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区块链等分布式账册技术带来的“账簿革命”对证券市场基础设施可能带来重大变革,进而影响证券业的发展方向。区块链技术具有去中心化的网络结构、分布式的同步账册、智能化的交易合约和抗攻击的交易网络等技术特点,并可以降低证券业的运行成本。去中心化的区块链组织缺乏高效的自我变革机制,区块链技术的业务生态也仍待完善。区块链技术可以缩小场内外产品差距,改变跨境合作、竞争形态,并促发新的业务形态,挑战现有监管模式。本文认为,区块链技术具有影响证券业格局的潜力,但仍处于技术发展早期阶段。在业务开展过程中,存在中心节点的区块链更具备实际应用价值。
The “book revolution” brought about by the distributed bookstore technology such as blockchain may bring about major changes to the securities market infrastructures, which will affect the development direction of the securities industry. Blockchain technology has decentralized network structure, distributed synchronous books, intelligent trading contracts and anti-attack trading network and other technical features, and can reduce the operating costs of the securities industry. Decentralized blockchain organizations lack efficient self-transformation mechanisms and the business ecology of blockchain technology is still to be improved. Blockchain technology can reduce the product gap between the field and the outside, change the cross-border cooperation and competition patterns, and promote new business patterns and challenge the existing regulatory model. This paper argues that blockchain technology has the potential to affect the securities industry but is still in the early stages of technological development. In the process of business development, there is a central node blockchain more practical value.