隨著比特幣的神秘面紗逐漸揭開後,區塊鏈技術成為當下最熱門的話題之一,已有不少的個人和組織認識到區塊鏈的出現將重組數字世界。自然,區塊鏈的首要應用領域是金融。從研究人員到銀行家,區塊鏈的概念和理論框架在金融界內早已得以熟知。
然而,我們至今還沒有看到任何區塊鏈技術在金融領域成熟的實際應用案例,因此很難判斷它究竟純粹是一個知識幻想還是真的可以改變遊戲規則的新技術。
本文將驗證區塊鏈技術是否可以跨越鴻溝從理論走向現實,以及將最有可能以何種形式發生。
結果表明,某些金融行業的活動在短時期內不易被影響,尤其是在金融市場。因為這些領域的變化需要多方組織協同作用，如銀行、監管機構、第三方託管人,所以多方作用同時發生的情況短時間內不太可能完成。然而,一些領域如風險資本或支付法規和消費者保護等周邊產業，相對規則沒有那麼嚴格,為創新創業鋪平了道路,走向創造財富的明天

Long stayed in the shadow of the Bitcoin’s dodgy reputation, the blockchain technology is now a very trendy topic, and number of people and organization see it reshaping digital interactions. Naturally, the first sector to be heavily associated with blockchain innovations is finance. From researchers to bankers, the blockchain has left a lot of enthusiasm within the industry, and hundreds of concepts and theorical frameworks are already out there.
However, we haven’t seen any real use-cases of the blockchain technology within finance, and it is hard to tell whether it is purely an intellectual fantasy or a game changer technology.
This paper intends to find out whether the gap from proof of concept to real use case will be bridged, and how is the most likely to happens.
Results showed that some activities within the finance industry are unlikely to be disturbed anytime soon, particularly around financial markets, as these require a common move from multiple actors such as banks, regulators, and third party custodians, and such a move is unlikely to happen anytime soon. However, some area such as Venture Capital or Payments has less strict regulations and consumer protections around them, which paves the way for start-ups to innovate and move towards the finance of tomorrow.

Table of Contents
Thesis Validation Letter i
摘 要 ii
ABSTRACT iii
Table of Contents iv
Chapter 1. INTRODUCTION 1
Chapter 2. DEFINITION 2
Section 2.1 Bitcoin 2
Section 2.2 Blockchain 3
Section 2.3 Proof of Work vs Proof of Stake 6
Section 2.4 Ethereum 7
Section 2.5 Smart contract 8
Section 2.6 ICOs 8
Problem Setting 9
Theorical Framework 10
Section 2.7 General blockchain thoughts 12
Section 2.8 Payments 15
Section 2.9 Capital Markets & Private Equity 18
GAP 21
Problematic 22
Methodology 23
Section 2.10 Research approach 23
Section 2.11 Data Collection methods 26
Section2.11.1 Technology Data 26
Section2.11.2 Environment Data 27
Section2.11.3 Market Data 27
Section2.11.4 Legal Data 28
Section 2.12 METHODOLOGY 28
Findings 29
Section 2.13 Data 29
Section2.13.1 Primary Data 29
Section2.13.2 Secondary Data 30
Section 2.14 Analysis 31
Section2.14.1 Coding 31
Section2.14.2 Memo 34
Section 2.15 Results 35
Section2.15.1 Overall Figures 35
Section2.15.2 How advanced it the technology? 37
Section2.15.3 Overall thoughts about Blockchain technology among relevant communities. 42
Section2.15.4 Areas of Finance to be disturbed. 44
Discussion & Conclusion 62
References
66
Section 2.16 Academics references & professional research papers 66
Section 2.17 Blogs and online press 68
APPENDIX 70
Section 2.18 Abbreviations 70
Section 2.19 Interviews transcripts 72
Section2.19.1 Hadi Kabalan 72
Section2.19.2 Eddy Travia 83
Section2.19.3 Joël Hubert 87
Section2.19.4 Damien Ducourty 99
Section2.19.5 Shan Luo 102
Section2.19.6 Orest 113
Section2.19.7 Darren Jordan 119
Section 2.20 Secondary Data 126
Section2.20.1 Vitalik Buterin interviews and papers 126
Section2.20.2 Example of a securitY on blockchain: A stock. 140
Section2.20.3 My email exchanges with regulators 141
Section2.20.4 Axon ICO structure details 143

1 References

1.1 Academics references & professional research papers

Arner, D., Barberis, J. and Buckley, R. (2015). The Evolution of Fintech: A New Post-Crisis Paradigm?.SSRN Electronic Journal – University of Hong Kong Faculty of Law Research paper No. 2015047.
Brito, J., Shadab, H. and Castillo, A. (2014). Bitcoin Financial Regulation: Securities, Derivatives, Prediction Markets, & Gambling. SSRN Electronic Journal.

