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題名 可編程貨幣之設計與實作:以 R3 Corda 為例
Design and Implementation of Programmable Money: A Case Study of R3 Corda Platform作者 李毓簫
Li, Yu-Hsiao貢獻者 陳恭
Chen, Kung
李毓簫
Li, Yu-Hsiao關鍵詞 央行數位貨幣
R3 Corda
可編程貨幣
特殊用途央行數位貨幣
CBDC
R3 Corda
Programmable Money
Special Purpose CBDCs日期 2022 上傳時間 2-Sep-2022 14:49:02 (UTC+8) 摘要 近年來隨著加密貨幣、DeFi等電子支付興起，科技的變革正在改變金融產業，同時也帶來許多風險與安全性議題，為了因應未來廣大的數位經濟支付需求，世界各國央行開始探索分析和研究創造央行數位貨幣(Central Bank Digital Currencies, 簡稱CBDC)的可能性，以及它可能對貨幣政策、流動性等產生的影響。然而，創建和實施 CBDC 基礎設施的挑戰龐大且複雜，需要深思熟慮其整體設計框架和技術解決方案，達成隱私、消費者保護和反洗錢標準；市面上也有許多分散式帳本技術(Distributed Ledger Technology, DLT)配合著各國政府進行CBDC的概念性驗證，以調查數位貨幣的技術設計方法和經濟可行性。本研究透過以R3 Corda分散式帳本技術其開發的CBDC Sandbox沙盒平台，實作CBDC的定義屬性、發行、管理以及交易與回籠；另外以Corda中的Reference State以及Schedule Flow實作新支付場景，以政府補助福利政策需求為例，如要發放振興券等政府福利給社會大眾時能透過此系統，在已發行 CBDC 的基礎上添加可編程性(Programmability)參數，本論文研究貢獻透過四種參數設定，新增年齡限制(Age Permission)、特定交易對象(Specific Trading Counter-party)、到期日(Expiry)及利息計算(Interest Rate)等不同特殊用途CBDC，在不同的參數搭配下，可涵蓋並滿足目前政府在所推動的政策如消費券、債券利息與限制未成年用戶交易等通用政策需求；同時達到模擬央行與政府機構分權的職權模式，以研究可編程貨幣透過R3 Corda技術要如何設計以及研究結果可以如何涵蓋未來特殊支付創新場景應用DLT之參考建議。
The concept of a Central Bank Digital Currency (CBDC) has gained traction in recent years with the rise of electronic payments such as cryptocurrencies and De-Fi. Technological changes are changing the financial industry and user`s payment options. At the same time, it also brings many risks and security issues. This had led Central banks around the globe trying to explore the potential benefits and risks of issuing CBDCs also the implications it may have on monetary policy, liquidity, etc. However, the challenges of implementing a CBDC infrastructure are large and complex, requiring careful consideration of its overall design framework and technical solutions to achieve privacy, consumer protection, and anti-money laundering standards. There are also many Distributed Ledger Technology (DLT) on the market that are cooperating with governments to carry out CBDC proof-of-concept and investigate the technical design method and economic feasibility of digital currency.This research implements the definition, issuance, management, transfer, and redemption of CBDC through the R3 Corda CBDC Sandbox platform developed by R3 Corda distributed ledger technology. In addition, we implement new payment scenarios with the government`s policy needs as an example. when the government introduces the subsidy such as revitalization coupons, programmability parameters can be added on the basis of CBDC issued by the Central Bank through this system. This research designed four new programmability features for the special purpose CBDCs: Age Permission, Specific Trading Counter-party, Interest Rate, and Expiry. Within these parameters, it can cover and meet the current government policies requirements such as subsidiary welfare funds, bond interest or Restrict underage transactions also achieve a model that simulates the separation of power of the central bank and other government authorities and study how programmable money can be designed through R3 Corda technology and how the research results can overcome and provide a reference for the future special payment innovation scenarios and application DLT reference suggestions.