有)(不)(易)(篡)(改)(的)(优)(势)(,但)(对)(需)(投)(入)(大)(量)(算)(力)(并)(带)(来)(较)(大)(的)(资)(源)(消)(耗)(。开)(放)(型)(区)(块)(链)(的)(规)(模)(越)(大)(,具)(备)(算)(力)(进)(行)(交)(易)(验)(证)(的)(节)(点)(数)(量)(将)(随)(之)(减)(少)(,网)(络)(中)(心)(化)(程)(度)(将)(不)(断)(提)(高)(。此)(外)(,区)(块)(中)(交)(易)(数)(量)(的)(增)(长)(,带)(来)(了)(交)(易)(处)(理)(上)(的)(延)(迟)(。PoS大)(多)(应)(用)(于)(封)(闭)(型)(DLT,要)(求)(节)(点)(捆)(绑)((bonding)一)(定)(量)(的)(数)(字)(资)(产)(,以)(验)(证)(和)(添)(加)(新)(的)(区)(块)(。捆)(绑)(的)(数)(字)(资)(产)(越)(多)(,节)(点)(以)(最)(快)(速)(度)(验)(证)(区)(块)(的)(可)(能)(性)(越)(高)(,进)(而)(获)(得)(奖)(励)(。捆)(绑)(资)(产)(的)(概)(念)(类)(似)(于)(提)(供)(抵)(押)(品)(,会)(产)(生)(一)(定)(金)(融)(资)(源)(的)(占)(用)(。
05|资)(产)(和)(法)(定)(货)(币)(的)(代)(币)(化)((tokenization)
代)(币)(化)(是)(将)(某)(种)(资)(产)((货)(币)(、商)(品)(、证)(券)(等)()或)(资)(产)(的)(所)(有)(权)(,以)(数)(字)(化)(方)(式)(表)(示)(的)(过)(程)(。代)(币)(代)(表)(着)(资)(产)(或)(资)(产)(所)(有)(权)(。推)(动)(DLT在)(证)(券)(交)(易)(和)(结)(算)(领)(域)(的)(应)(用)(,需)(将)(证)(券)(进)(行)(代)(币)(化)(处)(理)(,代)(币)(需)(得)(到)(法)(律)(认)(可)(,以)(构)(成)(证)(券)(所)(有)(权)(的)(有)(效)(证)(明)(。同)(样)(,也)(需)(对)(法)(定)(货)(币)(进)(行)(代)(币)(化)(处)(理)(,使)(其)(可)(作)(为)(DLT上)(实)(现)(交)(易)(结)(算)(的)(工)(具)(。金)(融)(行)(业)(主)(体)(目)(前)(正)(在)(试)(验)(一)(种)(替)(代)(性)(解)(决)(方)(案)(,即)(使)(用)(“结)(算)(币)(”在)(封)(闭)(型)(分)(布)(式)(网)(络)(中)(进)(行)(交)(易)(的)(结)(算)(。
06|智)(能)(合)(约)(
智)(能)(合)(约)(是)(写)(入)(分)(布)(式)(账)(本)(中)(的)(计)(算)(机)(程)(序)(,这)(些)(程)(序)(是)(存)(储)(在)(DLT中)(并)(由)(节)(点)(执)(行)(的)(预)(先)(编)(好)(的)(逻)(辑)(。在)(智)(能)(合)(约)(触)(发)(执)(行)(和)(验)(证)(条)(件)(时)(,与)(业)(务)(活)(动)(相)(关)(的)(最)(新)(状)(态)(和)(结)(果)(将)(记)(录)(并)(存)(储)(在)(区)(块)(中)(。目)(前)(,智)(能)(合)(约)(在)(证)(券)(市)(场)(的)(应)(用)(领)(域)(包)(括)(证)(券)(交)(易)(、结)(算)(与)(清)(算)(,公)(司)(行)(为)((corporateactions),以)(及)(保)(证)(金)(与)(抵)(押)(品)(头)(寸)(的)(管)(理)(。在)(应)(用)(中)(,一)(方)(面)(需)(从)(法)(律)(层)(面)(明)(确)(智)(能)(合)(约)(的)(可)(执)(行)(性)(。另)(一)(方)(面)(,由)(于)(智)(能)(合)(约)(具)(备)(天)(然)(的)(确)(定)(性)(,排)(除)(了)(普)(通)(合)(同)(中)(的)(灵)(活)(性)(和)(可)(选)(择)(性)(,因)(此)(在)(特)(定)(场)(景)(中)(,需)(建)(立)(允)(许)(代)(码)(暂)(停)(或)(终)(止)(执)(行)(的)(必)(要)(机)(制)(。
二)(、市)(场)(发)(展)(情)(况)(及)(潜)(在)(应)(用)(场)(景)(
虽)(然)(在)(金)(融)(行)(业)(中)(已)(经)(出)(现)(大)(量)(概)(念)(验)(证)(项)(目)(,但)(DLT是)(否)(能)(够)(解)(决)(实)(际)(痛)(点)(,或)(者)(何)(种)(类)(型)(的)(DLT才)(是)(更)(为)(恰)(当)(的)(方)(案)(,仍)(有)(待)(市)(场)(检)(验)(。值)(得)(注)(意)(的)(是)(,目)(前)(金)(融)(市)(场)(中)(的)(概)(念)(验)(证)(大)(多)(属)(于)(封)(闭)(型)(DLT,一)(方)(面)(由)(于)(账)(本)(参)(与)(者)(是)(可)(识)(别)(、可)(信)(主)(体)(,封)(闭)(型)(DLT项)(目)(更)(容)(易)(实)(施)(;另)(一)(方)(面)(,部)(分)(金)(融)(机)(构)(认)(为)(,封)(闭)(型)(DLT更)(适)(用)(于)(强)(监)(管)(的)(金)(融)(行)(业)(,虽)(然)(开)(放)(型)(DLT已)(经)(可)(以)(实)(现)(小)(额)(转)(账)(和)(交)(易)(,但)(对)(于)(涉)(及)(资)(金)(量)(较)(大)(的)(银)(行)(间)(市)(场)(和)(全)(球)(证)(券)(市)(场)(,很)(难)(在)(缺)(乏)(信)(任)(机)(制)(的)(环)(境)(中)(正)(常)(运)(转)(。许)(多)(封)(闭)(型)(DLT概)(念)(验)(证)(虽)(使)(用)(区)(块)(链)(的)(概)(念)(,但)(它)(们)(与)(完)(全)(去)(中)(心)(化)(、开)(放)(型)(的)(比)(特)(币)(区)(块)(链)(存)(在)(显)(著)(差)(异)(,封)(闭)(型)(DLT中)(仍)(有)(与)(传)(统)(业)(务)(模)(式)(相)(同)(或)(类)(似)(的)(中)(介)(机)(构)(和)(对)(手)(方)(。
