●区块链技术可以使彼此之间没有建立传统信任关系的经济主体达成合作，无需通过中央权威机构，它是建立信任的机器，具有去中心化、去信用化、不可篡改、可追溯性等特征和促进共享经济的巨大潜力。与分布式结构相比，传统的中心化结构的劣势表现在两点：一是为解决信息不对称增加了交易成本；二是潜在安全问题。区块链技术可应用于优化支付体系和构建高效安全的金融科技。在证券市场，区块链技术可应用于证券登记与发行、证券清算和结算等业务，可大大简化中间环节和交易流程，提高市场交易效率，有助于推动交易结算实现T+0的实时全额交易。
block chain technology allows economic actors that do not have a traditional relationship of trust between them, without the need for a central authority, which is a confidence-building machine, with features such as decentralization, decreditation, impostability, traceability, etc., and the great potential for promoting a shared economy. The disadvantages of the traditional centralized structure, compared to the distributed structure, can be seen in two ways: first, by increasing transaction costs to address information asymmetries; and second, by potential security problems. Block chain technology can be applied to optimize payment systems and to build efficient and secure financial science and technology. In the securities market, block chain technology can be applied to securities registration and issuance, securities clearing and settlement operations, which can significantly simplify intermediate links and transaction processes, improve the efficiency of market transactions, and help facilitate the settlement of transactions to achieve the full real-time trade of T+0.
●由于监管成本过高或监管不全面，金融机构不能及时发现道德风险，最终对投资者利益造成重大损失。互联网金融等新型金融模式也对传统金融体系产生一定的冲击，随着金融业务不断开放，传统金融机构利润不断缩水，利率市场化再次加剧了金融竞争，各大金融机构纷纷开展互联网金融业务，而在利益驱使下，不排除有的金融机构有进行违规操作的动机。区块链技术将交易透明化，所有接入的节点都能通过追溯交易历史核验金融机构运行是否合规，有利于简化业务流程，维护金融稳定及防范金融风险。
New financial models, such as Internet finance, have also had some impact on the traditional financial system. As financial operations have become more open, the profits of traditional financial institutions have shrunk, interest rate marketization has intensified financial competition, and large financial institutions are engaged in Internet financial operations, which, driven by interests, do not exclude the incentive of some financial institutions to operate in an irregular manner.
●在全球大量资源持续推动区块链相关产业的背景下，区块链技术将达到商业化大规模应用级别，但同时也面临着制度和法律的限制，如金融资产是否可以在区块链上登记、发行和交易，这些在现行法律内并未有明确规定，区块链的发展需要多方相互配合与协调。
, in the context of a large global resource base that continues to drive sector chain-related industries, the block chain technology will reach the level of large-scale commercialization applications, but will also face institutional and legal constraints, such as whether financial assets can be registered, issued and traded on the block chain, which are not explicitly provided for in existing legislation, and the development of the block chain requires multiple synergies and coordination.
●迄今为止，区块链技术去中心化和分布式并未被严格区分。不过，如果不对去中心化作出界定，可能会有多重解释，容易造成理解困难、含义混乱甚至歧义。我们认为，去中心化未必是分布式，但分布式一定是去中心化，区块链技术去中心化实际是指通过技术手段使社会个体或组织可以按分布式的方式相互协作。
has not been strictly distinguished so far. However, if decentralisation is not defined, there may be multiple interpretations that may lead to difficulties of understanding, confusion or even ambiguity. We believe that decentralization is not necessarily a distribution, but it must be decentralized, and decentralized technology actually means that social individuals or organizations can work together in a distributed way by technological means.
国务院印发的《“十三五”国家信息化规划》提出，加快信息化发展，构建统一开放的数字市场体系，满足人民生活新需求。区块链技术首次被列入国家规划，这一规划强调了加强区块链等新技术的创新、试验和应用，实现抢占新一代信息技术的主导权。2016年9月，G20杭州峰会也把数字货币和数字普惠金融作为重要议题，峰会通过的《G20数字普惠金融高级原则》认为，数字货币和区块链技术在中国的应用将有很大的发展空间。区块链技术是数字货币技术的载体，是发展普惠金融的技术引擎，也是发展数字经济的重要形态。区块链技术不仅可能重塑货币市场、支付系统、金融交易和金融服务等各个领域，而且也会改变人们与经济和金融相关的生活方式。
In September 2016, the G20 Hang State Summit also made digital money and digital inclusive finance a key topic, and the G20 Digital Inclusive Finance High-Level Principles adopted by the Summit considered that digital money and block chain technology would have great scope for development in China. The block chain technology is the vehicle for digital money technology, the engine for the development of inclusive finance, and an important shape for the development of the digital economy. The block chain technology may not only reshape the money market, payment systems, financial transactions, and financial services, but also change people’s lifestyles related to economic and financial issues.