Davidson, S., De Filippi, P. and Potts, J. (2016). Economics of Blockchain. SSRN Electronic Journal. Lee, L. (2016). New Kids on the Blockchain: How Bitcoin's Technology Could Reinvent the Stock

Evans, D. (2016). Economic Aspects of Bitcoin and Other Decentralized Public-Ledger Currency Platforms.

Eric Wall & Gustaf Malm (2016): Using Blockchain Technology and Smart Contracts to Create a Distributed Securities Depository Lund University

Market. Hasting Business Law Journal, Volume 12, Issue 2, 2016.
Mackenzie, A. (2015). THE FINTECH REVOLUTION. London Business School Review, 26(3), pp.50-53.
Morini, M. (2016). From 'Blockchain Hype' to a Real Business Case for Financial Markets. Bocconi University Research Journal
Paech, P. (2016). Integrating Global Blockchain Securities Settlement with the Law - Policy Considerations and Draft Principles.

Peters, G., & Panayi, E. (2016). Understanding Modern Banking Ledgers Through Blockchain Technologies: Future of Transaction Processing and Smart Contracts on the Internet of Money.

Satoshi Nakamoto, Bitcoin: A Peer-to- Peer Electronic Cash System, (Oct. 2008),

Shepherd and al. for Oliver Wyman research (2016), Blockchain in Capital Markets, the prize and the journey

Swan, M. (2015). Blockchain: blueprint for a new economy.

Schneirder and al. for The Goldman Sachs Research Center. (2016). Profiles in Innovation: Blockchain, putting theory into practice.



1.2 Blogs and online press
Boulton, C. (2015). CIO says blockchain 'will heavily impact' financial
services. [online] CIO. Available at: http://www.cio.com/article/2972588/cio-role/cio-says-blockchain-will- heavily- impact-financial-services.html
Ethereum Blog. (2015). Visions, Part 1: The Value of Blockchain Technology - Ethereum Blog. [online] Available at: https://blog.ethereum.org/2015/04/13/visions-part-1-the-value-of- blockchain-technology/
Financial Times. (2015). Blockchain initiative backed by 9 large investment banks - FT.com. [online] Available at: http://www.ft.com/intl/cms/s/0/f358ed6c-5ae0-11e5-9846- de406ccb37f2.html#axzz3pohSb1Gk
An Abridged History of Bitcoin, N.Y. TIMES, http://www.ny times.com/interactive/technology /bitcoin- timeline.html?_r=0#/#time284_8158 (last updated Nov. 19, 2013).
Herlin, P. (2015). La fin des banques ?. Paris: Eyrolles.
Kiviat, T. (2015). Beyond Bitcoin: Issues in Regulating Blockchain Transactions. Duke Law Journal, [online] 65(3), pp.569-608. Available at: http://scholarship.law.duke.edu/dlj/vol65/iss3/4
Let's Talk Payments. (2015). Blockchain Use Cases: Comprehensive Analysis & Startups Involved. [online] Available at: http://letstalkpayments.com/blockchain-use-cases- comprehensive- analysis-startups-invoved/
Schmidt, A. (2015). Financial Services: Blockchain is Ready for Its Close-Up | CEB Blogs. [online] Cebglobal.com. Available at: https://www.cebglobal.com/blogs/financial-services- time-for- blockchain-to-roam-free/
Schmidt, A. (2015). Financial Services: Blockchain is Ready for Its Close-Up | CEB Blogs. [online] Cebglobal.com. Available at: https://www.cebglobal.com/blogs/financial-services- time-for- blockchain-to-roam-free/
Tapscott, D. (2016). Blockchain revolution. [Place of publication not identified]: Portfolio Penguin
The Economist. (2015). The great chain of being sure about things. [online] Available at: http://www.economist.com/news/briefing/21677228-technology- behind-bitcoin-lets-people- who-do-not-know-or-trust-each-other-build- dependable [Accessed 12 Mar. 2016].
The Financial Services Club's Blog. (2015). Get serious about this blockchain thing. [online] Available at: http://thefinanser.co.uk/fsclub/2015/08/you-need-to-be-serious-about- this- blockchain-thing.html
Umeh, J. (2016). Blockchain Double Bubble or Double Trouble?. ITNOW, 58(1), pp.58-61.
Narayanan, A. (2016). Bitcoin and Cryptocurrency Technologies Arvind Narayanan, Joseph Bonneau, Edward Felten, Andrew Miller and Steven Goldfeder. Network Security, 2016(8), p.4.
Podcasts
Forbes - UNCHAINED, (2016). [podcast] UNCHAINED. Available at: http://www.forbes.com/podcasts/unchained/#3922e585389e [Accessed 13 Sep. 2016].