根)(据)(目)(前)(市)(场)(中)(已)(经)(公)(开)(披)(露)(的)(概)(念)(验)(证)(,可)(以)(归)(纳)(出)(DLT在)(证)(券)(行)(业)(的)(几)(个)(潜)(在)(应)(用)(场)(景)(。
01|股)(权)(交)(易)(记)(录)(存)(证)(
2015年)(10月)(,纳)(斯)(达)(克)(推)(出)(区)(块)(链)(技)(术)(解)(决)(方)(案)(LINQ平)(台)(,让)(私)(人)(公)(司)(可)(以)(使)(用)(DLT以)(电)(子)(化)(方)(式)(进)(行)(股)(权)(记)(录)(的)(管)(理)(。LINQ是)(开)(放)(型)(DLT,可)(以)(提)(供)(证)(券)(发)(行)(和)(交)(易)(的)(完)(整)(历)(史)(记)(录)(,提)(高)(可)(审)(计)(性)(。2015年)(12月)(,区)(块)(链)(技)(术)(企)(业)(Chain宣)(布)(,通)(过)(LINQ平)(台)(实)(现)(向)(私)(募)(投)(资)(者)(发)(行)(股)(票)(。另)(一)(个)(典)(型)(案)(例)(是)(在)(线)(零)(售)(商)(Overstock,2015年)(7月)(通)(过)(旗)(下)(的)(T0平)(台)(,发)(行)(了)(500万)(美)(元)(的)(加)(密)(债)(券)(。部)(分)(众)(筹)(平)(台)(也)(在)(尝)(试)(将)(区)(块)(链)(技)(术)(应)(用)(于)(私)(募)(股)(权)(的)(跟)(踪)(,区)(块)(链)(技)(术)(与)(众)(筹)(平)(台)(的)(结)(合)(,有)(望)(降)(低)(证)(券)(承)(销)(、公)(司)(行)(为)(跟)(踪)(等)(方)(面)(的)(成)(本)(。
02|提)(高)(公)(司)(行)(为)(的)(流)(程)(效)(率)(
公)(司)(行)(为)((corporateaction)是)(公)(司)(进)(行)(的)(,可)(能)(对)(证)(券)(投)(资)(者)(产)(生)(影)(响)(的)(行)(为)(,包)(括)(派)(发)(股)(票)(红)(利)(、支)(付)(债)(券)(息)(票)(、提)(前)(赎)(回)(债)(券)(、供)(股)(、拆)(股)(、代)(理)(投)(票)(等)(。公)(司)(行)(为)(的)(过)(程)(涉)(及)(在)(发)(行)(机)(构)(、投)(资)(者)(、中)(介)(机)(构)(、交)(易)(所)(及)(监)(管)(机)(构)(等)(多)(个)(主)(体)(之)(间)(进)(行)(信)(息)(交)(换)(,由)(于)(需)(在)(不)(同)(数)(据)(库)(上)(传)(输)(、验)(证)(和)(更)(新)(相)(同)(数)(据)(,带)(来)(重)(复)(性)(流)(程)(。借)(助)(DLT和)(智)(能)(合)(约)(有)(望)(解)(决)(效)(率)(低)(下)(的)(痛)(点)(。以)(公)(司)(行)(为)(中)(的)(代)(理)(投)(票)(为)(例)(,纳)(斯)(达)(克)(和)(爱)(沙)(尼)(亚)(共)(和)(国)(进)(行)(合)(作)(,在)(爱)(沙)(尼)(亚)(的)(e-Residency平)(台)(上)(,推)(出)(区)(块)(链)(电)(子)(投)(票)(服)(务)(,在)(纳)(斯)(达)(克)(的)(塔)(林)(证)(券)(交)(易)(所)((爱)(沙)(尼)(亚)(唯)(一)(的)(官)(方)(认)(证)(的)(证)(券)(交)(易)(所)()挂)(牌)(上)(市)(的)(公)(司)(股)(东)(,可)(以)(通)(过)(这)(一)(平)(台)(进)(行)(股)(东)(大)(会)(投)(票)(。美)(国)(特)(拉)(华)(州)(也)(在)(尝)(试)(应)(用)(区)(块)(链)(技)(术)(简)(化)(繁)(琐)(的)(书)(面)(操)(作)(流)(程)(,包)(括)(进)(行)(股)(份)(登)(记)(,跟)(踪)(股)(权)(变)(动)(情)(况)(,实)(现)(股)(东)(之)(间)(的)(沟)(通)(交)(流)(等)(。
03|改)(造)(场)(内)(交)(易)(市)(场)(的)(交)(易)(后)(操)(作)(流)(程)(
2016年)(1月)(,澳)(洲)(证)(券)(交)(易)(所)((ASX)和)(DLT初)(创)(企)(业)(数)(字)(资)(产)(控)(股)((DigitalAssetsHoldings)合)(作)(探)(索)(DLT项)(目)(,改)(造)(原)(有)(的)(股)(票)(现)(货)(CHESS系)(统)(的)(清)(结)(算)(流)(程)(,简)(化)(交)(易)(后)(操)(作)(流)(程)(并)(提)(高)(处)(理)(速)(度)(,传)(统)(流)(程)(中)(的)(处)(理)(时)(间)(为)(两)(天)(。同)(时)(,澳)(洲)(证)(交)(所)(也)(与)(SWIFT开)(展)(合)(作)(,在)(项)(目)(需)(求)(定)(义)(阶)(段)(将)(ISO20022报)(文)(标)(准)(纳)(入)(CHESS系)(统)(报)(文)(功)(能)(、技)(术)(要)(求)(和)(业)(务)(流)(程)(中)(。这)(个)(项)(目)(应)(用)(封)(闭)(型)(DLT实)(现)(清)(算)(、结)(算)(和)(资)(产)(服)(务)(流)(程)(,核)(心)(优)(势)(包)(括)(,准)(实)(时)(结)(算)(功)(能)(可)(以)(降)(低)(结)(算)(过)(程)(中)(的)(对)(手)(方)(风)(险)(;数)(据)(的)(标)(准)(化)(和)(自)(动)(化)(有)(望)(进)(一)(步)(降)(低)(操)(作)(性)(风)(险)(;区)(块)(链)(数)(据)(库)(不)(可)(更)(改)(和)(透)(明)(度)(高)(的)(特)(性)(,将)(带)(来)(监)(管)(合)(规)(与)(审)(计)(成)(本)(的)(降)(低)(。