区块链技术应用价值受到全球关注
The value of technology applications in block chains is of global interest
过去几年，在金融科技快速发展的浪潮中，区块链技术逐步成为全球焦点。在全球范围内，金融业、科技界以及监管当局越来越清楚地意识到，基于区块链技术的金融服务更加高效，传统金融机构面临着重大挑战和变革机会，区块链技术巨大的战略意义和商业价值已引起全球金融业竞相角逐和各国政府的密切关注。
Over the past few years, block-chain technology has gradually become a global focus in a wave of rapid advances in financial science and technology. Globally, the financial industry, the scientific and technological community, and regulatory authorities have become increasingly aware that financial services based on block-chain technologies are more efficient, that traditional financial institutions face major challenges and opportunities for change, and that the strategic importance and commercial value of block-chain technologies have attracted competition and close attention from governments around the globe.
2016年以来，越来越多的国家政府及权威机构参与到区块链技术的研发中，分别出台了与区块链技术应用相关的政策或研究报告。美国国土安全部（DHS）和美国国家科学基金会（NSF）对区块链项目给予了多次补贴和资金支持；英国政府在探索区块链技术应用于传统金融行业、公共和私人服务领域的巨大潜力；德国联邦金融监管局试图在跨境支付、银行间转账和交易数据储存等领域应用区块链技术；中国工业和信息化部在发布的《中国区块链技术和应用发展白皮书（2016）》中分析了区块链在多个领域的应用场景和中国区块链技术发展路线图；2016年底，区块链技术被首次列入《“十三五”国家信息化规划》。在过去的几年，信息技术发展一直对金融领域具有重要影响，随着云计算、大数据对传统金融产业的渗透，金融服务主体和金融服务模式呈多样化发展，这对正规金融体系已经造成了明显的业务冲击和技术传染。然而，功能更加强大的区块链技术可能使世界经济和金融体系再次发生变革。
The Department of Homeland Security (DHS) and the National Science Foundation (NSF) of the United States have provided numerous subsidies and financial support for block chain projects; the British Government has been exploring the great potential of block chain technology to be applied to traditional financial sectors, public and private services; the German Federal Financial Supervisory Authority has been trying to apply block chain technology in areas such as cross-border payments, bank transfers, and transaction data storage; the Ministry of Industry and Informationization of China has analysed sector chain applications in a number of areas in the White Paper on Technology and Application Development in China (2016), which analyses the road map for technology development in the Chinese sector; and, for the first time in late 2016, the sector chain technology has been included in the 13th Five-Year Plan for National Informatization.
区块链技术的本质是一种分布式的可靠数据库，由集体共同参与记账，是通过密码算法并按照交易发生的时间顺序将区块依次连接，形成的一条数据链。当有黑客攻击时，需要改写51%的节点才可以破坏原有数据，参与节点越多，改写工作量就越大，同时每一块数据都有时间戳，改写数据后，时间也随之变化，计算工作量和时间两个维度的限制使数据篡改几乎成为不可能。
The essence of block chain technology is a distributed and reliable database with collective participation in bookkeeping, a data chain that links blocks sequentially through cryptographic algorithms and according to the chronological order in which the transaction takes place. When there is a hacking attack, 51% of the nodes are needed to disrupt the original data. The more the nodes are involved, the more the rewrite the workload, the more time each data is marked, the time changes as the data are rewritten, and the limitation on the calculation of the workload and the time dimension makes it almost impossible to tamper with the data.
著名财经杂志《经济学人》这样评价区块链技术：区块链的影响力远不止于加密货币，它让彼此之间没有建立信任关系的人们达成合作，无需通过中立的中央权威机构，它是建立信任的机器。美国区块链科学研究所创始人梅兰妮·斯万在《区块链—新经济的蓝图》一书中说，经济、政治、慈善和法律体系将受益于区块链的发展，区块链发展可分为三个阶段：区块链1.0时代是加密货币的应用，如货币转账、汇款和数字支付系统；区块链2.0时代是合约应用，区块链在市场和金融的应用中更加广泛；区块链3.0将超越货币、金融和市场——尤其在政府、健康、科学、文化和艺术领域得到应用，基于分布式信息技术的平台将推动按需经济和共享经济发展。现实中，优步和滴滴打车显示了这些平台颠覆性的力量，它们的共同点就是以极低的成本匹配供给和需求，改变了人们的出行方式，而不必用大量时间在路边等待可能驶过的出租车。
The famous financial journal Economist evaluates block chain technology as far as the influence of block chains goes beyond encrypted currency, which allows people who have no confidence-building relationship with each other to work together without the need for neutral central authority, which is a confidence-building machine. Melanie Swan, founder of the US Block Chain Science Institute, says in the book “The Block Chain – A Blueprint for the New Economy” that economic, political, charitable, and legal systems will benefit from the development of block chains, which can be divided into three stages: the block chain 1.0 era is an application of encrypted currency, such as money transfers, remittances and digital payment systems; the block chain 2.0 era is a contractual application, and the block chain is more extensive in market and financial applications; the block chain 3.0 will go beyond money, finance and markets – especially in the areas of government, health, science, culture, and art – and a platform based on distributed information technology will drive economic development on demand and sharing.
