Blockchain-Based Settlement for Asset Trading
研究了区块链能否用于证券结算及其相对于现有系统的优势，发现区块链能实现更快更灵活的结算，但需通过区块大小和时间限制速度以产生交易费来补贴高成本的挖矿，在美国公司债市场估计净收益为1-4个基点。
Can securities be settled on a blockchain, and, if so, what are the gains relative to existing settlement systems? The main benefit of a blockchain is faster and more flexible settlement, whereas settlement fails need to be ruled out where participants fork the chain to cancel trading losses. With a proof-of-work protocol, the blockchain needs to restrict settlement speed through block size and time in order to generate transaction fees, which finance costly mining. Despite mining being a deadweight cost, our estimates for the U.S. corporate debt market yield net gains from a blockchain in the range of 1–4 bps.Received May 31, 2017; editorial decision May 29, 2018 by Editor Itay Goldstein. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.