04|场)(外)(衍)(生)(品)(交)(易)(与)(结)(算)(
衍)(生)(品)(合)(约)(是)(一)(种)(从)(基)(础)(资)(产)(之)(上)(派)(生)(出)(的)(金)(融)(工)(具)(,基)(础)(资)(产)(可)(以)(是)(股)(票)(、债)(券)(、商)(品)(或)(利)(率)(。由)(于)(合)(约)(价)(值)(的)(变)(化)(以)(及)(相)(应)(保)(证)(金)(或)(抵)(押)(品)(头)(寸)(的)(调)(整)(,衍)(生)(品)(合)(约)(中)(的)(对)(手)(方)(需)(对)(现)(金)(流)(量)(进)(行)(管)(理)(。此)(外)(,在)(衍)(生)(品)(合)(约)(期)(限)(内)(,对)(手)(方)(之)(间)(每)(天)(需)(进)(行)(多)(次)(信)(息)(传)(输)(,进)(行)(合)(约)(估)(值)(和)(相)(应)(现)(金)(流)(量)(数)(据)(更)(新)(。将)(场)(外)(衍)(生)(品)(合)(约)(编)(程)(到)(智)(能)(合)(约)(上)(,在)(DLT系)(统)(中)(进)(行)(现)(金)(流)(量)(的)(结)(算)(,可)(有)(效)(简)(化)(信)(息)(传)(输)(和)(现)(金)(流)(量)(管)(理)(,进)(而)(降)(低)(结)(算)(风)(险)(和)(操)(作)(性)(风)(险)(。2016年)(4月)(,巴)(克)(莱)(银)(行)(测)(试)(通)(过)(区)(块)(链)(和)(智)(能)(合)(约)(平)(台)(Corda进)(行)(衍)(生)(品)(交)(易)(。美)(国)(证)(券)(托)(管)(结)(算)(公)(司)((DTCC)等)(清)(算)(所)(也)(开)(始)(推)(进)(这)(一)(领)(域)(的)(研)(究)(。
05|改)(进)(银)(团)(贷)(款)((loansyndication)流)(程)(
在)(银)(团)(贷)(款)(标)(准)(流)(程)(中)(,从)(贷)(款)(发)(起)(到)(结)(束)(,需)(经)(过)(尽)(职)(调)(查)(、承)(销)(、售)(后)(管)(理)(等)(多)(个)(步)(骤)(,涉)(及)(借)(款)(人)(、牵)(头)(行)(、代)(理)(行)(、参)(加)(行)(等)(多)(个)(主)(体)(,一)(般)(需)(花)(费)(数)(周)(时)(间)(,且)(流)(程)(中)(涉)(及)(大)(量)(手)(工)(操)(作)(。由)(于)(缺)(乏)(统)(一)(的)(技)(术)(平)(台)(进)(行)(信)(息)(记)(录)(与)(通)(信)(,因)(此)(带)(来)(了)(流)(程)(和)(操)(作)(上)(的)(重)(复)(劳)(动)(。证)(券)(行)(业)(目)(前)(已)(开)(始)(测)(试)(在)(封)(闭)(型)(DLT中)(嵌)(入)(智)(能)(合)(约)(,以)(降)(低)(不)(同)(流)(程)(中)(所)(产)(生)(的)(操)(作)(风)(险)(、业)(务)(成)(本)(和)(处)(理)(时)(间)(。2016年)(1月)(,摩)(根)(大)(通)(与)(数)(字)(资)(产)(控)(股)(公)(司)((DAH)合)(作)(进)(行)(区)(块)(链)(试)(验)(项)(目)(,改)(进)(银)(团)(贷)(款)(交)(易)(流)(程)(。
06|跟)(踪)(证)(券)(回)(购)(和)(再)(抵)(押)(交)(易)(
证)(券)(回)(购)(是)(金)(融)(机)(构)(融)(资)(融)(券)(的)(重)(要)(渠)(道)(,是)(通)(过)(证)(券)(质)(押)(获)(得)(短)(期)(融)(资)(的)(一)(种)(方)(式)(。回)(购)(交)(易)(流)(程)(涉)(及)(资)(金)(融)(入)(方)((正)(回)(购)(方)()资)(金)(流)(记)(录)(的)(保)(存)(,以)(及)(资)(金)(融)(出)(方)((逆)(回)(购)(人)()抵)(押)(品)(头)(寸)(记)(录)(的)(保)(存)(。在)(再)(抵)(押)(市)(场)(中)(,抵)(押)(权)(人)(可)(将)(同)(一)(个)(抵)(押)(物)(出)(质)(给)(另)(一)(个)(金)(融)(机)(构)(,直)(到)(达)(到)(监)(管)(上)(限)(规)(定)(。通)(过)(将)(抵)(押)(品)(代)(币)(化)(,将)(回)(购)(、再)(抵)(押)(记)(录)(保)(存)(在)(DLT上)(,可)(以)(提)(高)(抵)(押)(品)(头)(寸)(的)(透)(明)(度)(,自)(动)(履)(行)(监)(管)(的)(限)(制)(性)(要)(求)(。美)(国)(证)(券)(托)(管)(结)(算)(公)(司)((DTCC)和)(数)(字)(资)(产)(控)(股)(公)(司)((DAH)开)(展)(合)(作)(,探)(索)(将)(DLT应)(用)(于)(回)(购)(交)(易)(的)(管)(理)(。包)(括)(美)(联)(储)(在)(内)(的)(部)(分)(金)(融)(监)(管)(机)(构)(认)(为)(,DLT应)(用)(于)(回)(购)(和)(再)(抵)(押)(交)(易)(有)(助)(于)(监)(管)(机)(构)(深)(入)(了)(解)(业)(务)(情)(况)(,这)(类)(业)(务)(被)(部)(分)(监)(管)(机)(构)(视)(为)(影)(子)(银)(行)(的)(一)(种)(形)(式)(。