经济学家李扬认为，未来金融发展方向将是数字化和普惠化，区块链技术将解决在数字化生存中重大问题，如信用问题、唯一问题和点对点问题等，在解决这些问题之后，将实现资产智能化，走向自金融和自交易，这与诺贝尔经济学奖得主哈耶克所提倡的国家非货币化和发行竞争性货币的理论一脉相承。区块链的优势在于能够以非常低的成本对网络交易进行身份识别和个人征信，点对点的交易方式将避免银行、证券等传统中心化金融结构中复杂的清算过程和成本，从而大大提高金融系统甚至整个经济体系的运行效率。
According to economist Li Yang, the future direction of financial development will be digital and inclusive, and block-chain technology will solve major problems in digital survival, such as credit problems, single problems and point-to-point problems, which will be followed by asset intelligence and a move towards financial and self-transaction, consistent with the theory of national demonetaryization and the issuance of competitive currencies advocated by Nobel laureate Hayek. The advantage of block-to-line systems is that they will be able to identify and personalize network transactions at very low cost, and point-to-point transactions will avoid complex liquidation processes and costs in traditional central financial structures, such as banks, securities, and thus significantly improve the efficiency of the financial system and even the economy as a whole.
区块链技术的本质特征
the essence of block chain technology
去中心化、不信任机制、不可篡改、可追溯性是区块链技术的本质特征。理解区块链技术及其特征要有三点基础认识：第一是区块链具有承载信息的功能，可以记录、存储和传播交易信息；第二是每个区块上记录着上一个区块的所有信息；第三点，同一网络中，每个节点都有一个完全相同的区块链副本，任一节点损坏不影响其他节点和整个网络。
Decentralization, mistrust mechanisms, immutable, and traceability are essential features of block chain technology. Understanding block chain technology and its features requires three fundamentals: the first is that the block chain has the function of carrying information and can record, store and disseminate transactional information; the second is that all information from the previous block is recorded on each block; and the third is that, in the same network, each node has a complete copy of the block chain, and any section of the damage does not affect the other nodes or the network as a whole.
1.去中心化
1. Decentralization
在中心化的结构体系中，系统由中心节点控制和进行决策，在去中心化的结构中，每个节点都是平等的、不拥有整个系统的控制权，系统决策由所有参与节点在共识机制作用下共同决定。市场经济是典型的去中心化系统，每个经济主体在“看不见的手”的推动中决定生产和消费而不受外界干预，本质上是双方交易去中心化。1776年，亚当·斯密对“看不见的手”做过经典阐述：“每个人都在力图应用他的资本，来使其生产品能得到最大的价值。一般来说，他并不企图增进公共福利，也不知道他所增进的公共福利是多少。他所追求的仅仅是他个人的安乐，仅仅是他个人的利益。在这样做时，有一只看不见的手引导他去达到一种并非他本人想要达到的目标。他追求自己的利益，其效果要比他真正想促进社会利益时所得到的效果更大。”去中心化体系的另一例证就是互联网，1964年，保罗·巴兰将网络结构分为三种：中心化结构、弱中心化结构和分布式结构，中心化网络连接最为脆弱，只要破坏中心节点，与之相连的终点将全部被摧毁。弱中心化网络是一种中心和网络化混合模式的通信系统，在这一系统中，节点不需要完全依赖单一中心节点，但如果少量的节点受到破坏性攻击也可以造成部分通信失败，所以巴兰认为应该建立分布式通信系统，这才有了现在的互联网。
In a centralized structural system, the system is controlled and decided upon by central nodes. In 1776, Adam Smith made a classic statement about “invisible hands”: “everyone is trying to use his capital to maximize the value of his products.” In another example of a decentralized system, Paul Barran divided the network into three types: centralized structures, weak Internet structures and distribution structures. In doing so, he was guided by an invisible hand to a goal that he did not want to achieve. He pursued his interests more effectively than he really wanted to promote social interests.
