区块链和金融的融合发展研究

The Integration Development of Blockchain and Finance

本文从经济学角度分析了区块链技术与金融业互为补充、互相促进的逻辑。金融的本质是进行货币和信用的融通,而区块链的本质是分布式记账法与通证有机结合的一种技术框架,两者都存在有待改进的缺陷。金融体系难以有效解决的关键问题是信息不对称问题,以及与此相关的投资者非理性情绪,而这两个问题也是历次金融危机产生的主要原因;而区块链在当前的实践中难以形成有效的经济激励和价值流通,制约了区块链技术的应用与发展。鉴此,二者如能融合发展,则可以各自的优势弥补对方的缺陷:区块链技术可以利用分布式记账法的去中心化的特点,在很大程度上解决传统金融体系面临的信息不对称问题;而区块链可以通过建立以通证为标的资产的金融产品,例如比特币期货,来解决自身的融资和发展问题。最后,本文总结了区块链技术与金融业未来进一步相互融合、相互补充的可能形式。

From the angle of economics, this paper analyzes the logic that how the blockchain technology and financial industry complement and promote each other. The essence of finance is to meet the demand and supply of funds, while the essence of blockchain is a technical framework of the organic combination of distributed ledger and token. Information asymmetry and investors irrational sentiment are the main problems to solve, which are also the main causes of previous financial crises. The blockchain is difficult to form effective economic incentives and value circulation in current practice, which restricts the application and development of blockchain technology. However, if they can integrate and develop, they can make up for each other's shortcomings with their respective advantages. Blockchain technology can solve the problem of information asymmetry faced by traditional financial system to a large extent by the decentralized characteristics of distributed ledger method. By creating a financial product with token-based assets, such as Bitcoin futures, could solve their own financing and development problems. Finally, this paper summarizes and discusses the possible forms of further integration and complementation between blockchain technology and financial industry in the future.