07|短)(期)(债)(交)(易)(
商)(业)(票)(据)(是)(一)(种)(短)(期)(债)(务)(工)(具)(,一)(般)(于)(当)(日)(结)(算)(,期)(限)(在)(270天)(之)(内)(。2016年)(初)(,R3联)(盟)(成)(员)(中)(的)(40家)(金)(融)(机)(构)(,开)(始)(测)(试)(将)(不)(同)(区)(块)(链)(解)(决)(方)(案)(应)(用)(于)(商)(业)(票)(据)(交)(易)(场)(景)(。R3区)(块)(链)(项)(目)(的)(目)(标)(是)(建)(立)(标)(准)(化)(的)(商)(业)(票)(据)(交)(易)(流)(程)(,实)(现)(交)(易)(记)(录)(可)(追)(踪)(,并)(将)(结)(算)(时)(间)(缩)(短)(至)(数)(小)(时)(。参)(与)(项)(目)(的)(金)(融)(机)(构)(的)(任)(务)(是)(使)(用)(不)(同)(方)(法)(对)(智)(能)(合)(约)(进)(行)(编)(码)(,为)(交)(易)(创)(建)(模)(型)(,确)(定)(哪)(种)(方)(法)(可)(以)(最)(有)(效)(提)(高)(商)(业)(票)(据)(发)(行)(、交)(易)(、转)(让)(和)(赎)(回)(等)(环)(节)(的)(效)(率)(。
08|了)(解)(你)(的)(客)(户)((KYC)和)(反)(洗)(钱)((AML)合)(规)(流)(程)(自)(动)(化)(
客)(户)(信)(息)(和)(历)(史)(交)(易)(记)(录)(一)(般)(存)(储)(在)(各)(金)(融)(机)(构)(分)(散)(的)(系)(统)(中)(。为)(满)(足)(KYC和)(AML合)(规)(要)(求)(,金)(融)(机)(构)(需)(从)(不)(同)(源)(头)(获)(取)(并)(整)(合)(信)(息)(,对)(信)(息)(加)(以)(验)(证)(,过)(程)(中)(涉)(及)(大)(量)(手)(工)(操)(作)(。封)(闭)(型)(DLT的)(应)(用)(可)(简)(化)(KYC/AML合)(规)(流)(程)(,比)(如)(通)(过)(在)(金)(融)(机)(构)(之)(间)(共)(享)(客)(户)(信)(息)(,减)(少)(客)(户)(身)(份)(识)(别)(中)(的)(重)(复)(劳)(动)(;将)(全)(部)(交)(易)(记)(录)(保)(存)(在)(一)(个)(账)(本)(中)(,简)(化)(交)(易)(监)(控)(和)(审)(计)(流)(程)(等)(。DLT在)(KYC/AML领)(域)(的)(应)(用)(过)(程)(中)(,需)(解)(决)(个)(人)(数)(据)(隐)(私)(保)(护)(问)(题)(。
09|个)(人)(电)(子)(身)(份)(
许)(多)(初)(创)(企)(业)(将)(区)(块)(链)(电)(子)(身)(份)(项)(目)(作)(为)(重)(点)(。电)(子)(身)(份)(是)(在)(区)(块)(链)(上)(创)(建)(的)(个)(人)(身)(份)(记)(录)(,不)(仅)(可)(以)(包)(括)(传)(统)(身)(份)(信)(息)(,如)(地)(址)(、身)(份)(证)(件)(、电)(话)(号)(码)(,还)(可)(以)(包)(括)(自)(然)(人)(的)(生)(物)(特)(征)(信)(息)(,以)(及)(学)(历)(、工)(作)(经)(历)(、信)(用)(等)(第)(三)(方)(机)(构)(承)(认)(或)(验)(证)(的)(信)(息)(。DLT在)(电)(子)(身)(份)(领)(域)(的)(应)(用)(可)(以)(进)(一)(步)(推)(动)(金)(融)(普)(惠)(,提)(高)(金)(融)(机)(构)(的)(KYC效)(率)(,但)(仍)(需)(借)(助)(公)(权)(力)(机)(构)(、可)(信)(第)(三)(方)(数)(据)(库)(的)(支)(撑)(。
10|替)(代)(性)(融)(资)(
TheDAO是)(世)(界)(上)(第)(一)(个)(去)(中)(心)(化)(的)(虚)(拟)(风)(险)(投)(资)(基)(金)(,2016年)(5月)(在)(以)(太)(坊)(区)(块)(链)(平)(台)(上)(线)(,获)(得)(了)(超)(过)(1.5亿)(美)(元)(融)(资)(,投)(资)(者)(使)(用)(以)(太)(币)((以)(太)(坊)(虚)(拟)(货)(币)(ETH)购)(买)(DAO代)(币)(,DAO代)(币)(类)(似)(于)(股)(票)(,代)(表)(着)(投)(资)(者)((股)(东)()在)(虚)(拟)(风)(投)(基)(金)(中)(的)(投)(票)(权)(和)(代)(币)((股)(票)()所)(有)(权)(。TheDAO筹)(集)(的)(资)(本)(用)(于)(向)(以)(太)(坊)(初)(创)(项)(目)(提)(供)(资)(金)(支)(持)(。与)(其)(他)(私)(募)(基)(金)(或)(投)(资)(基)(金)(不)(同)(,TheDAO没)(有)(专)(业)(的)(基)(金)(经)(理)(或)(管)(理)(人)(,由)(匿)(名)(DAO代)(币)(持)(有)(人)(以)(电)(子)(方)(式)(投)(票)(,通)(过)(完)(全)(去)(中)(心)(化)(方)(式)(作)(出)(投)(资)(决)(策)(。投)(票)(权)(重)(与)(投)(资)(人)(出)(资)(额)(相)(关)(,投)(票)(规)(则)(以)(代)(码)(形)(式)(写)(入)(治)(理)(TheDAO的)(智)(能)(合)(约)(中)(,通)(过)(代)(码)(实)(现)(资)(产)(的)(管)(理)(,在)(投)(资)(者)(之)(间)(建)(立)(直)(接)(联)(系)(,执)(行)(投)(资)(决)(定)(。