区块链技术以互联网为硬件依托，以分布式数据库技术为软设施，同时实现了双方交易去中心化和信息传播去中心化。区块链去中心化的实现有赖于共识机制，即当系统出现分歧时如何达成一致。目前应用最广的是通过工作量证明机制达成共识，然而在工作量证明机制下每产生一个区块需要消耗大量能源，这已成为区块链技术商业化的障碍之一。业界正在探索如何降低共识机制资源消耗的方案，但本质上并未改变资源消耗的事实，工作量证明机制仍然是最有效和最可靠的去中心化共识机制。
Block chain technology is based on the Internet as hardware, distributed database technology as a soft facility, while decentralizing transactions between the two sides and information dissemination. Decentralizing the block chain depends on consensus mechanisms, i.e., how to agree when the system is divided. The most widely applied approach is to reach consensus through the workload proof mechanism, which, however, requires significant energy consumption for each block generated under the workload proof mechanism, which has become one of the obstacles to the commercialization of block chain technology. The industry is exploring options to reduce the resource consumption of the consensus mechanism, but in essence does not change the fact that it is resource consumption, and the workload proof mechanism remains the most effective and reliable mechanism to decentralize the consensus mechanism.
迄今为止，区块链技术去中心化和分布式并未被严格区分。不过，如果不对去中心化作出界定，可能会有多重解释，容易造成理解困难、含义混乱甚至歧义。我们认为，去中心化未必是分布式，但分布式一定是去中心化，区块链技术去中心化实际是指通过技术手段使社会个体或组织可以按分布式的方式相互协作。
To date, no strict distinction has been made between the centralization and distribution of block chain technology. However, if decentralization is not defined, there may be multiple interpretations that may lead to difficulties in understanding, confusion, or even ambiguity. We believe that decentralization is not necessarily a distribution, but it is necessarily a decentralization, and decentralization of block chain technology actually means that individuals or organizations in society can work together in a distributed way by technological means.
2.不信任机制
2. Mechanisms of mistrust
不信任机制也可译作去信用化。其实，区块链技术并非不需要信任，它是指用技术规则加持信用，通过算法实现自我约束，任何恶意欺骗系统的行为都会遭到其他节点排斥，因此不会完全依赖中央权威机构的信用背书，可在一定程度和一定范围取代传统信用建立方式，完成点对点之间信任关系的建立，随着参与者增加，破坏系统的难度加大，系统安全性也将上升。传统的信用系统中，需要参与者对中央机构有足够信任，参与人数增加对中央机构的调节能力造成压力，系统安全性下降。
Trust mechanisms can also be translated into de-creditation. In fact, block-chain technology is not without trust. It means that credit with technical rules, self-restraint through algorithms, that any malicious deception system is excluded from other nodes, that it is not entirely dependent on the credit endorsement of central authorities, that it can replace traditional credit-building with a degree and scope, that confidence-building relationships between point-to-points can be completed and that system security will increase as the number of participants increases and the difficulty of disrupting the system increases. In traditional credit systems, participants need to have sufficient confidence in central institutions, that increased participation puts pressure on the central agency’s ability to regulate, and that system security will decline.
上世纪50年代，哈耶克就对中心化货币制度提出怀疑，认为政府发行货币不具有天然优势，并在《货币的非国家化》中对政府发行货币提出了质疑：政府并未因公益而是其私利垄断货币发行权，可以通过铸币抽取铸币税；纸币条件下，政府垄断发行，优先考虑的不是货币的稳定，而是自身的财政支出，历史上，通货紧缩是暂时的、区域性的，通货膨胀是持久的、广泛性的；国家货币说是一种偏见，发行货币并非只有政府才能做到，私人应该而且完全有能力发行稳定的、良好的货币；要彻底摆脱“滞胀”困境，长期保持经济的稳定发展，根本出路是改革现行的货币发行制度或货币政策，取消政府发行货币的垄断权。哈耶克主张货币非国家化，由私人银行自由发行竞争性货币，以现代观点来看实质上是去中心化或多中心化的货币制度。如果政府不优先考虑公共利益甚至出现短视、失信行为，中心化的货币制度可能将带来严重灾难。在区块链等技术驱动下，整体上将逐渐形成信用货币与数字货币的竞争，人类社会正在进入竞争性货币阶段。
In the 1950s, Hayek questioned the centralization of the monetary system, arguing that there was no natural advantage in the issuance of currency by the Government, and questioned it in the Non-Stateization of Currency: the Government did not monopolize monetary issuance for the public good, but for its own self-interest, and could draw a monetization tax; under the conditions of banknotes, the Government monopolized it, giving priority not to monetary stability, but to its own fiscal expenditure; historically, deflation was temporary, regional, and inflation was persistent and widespread; the national currency was a bias, not only the Government could do it, and the private sector should and was fully capable of issuing a stable and good currency; and if the Government did not give priority to public interest or even short-sightedness, a centralized monetary system could lead to a serious catastrophe, the fundamental solution being to reform the current monetary distribution system or monetary policy and the elimination of the monopoly on the issuance of government money.
