분산원장(Blockchain)의 적용 모델 연구 : 자본시장을 중심으로

Abstract

The distributed ledger technique will be used in various fields of the financial industry because it can provide flexibility in the design of financial services. It is not easy to measure the scale of total benefits across the board because they occur in a wide range. Although more considerations are required in terms of practicality and regulation, the distributed ledger technique can greatly reduce costs and increase the benefits of participants in the financial market because it enables automatic and effective business operations through the adjustment process and data sharing in relation to financial services. To expand the positive effects of the distributed ledger technique on financial infrastructure, financial institutions, fintech companies, and regulatory agencies need to understand and collaborate with one another. Until now, the effects of applying the distributed ledger technique have not been analyzed systematically. Overseas economic research institutes and financial consulting firms are estimating and predicting the benefits of introducing the distributed ledger technique only based on predicted and estimated costs savings. Thus, this study analyzes the effects of introducing the distributed ledger technique in the capital market. First, the concepts, advantages, and disadvantages of the distributed ledger technique are examined and the application cases in financial services are reviewed. Next, the applicability of the distributed ledger technique is investigated depending on the characteristics of the current capital market. Finally, the cost saving effects of distributed ledger (blockchain) in the capital market are analyzed.