參考文獻 Alexander Lee. (2021). What is Programmable Money. Retrieved March 20, 2022 form https://www.federalreserve.gov/econres/notes/feds-notes/what-is-programmable-money-20210623.htmBank of Canada, European Central Bank, Bank of Japan, Sveriges Riksbank, Swiss National Bank, Bank of England, Board of Governors of Federal Reserve System, Bank for International Settlements. (2020). Central bank digital currencies: foundational principles and core features. Retrieved May 22, 2022 from https://www.bis.org/publ/othp33_summary.pdfBoar C, Wehrli A. (2021). Ready, steady, go? - Results of the third BIS survey on central bank digital currency.Christian Mandl, Stefan Minner. (2020). Data-Driven Optimization for Commodity Procurement Under Price Uncertainty. Manufacturing & Service Operations Management, Articles in Advance, pp. 1–20.Corda Flow API. Retrieved March 20, 2022 from https://www.twblogs.net/a/5bafc6372b7177781a0f52b5Delgado-Segura, S., Pérez-Solà, C., Navarro-Arribas, G., Herrera-Joancomartí, J. (2019). Analysis of the Bitcoin UTXO Set. In: , et al. Financial Cryptography and Data Security. FC 2018. Lecture Notes in Computer Science, p78-91, vol 10958. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-662-58820-8_6Deutsche Bundesbank. (2020). Money in programmable applications Cross-sector perspectives from the German economy*. Retrieved March 9, 2022 from https://www.bundesbank.de/resource/blob/855148/ebaab681009124d4331e8e327cfaf97c/mL/2020-12-21-programmierbare-zahlung-anlage-data.pdfHansen, Tarik, and Katya Delak (2022). "Security Considerations for a Central Bank Digital Currency," FEDS Notes. Washington: Board of Governors of the Federal Reserve System, February 03, 2022, https://doi.org/10.17016/2380-7172.2970.IBM. (2019). Charting the evolution of programmable money. Retrieved April 9, 2022 from https://www.ibm.com/downloads/cas/GDKQKR6OJonas Gross. (2020). Programmable Money and Programmable Payments. Retrieved March 3, 2022 from https://jonasgross.medium.com/programmable-money-and-programmable-payments-c0f06bbcd569.Khun Sir, 2018. Vite Tech Series: Understanding the UTXO Transaction Model of Bitcoin (Part 1). Retrieved Feb 22, 2022 from https://medium.com/vitelabs/understanding-the-utxo-transaction-model-of-bitcoin-part-1-1c0b9977632eLee, Alexander, Brendan Malone, and Paul Wong (2020). "Tokens and accounts in the context of digital currencies," FEDS Notes. Washington: Board of Governors of the Federal Reserve System, December 23, 2020, https://doi.org/10.17016/2380-7172.2822.Paradorn Pasuthip, Steve Yang. (2020). Central Bank Digital Currency: Promises and Risks. Retrieved May 05, 2022 from https://www.worldquant.com/ideas/central-bank-digital-currency-promises-and-risks/.R3 Corda. (2021). R3 Sandbox for Digital Currencies. Retrieved Jan 13, 2022 from https://www.r3.com/wp-content/uploads/2021/12/R3_Digital_Currency_Sandbox_FS_2021.pdf Christian Mandl, Stefan Minner. (2020). Data-Driven Optimization for Commodity Procurement Under Price Uncertainty. Manufacturing & Service Operations Management, Articles in Advance, pp. 1–20.Corda Flow API. Retrieved March 20, 2022 from https://www.twblogs.net/a/5bafc6372b7177781a0f52b5Delgado-Segura, S., Pérez-Solà, C., Navarro-Arribas, G., Herrera-Joancomartí, J. (2019).Analysis of the Bitcoin UTXO Set. In: , et al. Financial Cryptography and Data Security. FC 2018. Lecture Notes in Computer Science, p78-91, vol 10958. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-662-58820-8_6Deutsche Bundesbank. (2020). Money in programmable applications Cross-sector perspectives from the German economy*. Retrieved March 9, 2022 from https://www.bundesbank.de/resource/blob/855148/ebaab681009124d4331e8e32 7cfaf97c/mL/2020-12-21-programmierbare-zahlung-anlage-data.pdfHansen, Tarik, and Katya Delak (2022). "Security Considerations for a Central Bank Digital Currency," FEDS Notes. Washington: Board of Governors of the Federal Reserve System, February 03, 2022, https://doi.org/10.17016/2380-7172.2970.IBM. (2019). Charting