3.可追溯性
3. Retroactivity
区块中记录着详细交易信息，每个区块中包含一个指向上一个区块的哈希指针，通过哈希指针按照发生时间顺序构建链表，形成的数据结构即为区块链。可追溯性使全部交易的历史信息可查，贪污受贿、挪用公款、非法集资等犯罪活动将在区块链上留下难以销毁的痕迹，容易被警方掌握犯罪证据。防范犯罪活动的传统方法主要是通过实行严刑峻法和宣传教育，但国家法律体系一般都存在漏洞，大部分人的受教育水平和自律能力有限，一些人铤而走险、打擦边球或是使用互联网的匿名性从事违法犯罪活动来牟取暴利。同时，许多发展中国家法治体系不健全，法律观念和法律意识淡薄，法治建设还受到一些地区传统社会习俗和人际关系准则的排斥。发展区块链技术有助于提高破获犯罪活动的概率，缩短调查时间，通过技术创新和技术应用可作为法律体系的技术补充性手段进一步降低犯罪率。互联网的出现改变了社会生活方式，信息不再是稀缺品，但互联网不能识别信息真伪，大量虚假新闻、迷信活动、传销组织、电信诈骗泛滥于网络世界，人们在享受互联网时代的便捷时还要努力避开大量信息噪音。而构建于区块链基础上的互联网，信息真伪将通过共识机制辨别，追溯机制提供了在区块上找到最初信息发布者的方法。
The traditional means of preventing criminal activity is mainly through harsh methods and education, but there are generally gaps in the national legal system, where the educational level and self-regulation of the majority of the population are limited, where the risk, razing of the margin or the use of the Internet as an anonymous means of committing criminal activities is exploited. At the same time, in many developing countries, where the rule of law system is weak, legal perceptions and legal awareness are weak, and where the rule of law is subject to the exclusion of traditional social customs and norms of interpersonal relations in some regions. The development of regional chains contributes to the probability of criminal activity being broken, shortening investigative time, using technological innovations and applications to be used as a technical supplement to the legal system, will further reduce the crime rate.
区块链的可追溯性具有缓解信息不对称的作用，以及由信息不对称引起的道德风险等激励问题，扩展可交易边界，最终促进经济增长。在没有严格监管的环境中，个人或企业有可能不遵守借款合约，将所得贷款用来经营高风险高收益项目，尤其在经济繁荣期，贷款者容易放松警惕从事投机活动。由于监管成本过高或监管不全面，金融机构不能及时发现道德风险，最终对投资者利益造成重大损失。互联网金融等新型金融模式也对传统金融体系产生一定的冲击，随着金融业务不断开放，传统金融机构利润不断缩水，利率市场化再次加剧了金融竞争，各大金融机构纷纷开展互联网金融业务，而在利益驱使下，不排除有的金融机构有进行违规操作的动机。区块链将交易透明化，所有接入的节点都能通过追溯交易历史核验金融机构运行是否合规，有利于简化业务流程，维护金融稳定及防范金融风险。
The traceability of block chains has the effect of mitigating information asymmetries, as well as incentives such as moral risks arising from information asymmetries, by expanding tradable borders and ultimately promoting economic growth. In an environment where there is no strict regulation, individuals or enterprises may fail to comply with borrowing contracts and use the loans they receive to run high-risk high-yield projects, especially during periods of economic booms, and lenders can easily relax their vigilance to engage in speculative activities. Financial institutions cannot detect moral risks in a timely manner because of excessive regulatory costs or inadequate regulation, ultimately causing significant losses to investors’ interests. New financial models such as Internet finance also have some impact on the traditional financial system.