2016年)(6月)(,TheDAO受)(到)(攻)(击)(,黑)(客)(利)(用)(DAO智)(能)(合)(约)(漏)(洞)(,向)(一)(个)(childDAO转)(移)(了)(360万)(以)(太)(币)((约)(合)(4100万)(欧)(元)()。事)(后)(,宣)(称)(为)(黑)(客)(的)(组)(织)(声)(称)(,利)(用)(代)(码)(漏)(洞)(获)(得)(以)(太)(币)(的)(行)(为)(是)(合)(法)(的)(。DAO攻)(击)(事)(件)(暴)(露)(出)(DLT应)(用)(中)(的)(金)(融)(去)(中)(介)(化)(、智)(能)(合)(约)(代)(码)(错)(误)(或)(漏)(洞)(可)(能)(导)(致)(的)(风)(险)(,并)(引)(发)(了)(对)(智)(能)(合)(约)(在)(法)(律)(适)(用)(方)(面)(的)(质)(疑)(。
三)(、应)(用)(优)(势)(
DLT应)(用)(于)(金)(融)(行)(业)(的)(潜)(在)(优)(势)(取)(决)(于)(具)(体)(概)(念)(验)(证)(的)(落)(地)(场)(景)(,总)(体)(来)(说)(包)(括)(以)(下)(几)(个)(主)(要)(方)(面)(。
01|降)(低)(结)(算)(成)(本)(
通)(过)(DLT的)(应)(用)(,提)(高)(结)(算)(效)(率)(,可)(节)(省)(规)(模)(可)(观)(的)(业)(务)(成)(本)(,这)(些)(成)(本)(包)(括)(由)(减)(少)(人)(为)(干)(预)(带)(来)(的)(操)(作)(成)(本)(,以)(及)(由)(操)(作)(性)(风)(险)(和)(结)(算)(风)(险)(而)(带)(来)(的)(监)(管)(合)(规)(成)(本)(。SantanderInnoventures在)(《金)(融)(科)(技)(2.0报)(告)(》中)(估)(算)(,到)(2022年)(,DLT技)(术)(每)(年)(可)(为)(全)(球)(基)(础)(设)(施)(减)(少)(150-200亿)(美)(元)(的)(成)(本)([1]。
02|提)(高)(结)(算)(速)(度)(
在)(证)(券)(市)(场)(中)(,对)(结)(算)(时)(间)(的)(要)(求)(根)(据)(资)(产)(类)(型)(、交)(易)(规)(模)(、流)(动)(性)(要)(求)(、对)(做)(市)(商)(的)(影)(响)(以)(及)(目)(前)(细)(分)(市)(场)(的)(效)(率)(而)(有)(所)(不)(同)(。DLT的)(应)(用)(可)(实)(现)(实)(时)(结)(算)(,但)(并)(非)(在)(每)(种)(场)(景)(中)(都)(需)(要)(实)(时)(结)(算)(,DLT改)(变)(了)(传)(统)(结)(算)(时)(间)(受)(操)(作)(流)(程)(的)(制)(约)(,提)(供)(了)(一)(种)(根)(据)(实)(际)(的)(市)(场)(需)(求)(缩)(短)(结)(算)(时)(间)(的)(可)(能)(性)(。
03|交)(易)(记)(录)(可)(靠)(性)(与)(可)(追)(踪)(性)(
在)(开)(放)(型)(DLT的)(应)(用)(场)(景)(中)(,交)(易)(记)(录)(是)(不)(可)(更)(改)(的)(。如)(需)(对)(历)(史)(记)(录)(进)(行)(修)(改)(或)(撤)(销)(,则)(需)(进)(行)(一)(笔)(对)(冲)(交)(易)(,而)(对)(冲)(交)(易)(本)(身)(就)(是)(另)(一)(个)(可)(追)(溯)(的)(数)(据)(记)(录)(。在)(封)(闭)(型)(DLT的)(应)(用)(场)(景)(中)(,每)(个)(数)(据)(区)(块)(由)(区)(块)(添)(加)(者)(签)(名)(,如)(需)(修)(改)(历)(史)(记)(录)(,只)(有)(特)(定)(的)(参)(与)(者)(有)(权)(验)(证)(并)(通)(过)(这)(些)(改)(动)(,对)(记)(录)(的)(更)(改)(同)(样)(是)(可)(追)(溯)(的)(。
04|自)(动)(化)(、实)(时)(报)(送)(监)(管)(材)(料)(
监)(管)(机)(构)(可)(作)(为)(DLT上)(的)(节)(点)(之)(一)(,自)(动)(获)(取)(账)(本)(中)(的)(全)(部)(数)(据)(,进)(而)(使)(监)(管)(机)(构)(获)(得)(更)(加)(完)(整)(、可)(追)(溯)(的)(实)(时)(数)(据)(记)(录)(。
05|拓)(宽)(可)(交)(易)(的)(资)(产)(类)(型)(
DLT的)(另)(一)(个)(应)(用)(优)(势)(是)(可)(将)(在)(传)(统)(模)(式)(下)(难)(以)(溯)(源)(、交)(易)(和)(交)(付)(的)(资)(产)(,如)(大)(宗)(商)(品)(、能)(源)(产)(品)(、艺)(术)(品)(、房)(地)(产)(和)(私)(募)(股)(权)(,通)(过)(代)(币)(化)(方)(式)(实)(现)(资)(产)(证)(券)(化)(,进)(而)(使)(这)(类)(资)(产)(可)(以)(作)(为)(抵)(押)(品)(并)(实)(现)(对)(这)(类)(资)(产)(的)(交)(易)(。
06|提)(高)(效)(率)(
DLT可)(以)(取)(代)(传)(统)(的)(集)(中)(式)(账)(本)(,促)(进)(信)(息)(和)(数)(据)(流)(动)(。在)(分)(布)(式)(账)(本)(中)(数)(据)(的)(验)(证)(时)(间)(根)(据)(网)(络)(结)(构)(和)(验)(证)(机)(制)(有)(所)(不)(同)(。在)(证)(券)(结)(算)(方)(面)(,使)(用)(DLT系)(统)(可)(将)(结)(算)(时)(间)(由)(数)(日)(缩)(短)(至)(几)(分)(钟)(,而)(在)(传)(统)(代)(理)(行)(模)(式)(下)(需)(花)(费)(2-3天)(完)(成)(的)(支)(付)(转)(账)(,在)(比)(特)(币)(区)(块)(链)(中)(仅)(需)(几)(秒)(或)(几)(分)(钟)(。