区块链技术在证券业的应用
application of block chain technology in securities
区块链技术可能彻底改变现有资本市场基础设施，可应用于证券登记与发行、证券清算和结算等领域。资本市场是中国金融体系的重要组成部分，但相比其他发达国家的资本市场发展规模依然较小，这使得中国金融结构严重扭曲。通过区块链技术简化证券市场业务流程，降低交易成本对推动资本市场健康发展具有积极意义。从中国金融现实看，发展资本市场十分必要。首先，中国金融体系配置资源效率依然低下。一方面融资难和储蓄率高并存的局面仍未改变，商业银行存留大量资金无法转化为生产性资金导致储蓄的投资转化率低；另一方面，中国广义货币M2供应量世界第一，2016年年底已达155万亿元，M2/GDP为208.31%，远远高于其他国家，这反映了中国经济增长中信贷资产使用效率低下。其次，金融结构不合理和融资结构扭曲。中国直接融资和间接融资比例严重失衡，间接融资为主导的金融结构不仅导致系统性风险主要集中于银行体系，同时银行的低风险偏好决定了其难以将信贷资金配置到高风险的科技型和创新型企业，一定程度上不利于经济转型和产业升级，中国金融改革的目标应是建立一个合理的金融结构，由银行主导型逐步过渡到市场主导型的金融结构。
By streamlining business processes in the securities market through block-chain technology, reducing transaction costs is positive for promoting healthy development of capital markets. Development of capital markets is necessary in the light of China’s financial realities. First, the efficiency of the financial system’s allocation of resources remains weak. On the one hand, difficulties in financing and high savings ratios have not changed, and the fact that large amounts of money held by commercial banks do not translate into productive capital has led to a low rate of investment in savings. On the other hand, China’s broad currency M2 supply is the first in the world, which at the end of 2016 has reached 1.55 billion yuan, and M2 GDP is well above other countries, reflecting the inefficient use of credit assets in China’s economic growth. Second, the irrationality of the financial architecture and the distortion of the financing structure.
1.降低证券登记业务成本
1. Reduction of business costs for securities registration
证券登记即证券发行人建立和维护证券持有人名册的行为，具有确定或变更证券持有人及其权利的法律效力，是保障投资者合法权益的重要环节，也是规范证券发行和交易过户的关键。在中心化证券体系中，证券登记需要具有公信力的权威机构保证登记或权益变更信息的真实性和一致性，中央登记结算机构因此出现。市场参与者将所有证券登记和结算任务委托给中央登记结算机构——中国证券登记结算有限责任公司，该公司在上海和深圳两地设立分公司。上海分公司主要针对上海证券交易所的上市证券提供证券登记结算服务，深圳分公司主要针对深圳证券交易所的上市证券提供证券登记和结算服务。然而，维护这种中央结构体系的公信力需要极为繁杂的规章制度和审计流程，区块链技术将改变证券登记的操作方式，深化证券登记的作用、功能和效果。
In a centralized securities system, securities registration, i.e. the establishment and maintenance of a securities issuer's register of securities holders, has the legal effect of establishing or changing securities holders and their rights. It is an important element in safeguarding the legitimate rights and interests of investors, and is key to regulating the issuance and transfer of securities. In a centralized securities system, securities registration requires a credible authority to ensure the authenticity and consistency of registration or change of interests information, as a result of which a central registration and settlement agency emerges. Market participants entrust all securities registration and settlement tasks to a central registration clearing agency, the China Securities Registration Clearing Authority, which has limited responsibility for securities registration in Shanghai and Shenzhen.
20世纪60年代以前，证券市场登记和发行的股票是通过在实体纸质材料上记录相应权益，投资者直接持有纸质股票，交易时交易双方按照市场价格互换股票和货币，在这种登记和交易方式下，市场交易速度缓慢，市场规模小、成本高。后来，托管业务的出现提高了证券市场效率，投资者不再直接持有纸质股票，由证券公司代为处理有关证券权益事务。随着上市公司和股票发行快速增加，纸质权益凭证和手工操作阻碍了越来越频繁的证券交易的发展。1968年美国出现了纸上作业危机，大幅增长的交易量使证券公司陷入海量文件整理和数据核对计算工作，低效的手工操作制度造成大量经纪业务交易失败，给投资者带来不必要的成本，几乎使证券业陷入停顿。纽约证券交易所被迫将每周交易日缩短为四天，并缩短每日交易时间，使证券公司后台能够有充分的时间处理积压的委托单。为了提高效率、降低风险，美国设立了中央证券存管机构（CSD）——一个集中化的全国性清算和结算系统，即美国证券存管信托公司（DTC），结束了手工操作和纸质股票登记与交易的时代。证券存管是证券公司将投资者交给其保管的证券以及自身持有的证券统一交给中央证券存管机构，由后者代为处理有关证券权益事务，而中国的中央证券存管也是由中国证券登记结算有限责任公司承担，中央证券存管机构推动了证券业非移动交收和无纸化操作。由于股票被集中管理，证券登记和过户不需要任何物理上的移动工作，只需中央证券存管机构更新账本，实现了非移动交收；中央证券存管机构的账本得到了市场的公认，股票所有者不再直接持有纸质股票，股票也不再是上市公司登记发行的纸质凭证，成为了上市公司在中央证券存管系统的电子账目，实现了证券登记的无纸化。
By the 1960s, stocks registered and issued in the securities market had been made more efficient. With the rapid increase in the issuance of listed companies and shares, paper equity vouchers and manual operations had hampered the development of ever more frequent securities transactions. In 1968, there had been a paper-based crisis in the United States, which had led to a significant increase in the volume of transactions, which had led to a slow exchange of shares and to low market size and high cost. The hosting business had led to an increase in the efficiency of the securities market, as investors no longer held paper-based stocks directly on their behalf.
在区块链分布式记账模式中，任何资产信息都是以无纸化和非移动形式交收，每个市场参与者都有一份完整的市场账本，共识机制保证证券登记在整个市场中同步更新，保证内容的真实性和一致性，在没有中央证券存管机构的情况下，实现全部功能。在区块链上通过建立智能合约让证券变为数字化智能资产，智能合约将规定参与者的权利和义务，以计算程序的方式实现执行自动化，再次降低人工操作成本。
In the block chain distribution mode, any asset information is received in paperless and non-moveable form. Each market participant has a complete market account. Consensus mechanisms ensure that the securities register is kept up to date throughout the market, that the content is authentic and consistent, and that full functionality is achieved in the absence of a central securities repository. On the block chain, the securities are transformed into digital smart assets through the creation of a smart contract, which sets out the rights and obligations of the participants, automates the implementation of the procedures and reduces again the costs of manual operations.
2.简化证券结算流程和化解结算风险
2. Simplification of the securities settlement process and mitigation of settlement risks
证券结算是对应收和应付证券与资金的转移交收操作，包括清算和交收两个过程。清算是指对每个结算参与人证券和资金的应收、应付数量或金额进行计算的处理过程，交收是依据清算结果实现证券与价款的收付，从而结束整个交易过程。清算与交收遵循净额清算、中央对手方（CCP）、货银对付（DVP）和分级结算四个基本原则。净额清算分为双边净额清算和多边净额清算，目前证券交易多采用多边净额清算方式，将结算参与人所有应收、应付证券或资金进行轧差，计算出该结算参与人与中央对手方累计的应收、应付证券或资金，得出清算结果，然后根据货银对付原则，将同时交收证券和资金，完成最终结算。交易主体A和B在中央对手方制度下进行证券买卖，A和B不直接交易，交易被分为A和CCP之间，B和CCP之间的两笔交易，A和B不需要担心对方能否履约。
The settlement of securities is the transfer of securities and funds receivable and payable, including both liquidation and surrender. Liquidation is the process of calculating the receivable, payable amount or amount of each settlement participant’s securities and funds. The settlement is the process of closing the entire transaction through the receipt and payment of securities and securities based on liquidation results. The liquidation and collection are governed by the four basic principles of net settlement, central counterparty (CCP), central counterparty (DVP) and hierarchical settlement. The net settlement is divided into bilateral net liquidation and multilateral net liquidation.
这种证券结算体系具有长期结算风险和成本问题。结算体系中风险之一即信用风险，中央对手方转移了交易双方直接面临的信用风险，但并未降低风险，仅仅是通过风险隔离将全部风险转移至中央对手方。在实际交收阶段，如果一个交易方不能履约交收，证券登记结算机构作为结算参与人的中央对手方也要向守约一方支付其应收的证券或资金，证券登记结算机构将集中承担所有对手方的信用风险。垫付证券或资金可能引发证券登记结算机构的流动性风险，导致系统大量交易中断和失败，证券市场将被迫闭市，造成金融市场和经济的不稳定。由于证券登记结算系统在交易高峰期间、物理冲击或人为操作失误容易发生系统故障，致使结算业务延误和发生偏差引起操作风险。此外，当结算银行出现倒闭或出现系统故障，证券登记结算机构将不能保障货银对付顺利实现，甚至面临无法足额收回资金的风险。传统证券交易需要经过资产托管人、证券经纪人、中央银行和中央登记结算机构才能完成，系统之间兼容性低、处理方式各异，整个流程效率低、成本高，从交易指令发出到结算结束同样需要T+3天的时间，并造就了强势中介，处于信息劣势的投资者往往得不到权益保障。
One of the risks in the settlement system, namely credit risk, is that the central counterparty transfers the credit risk directly to both parties to the transaction, but does not reduce the risk, merely by segregating the risk and transferring the full risk to the central counterparty. During the actual collection phase, when a trading party is unable to perform, the securities registry clearing agency, as the central counterpart to the clearing participant, is also required to pay the securities or funds due to the performing party, and the securities registry clearing agency will concentrate on the credit risk to all the counterparty. The securities clearing agency will not be able to guarantee the liquidity risk to the securities registry clearing agency, which may lead to the disruption and failure of the system, and the securities market will be forced to close the market, causing instability in the financial market and the economy.