07|提)(升)(安)(全)(性)(
通)(过)(对)(区)(块)(进)(行)(加)(密)(,区)(块)(之)(间)(连)(接)(实)(现)(区)(块)(链)(的)(安)(全)(性)(。此)(外)(,在)(现)(有)(技)(术)(水)(平)(下)(,与)(攻)(击)(集)(中)(式)(数)(据)(库)(相)(比)(,对)(区)(块)(链)(中)(的)(每)(个)(节)(点)(进)(行)(攻)(击)(的)(难)(度)(较)(高)(。
四)(、风)(险)(及)(挑)(战)(
根)(据)(现)(阶)(段)(观)(察)(,DLT技)(术)(的)(发)(展)(尚)(未)(成)(熟)(,距)(离)(广)(泛)(的)(应)(用)(和)(普)(及)(仍)(有)(很)(长)(的)(路)(要)(走)(。目)(前)(,市)(场)(主)(体)(已)(在)(多)(个)(细)(分)(领)(域)(开)(展)(DLT概)(念)(验)(证)(。作)(为)(新)(生)(事)(物)(,DLT在)(证)(券)(市)(场)(的)(应)(用)(仍)(有)(可)(能)(带)(来)(包)(括)(技)(术)(、运)(营)(、商)(业)(模)(式)(和)(监)(管)(等)(不)(同)(层)(面)(的)(风)(险)(和)(挑)(战)(。
01|技)(术)(层)(面)(
可)(扩)(展)(性)(。根)(据)(DLT类)(型)(和)(共)(识)(机)(制)(的)(不)(同)(,DLT在)(可)(扩)(展)(性)(方)(面)(的)(挑)(战)(程)(度)(不)(同)(。在)(比)(特)(币)(区)(块)(链)(等)(开)(放)(型)(DLT中)(,每)(秒)(可)(处)(理)(的)(交)(易)(笔)(数)(不)(足)(以)(支)(撑)(证)(券)(领)(域)(的)(实)(时)(结)(算)(需)(求)(,而)(在)(封)(闭)(型)(DLT中)(,可)(扩)(展)(性)(带)(来)(的)(挑)(战)(相)(对)(较)(小)(。
互)(联)(互)(通)(性)(。在)(目)(前)(的)(金)(融)(市)(场)(结)(构)(中)(,完)(全)(推)(翻)(现)(有)(金)(融)(基)(础)(设)(施)(的)(可)(能)(性)(不)(大)(,比)(较)(审)(慎)(可)(行)(的)(思)(路)(是)(DLT系)(统)(与)(原)(有)(系)(统)(并)(行)(。如)(果)(新)(旧)(系)(统)(之)(间)(不)(具)(备)(互)(联)(互)(通)(性)(,系)(统)(并)(行)(将)(产)(生)(额)(外)(成)(本)(,降)(低)(金)(融)(机)(构)(部)(署)(DLT系)(统)(的)(动)(力)(。因)(此)(,在)(DLT网)(络)(与)(现)(有)(系)(统)(之)(间)(建)(立)(通)(信)(协)(议)(是)(一)(个)(重)(要)(问)(题)(。此)(外)(,在)(标)(准)(建)(立)(之)(前)(,可)(能)(出)(现)(多)(个)(DLT系)(统)(和)(方)(案)(并)(存)(的)(局)(面)(,在)(不)(同)(DLT网)(络)(之)(间)(实)(现)(相)(互)(通)(信)(和)(可)(互)(操)(作)(也)(是)(重)(要)(问)(题)(。目)(前)(,仍)(为)(出)(现)(成)(功)(的)(互)(联)(互)(通)(协)(议)(,市)(场)(机)(构)(正)(在)(探)(索)(通)(过)(托)(管)(方)(式)(或)(智)(能)(合)(约)(作)(为)(中)(介)(,实)(现)(跨)(不)(同)(DLT网)(络)(之)(间)(的)(数)(据)(传)(输)(和)(数)(字)(资)(产)(转)(移)(。
网)(络)(弹)(性)(。加)(密)(技)(术)(可)(以)(在)(一)(定)(程)(度)(上)(防)(范)(DLT网)(络)(攻)(击)(风)(险)(。比)(如)(比)(特)(币)(区)(块)(链)(使)(用)(的)(PoW模)(式)(,理)(论)(上)(一)(个)(恶)(意)(节)(点)(需)(拥)(有)(50%以)(上)(的)(算)(力)(,才)(能)(控)(制)(区)(块)(链)(和)(验)(证)(流)(程)(,从)(比)(特)(币)(网)(络)(运)(行)(经)(验)(来)(看)(,获)(得)(这)(种)(控)(制)(权)(需)(投)(入)(较)(高)(的)(算)(力)(成)(本)(。而)(在)(PoS模)(式)(中)(,根)(据)(参)(与)(者)(在)(网)(络)(中)(所)(有)(持)(的)(代)(币)(来)(分)(配)(验)(证)(权)(利)(,验)(证)(成)(本)(远)(低)(于)(PoW算)(法)(。在)(节)(点)(试)(图)(篡)(改)(账)(本)(时)(,采)(用)(PoS算)(法)(带)(来)(的)(是)(相)(应)(的)(代)(币)(损)(失)(成)(本)(。除)(了)(网)(络)(攻)(击)(之)(外)(,更)(常)(见)(的)(问)(题)(是)(私)(钥)(被)(盗)(或)(遗)(失)(。私)(钥)(代)(表)(着)(数)(字)(资)(产)(所)(有)(者)(对)(资)(产)(的)(控)(制)(权)(,所)(有)(权)(人)(遗)(失)(私)(钥)(即)(失)(去)(这)(种)(控)(制)(权)(。私)(钥)(被)(盗)(导)(致)(的)(风)(险)(事)(件)(并)(不)(罕)(见)(,如)(2014年)(时)(,黑)(客)(在)(没)(有)(违)(反)(比)(特)(币)(区)(块)(链)(协)(议)(的)(前)(提)(下)(,成)(功)(从)(比)(特)(币)(交)(易)(所)(Mt.Gox窃)(取)(了)(价)(值)(近)(5亿)(美)(元)(的)(比)(特)(币)(,最)(终)(导)(致)(交)(易)(所)(破)(产)(。值)(得)(注)(意)(的)(是)(,量)(子)(计)(算)(机)(虽)(然)(目)(前)(仍)(处)(在)(试)(验)(阶)(段)(的)(,但)(从)(理)(论)(上)(可)(以)(攻)(破)(RSA、DSA及)(ECC等)(加)(密)(算)(法)(。从)(理)(论)(上)(说)(,拥)(有)(量)(子)(计)(算)(机)(设)(备)(的)(组)(织)(将)(对)(依)(赖)(于)(加)(密)(技)(术)(的)(系)(统)(构)(成)(威)(胁)(,进)(而)(对)(全)(球)(经)(济)(体)(系)(造)(成)(系)(统)(性)(风)(险)(。但)(就)(量)(子)(计)(算)(的)(发)(展)(而)(言)(,在)(网)(络)(安)(全)(性)(方)(面)(,DLT系)(统)(不)(会)(比)(集)(中)(式)(数)(据)(库)(更)(易)(受)(到)(攻)(击)(。
02|运)(营)(层)(面)(
治)(理)(。通)(过)(减)(少)(重)(复)(信)(息)(流)(,维)(护)(单)(一)(且)(不)(可)(更)(改)(的)(历)(史)(记)(录)(数)(据)(源)(,DLT可)(有)(效)(降)(低)(运)(营)(风)(险)(,但)(一)(旦)(发)(生)(错)(误)(,对)(数)(据)(的)(撤)(销)(或)(修)(改)(具)(有)(一)(定)(难)(度)(。此)(外)(,开)(放)(型)(DLT中)(存)(在)(特)(有)(的)(运)(营)(风)(险)(,包)(括)(网)(络)(维)(护)(和)(可)(持)(续)(性)(风)(险)(,如)(果)(交)(易)(验)(证)(的)(动)(力)(不)(足)(,或)(验)(证)(所)(需)(的)(算)(力)(成)(本)(过)(高)(,参)(与)(验)(证)(的)(节)(点)(可)(能)(推)(出)(网)(络)(。在)(封)(闭)(型)(DLT中)(,由)(于)(存)(在)(控)(制)(和)(管)(理)(网)(络)(运)(行)(的)(治)(理)(主)(体)(,通)(过)(确)(定)(合)(理)(的)(通)(用)(规)(则)(和)(治)(理)(方)(案)(,包)(括)(管)(理)(规)(则)(、参)(与)(标)(准)(以)(及)(控)(制)(规)(则)(等)(,可)(有)(效)(降)(低)(由)(节)(点)(带)(来)(的)(运)(营)(风)(险)(。
智)(能)(合)(约)(。理)(论)(上)(,智)(能)(合)(约)(通)(过)(流)(程)(自)(动)(化)(,降)(低)(了)(产)(生)(人)(为)(在)(错)(误)(的)(可)(能)(性)(。但)(由)(于)(操)(作)(流)(程)(嵌)(入)(区)(块)(链)(中)(,并)(根)(据)(智)(能)(合)(约)(代)(码)(自)(动)(执)(行)(,一)(旦)(发)(生)(错)(误)(,则)(更)(难)(以)(解)(决)(。此)(外)(,智)(能)(合)(约)(带)(来)(了)(另)(一)(种)(类)(型)(的)(人)(为)(错)(误)(,即)(代)(码)(错)(误)(。如)(果)(智)(能)(合)(约)(的)(代)(码)(没)(有)(反)(映)(出)(合)(同)(主)(体)(的)(真)(实)(意)(图)(,反)(而)(成)(为)(新)(的)(操)(作)(性)(风)(险)(来)(源)(。
03|证)(券)(交)(易)(和)(结)(算)(层)(面)(
资)(金)(结)(算)(管)(理)(。证)(券)(交)(易)(包)(含)(资)(产)(交)(割)(和)(资)(金)(交)(付)(两)(方)(面)(。在)(券)(款)(对)(付)((DvP)结)(算)(方)(式)(中)(,在)(交)(割)(日)(证)(券)(与)(资)(金)(需)(同)(步)(进)(行)(交)(收)(,并)(互)(为)(结)(算)(条)(件)(。如)(果)(在)(DLT系)(统)(中)(实)(现)(DvP结)(算)(,需)(对)(法)(定)(货)(币)(进)(行)(代)(币)(化)(处)(理)(,否)(则)(需)(运)(行)(另)(一)(个)(账)(本)(进)(行)(资)(金)(结)(算)(,相)(应)(降)(低)(了)(DLT的)(应)(用)(效)(率)(。目)(前)(,行)(业)(主)(体)(正)(在)(开)(发)(测)(试)(替)(代)(性)(解)(决)(方)(案)(,即)(在)(封)(闭)(式)(DLT系)(统)(中)(使)(用)(“结)(算)(币)(”进)(行)(交)(易)(结)(算)(。结)(算)(币)(是)(由)(控)(制)(节)(点)(或)(指)(定)(节)(点)(发)(行)(的)(代)(币)(,用)(于)(在)(法)(定)(货)(币)(代)(币)(机)(制)(缺)(失)(的)(条)(件)(下)(实)(现)(资)(金)(结)(算)(。结)(算)(币)(的)(发)(行)(以)(发)(行)(节)(点)(在)(可)(信)(第)(三)(方)(机)(构)((如)(托)(管)(银)(行)()中)(的)(存)(款)(为)(支)(撑)(,当)(封)(闭)(型)(DLT中)(的)(参)(与)(者)(需)(要)(资)(金)(时)(,可)(在)(可)(信)(第)(三)(方)(处)(赎)(回)(结)(算)(币)(兑)(换)(资)(金)(。市)(场)(已)(经)(出)(现)(的)(结)(算)(币)(概)(念)(验)(证)(包)(括)(花)(旗)(银)(行)(的)(Citicoin、高)(盛)(的)(SETLcoin,以)(及)(瑞)(银)((UBS)与)(德)(意)(志)(银)(行)(、桑)(坦)(德)(银)(行)(、纽)(约)(梅)(隆)(银)(行)(、货)(币)(经)(纪)(商)(毅)(联)(汇)(业)(集)(团)((ICAP)联)(合)(开)(发)(的)(多)(功)(能)(结)(算)(币)((UtilitySettlementCoin)。