把区块链技术应用在证券结算业务。首先，证券交割和资金交收被包含在一个不可分割的操作指令中，交易同时成功或失败，实现货银对付并降低因一方违约另一方受损的风险，违约风险的减少也会降低其他风险出现的可能。其次，证券结算不再完全依赖中央登记结算机构，每个结算参与人都有一份完整账单，任何交易可在短时间内传送至全网，分布式账本保证了系统安全性，降低了操作风险。最后，区块链技术将减少中介、简化结算流程，实现交易即结算的T+0模式，美国上市公司Overstock就利用区块链技术开发了一个T+0的证券交易平台。现有证券结算制度业务流程长，冗长的结算流程导致更久的资金占用和更长的风险敞口，基于区块链技术的分布式登记结算系统，可降低系统风险和成本，提高结算效率，以实时全额结算模式来作为中央对手方制度的补充和替代。
First, the delivery of securities and the receipt of funds are included in an indivisible operational directive, where the transaction is successful or unsuccessful at the same time, where the exposure of the goods to the other party's default is realized and the risk of default is reduced and other risks are reduced. Second, the securities settlement is no longer entirely dependent on the central registry clearing agency, each settlement participant has a full bill, any transaction can be transmitted to the whole network within a short period of time, the distribution books guarantee system security and reduce operational risks. Finally, the block chain technology will reduce intermediation, simplify the settlement process, achieve the T+0 model for the settlement of transactions, and the United States listed company Overstock will develop a T+0 securities trading platform using block chain technology.
3.有待突破的局限性
3. Limitations to be overcome
虽然数据库技术、哈希算法、共识机制、工作量证明等区块链基础技术早已存在，但区块链技术的发展仍处在初级阶段。在实际应用中很可能出现既无法实现完全分布式，又不能有效率地保证系统安全的情况，面临着多种需要攻克的技术瓶颈。区块链中每个区块的容量设计限制了一个区块上可交易笔数，如果容量过大，最终区块链所占空间会非常大，容量过小又会降低交易效率。在完全去中心化的区块链中，全部节点必须储存所有区块和数据，随着数据的增长，节点硬盘上的区块链体积也越来越大。在过去的几十年中，数据增长速度大概每两年就可增长10倍，大大超过了计算机硬件发展的摩尔定律，这意味着未来硬件设备写入写出速率的增长将落后于数据增长，大型金融机构自身的数据存储成本已经十分高昂，如果让每个节点存储同样体积的数据，存储总成本将呈指数型增长。存储在区块链上的数据将永远存在，由于数据的增长带来成本增加，设计一种机制来销毁陈旧而毫无价值的数据，或者适时弃置大体积的旧链生成新链是非常值得考虑的。
While database technology, Hashi algorithms, consensus mechanisms, workload certification, etc., are already in place, the development of block chain technology is still at an early stage. In practical applications, there are likely to be technological bottlenecks that cannot be fully distributed and efficiently secure the system.
区块链技术的另一技术瓶颈是通讯延时问题，区块链采用网络广播的方式发布交易信息，交易信息发送至全部节点需要耗费一定时间，当网络使用率较高和带宽资源紧张时容易出现信息传输阻塞，因此实现分布式传输也要建设高效的网络基础设施。在全球大量资源持续推动区块链相关产业的背景下，区块链技术将达到商业化大规模应用级别，但同时也面临着制度和法律的限制，如金融资产是否可以在区块链上登记、发行和交易在现行法律内并未有明确规定，区块链的发展需要多方相互配合与协调。（作者 孙国茂）
Another technical bottleneck in block chain technology is the delay in communication, the use of web-based broadcasting to distribute transactional information to all nodes, the time it takes to send transactional information to all nodes, and the ease with which information can be blocked when network usage is high and bandwidth resources are strained, hence the need for efficient network infrastructure to achieve distributional transmission. In the context of the continued global push for sector chain-related industries, block chain technology will reach the level of commercialization of large-scale applications, but at the same time it will face institutional and legal constraints, such as whether financial assets can be registered, issued and traded on the block chain, which is not clearly defined in existing legislation, and where the development of the block chain will require multiple synergies and coordination. (The author Sun Kuo)
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