追)(索)(机)(制)(。DLT应)(用)(的)(重)(要)(特)(征)(之)(一)(是)(交)(易)(记)(录)(的)(不)(可)(撤)(销)(性)(,一)(旦)(交)(易)(信)(息)(经)(验)(证)(并)(记)(录)(在)(区)(块)(链)(中)(,即)(不)(能)(修)(改)(、取)(消)(或)(撤)(回)(。由)(于)(没)(有)(相)(应)(追)(索)(机)(制)(,交)(易)(主)(体)(之)(间)(的)(交)(易)(如)(果)(发)(生)(错)(误)(,只)(能)(通)(过)(记)(录)(一)(笔)(反)(向)(交)(易)(进)(行)(修)(改)(。未)(来)(,仍)(需)(考)(虑)(在)(DLT中)(建)(立)(某)(种)(形)(式)(的)(交)(易)(追)(索)(机)(制)(。
净)(额)(结)(算)(。目)(前)(在)(DLT系)(统)(的)(设)(计)(中)(,以)(全)(额)(方)(式)(逐)(笔)(记)(录)(和)(发)(送)(交)(易)(,没)(有)(可)(互)(换)(或)(净)(额)(结)(算)(安)(排)(,与)(证)(券)(市)(场)(部)(分)(产)(品)(交)(易)(的)(标)(准)(做)(法)(不)(一)(致)(,比)(如)(在)(衍)(生)(品)(交)(易)(中)(,要)(求)(保)(证)(金)(和)(抵)(押)(品)(净)(额)(结)(算)(。在)(未)(建)(立)(净)(额)(结)(算)(机)(制)(的)(条)(件)(下)(,对)(交)(易)(双)(方)(抵)(押)(品)(和)(资)(金)(量)(的)(要)(求)(会)(相)(应)(提)(高)(。目)(前)(,金)(融)(机)(构)(正)(在)(积)(极)(探)(索)(在)(DLT网)(络)(中)(引)(入)(净)(额)(结)(算)(机)(制)(。
透)(明)(度)(。出)(于)(交)(易)(验)(证)(目)(的)(,DLT允)(许)(在)(网)(络)(中)(对)(交)(易)(的)(部)(分)(具)(体)(信)(息)((比)(如)(对)(手)(方)(身)(份)(、资)(金)(和)(资)(产)(余)(额)(、资)(产)(类)(型)()进)(行)(披)(露)(,这)(也)(与)(传)(统)(证)(券)(市)(场)(的)(标)(准)(做)(法)(不)(尽)(一)(致)(。虽)(然)(目)(前)(市)(场)(主)(体)(正)(在)(积)(极)(尝)(试)(解)(决)(这)(种)(问)(题)(,但)(区)(块)(链)(的)(隐)(私)(保)(护)(水)(平)(的)(提)(高)(,会)(相)(应)(弱)(化)(透)(明)(度)(高)(的)(核)(心)(优)(势)(,市)(场)(主)(体)(需)(在)(二)(者)(之)(间)(找)(到)(合)(理)(平)(衡)(。
04|法)(律)(层)(面)(
DLT和)(智)(能)(合)(约)(在)(证)(券)(市)(场)(的)(应)(用)(可)(能)(带)(来)(许)(多)(重)(要)(的)(法)(律)(问)(题)(,比)(如)(代)(币)(及)(智)(能)(合)(约)(的)(法)(律)(地)(位)(等)(。以)(目)(前)(最)(具)(法)(律)(和)(监)(管)(争)(议)(的)(项)(目)(TheDAO为)(例)(,2016年)(6月)(,TheDAO攻)(击)(事)(件)(引)(发)(了)(激)(烈)(辩)(论)(,围)(绕)(这)(类)(通)(过)(技)(术)(手)(段)(实)(现)(的)(治)(理)(结)(构)(的)(质)(疑)(集)(中)(于)(以)(下)(方)(面)(:
(1)DAO的)(法)(律)(地)(位)(如)(何)(认)(定)(;
(2)应)(受)(到)(哪)(个)(国)(家)(法)(律)(的)(约)(束)(;
(3)DAO是)(否)(具)(备)(签)(订)(合)(同)(的)(能)(力)(;
(4)合)(同)(是)(否)(有)(效)(并)(具)(执)(行)(力)(;
(5)是)(否)(可)(对)(其)(提)(起)(诉)(讼)(以)(及)(诉)(讼)(管)(辖)(如)(何)(确)(定)(等)(。
(1)DAO的)(法)(律)(地)(位)(如)(何)(认)(定)(;
(2)应)(受)(到)(哪)(个)(国)(家)(法)(律)(的)(约)(束)(;
(3)DAO是)(否)(具)(备)(签)(订)(合)(同)(的)(能)(力)(;
(4)合)(同)(是)(否)(有)(效)(并)(具)(执)(行)(力)(;
(5)是)(否)(可)(对)(其)(提)(起)(诉)(讼)(以)(及)(诉)(讼)(管)(辖)(如)(何)(确)(定)(等)(。
05|KYC/AML层)(面)(
在)(封)(闭)(型)(DLT中)(,由)(于)(存)(在)(负)(责)(保)(存)(全)(部)(交)(易)(数)(据)(和)(参)(与)(节)(点)(记)(录)(的)(治)(理)(主)(体)(,监)(管)(机)(构)(监)(测)(网)(络)(中)(的)(交)(易)(主)(体)(和)(行)(为)(相)(对)(容)(易)(。但)(在)(开)(放)(型)(DLT系)(统)(中)(,难)(以)(掌)(握)(节)(点)(运)(行)(主)(体)(的)(身)(份)(,并)(且)(由)(于)(节)(点)(可)(能)(分)(布)(在)(不)(同)(国)(家)(,为)(开)(放)(型)(DLT网)(络)(指)(定)(管)(理)(主)(体)(具)(有)(一)(定)(挑)(战)(性)(,客)(观)(上)(增)(加)(了)(KYC和)(AML领)(域)(相)(关)(法)(律)(法)(规)(的)(执)(行)(难)(度)(。
报)(告)(原)(文)(地)(址)(:http://www.iosco.org/library/pubdocs/pdf/IOSCOPD554.pdf
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