the evolution of programmable money. Retrieved April 9, 2022 from https://www.ibm.com/downloads/cas/GDKQKR6OJonas Gross. (2020). Programmable Money and Programmable Payments. Retrieved March 3, 2022 from https://jonasgross.medium.com/programmable-money-and- programmable-payments-c0f06bbcd569.Khun Sir, 2018. Vite Tech Series: Understanding the UTXO Transaction Model of Bitcoin (Part 1). Retrieved Feb 22, 2022 from https://medium.com/vitelabs/understanding-the-utxo-transaction-model-of-bitcoin- part-1-1c0b9977632e53Lee, Alexander, Brendan Malone, and Paul Wong (2020). "Tokens and accounts in the context of digital currencies," FEDS Notes. Washington: Board of Governors of the Federal Reserve System, December 23, 2020, https://doi.org/10.17016/2380- 7172.2822.Paradorn Pasuthip, Steve Yang. (2020). Central Bank Digital Currency: Promises and Risks. Retrieved May 05, 2022 from https://www.worldquant.com/ideas/central- bank-digital-currency-promises-and-risks/.R3 Corda. (2021). R3 Sandbox for Digital Currencies. Retrieved Jan 13, 2022 from https://www.r3.com/wp- content/uploads/2021/12/R3_Digital_Currency_Sandbox_FS_2021.pdf 描述 碩士
國立政治大學
資訊管理學系
109356037資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109356037 資料類型 thesis dc.contributor.advisor 陳恭 zh_TW dc.contributor.advisor Chen, Kung en_US dc.contributor.author (Authors) 李毓簫 zh_TW dc.contributor.author (Authors) Li, Yu-Hsiao en_US dc.creator (作者) 李毓簫 zh_TW dc.creator (作者) Li, Yu-Hsiao en_US dc.date (日期) 2022 en_US dc.date.accessioned 2-Sep-2022 14:49:02 (UTC+8) - dc.date.available 2-Sep-2022 14:49:02 (UTC+8) - dc.date.issued (上傳時間) 2-Sep-2022 14:49:02 (UTC+8) - dc.identifier (Other Identifiers) G0109356037 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/141561 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 資訊管理學系 zh_TW dc.description (描述) 109356037 zh_TW dc.description.abstract (摘要) 近年來隨著加密貨幣、DeFi等電子支付興起，科技的變革正在改變金融產業，同時也帶來許多風險與安全性議題，為了因應未來廣大的數位經濟支付需求，世界各國央行開始探索分析和研究創造央行數位貨幣(Central Bank Digital Currencies, 簡稱CBDC)的可能性，以及它可能對貨幣政策、流動性等產生的影響。然而，創建和實施 CBDC 基礎設施的挑戰龐大且複雜，需要深思熟慮其整體設計框架和技術解決方案，達成隱私、消費者保護和反洗錢標準；市面上也有許多分散式帳本技術(Distributed Ledger Technology, DLT)配合著各國政府進行CBDC的概念性驗證，以調查數位貨幣的技術設計方法和經濟可行性。本研究透過以R3 Corda分散式帳本技術其開發的CBDC Sandbox沙盒平台，實作CBDC的定義屬性、發行、管理以及交易與回籠；另外以Corda中的Reference State以及Schedule Flow實作新支付場景，以政府補助福利政策需求為例，如要發放振興券等政府福利給社會大眾時能透過此系統，在已發行 CBDC 的基礎上添加可編程性(Programmability)參數，本論文研究貢獻透過四種參數設定，新增年齡限制(Age Permission)、特定交易對象(Specific Trading Counter-party)、到期日(Expiry)及利息計算(Interest Rate)等不同特殊用途CBDC，在不同的參數搭配下，可涵蓋並滿足目前政府在所推動的政策如消費券、債券利息與限制未成年用戶交易等通用政策需求；同時達到模擬央行與政府機構分權的職權模式，以研究可編程貨幣透過R3 Corda技術要如何設計以及研究結果可以如何涵蓋未來特殊支付創新場景應用DLT之參考建議。 zh_TW dc.description.abstract (摘要) The concept of a Central Bank Digital Currency (CBDC) has gained traction in recent years with the rise of electronic payments such as cryptocurrencies and De-Fi. Technological changes are changing the financial industry and user`s payment options. At the same time, it also brings many risks and security issues. This had led Central banks around the globe trying to explore the potential benefits and risks of issuing CBDCs also the implications it may have on monetary policy, liquidity, etc. However, the challenges of implementing a CBDC infrastructure are large and complex, requiring careful consideration of its overall design framework and technical solutions to achieve privacy, consumer protection, and anti-money laundering standards. There are also many Distributed Ledger Technology (DLT) on the market that are cooperating with governments to carry out CBDC proof-of-concept and investigate the technical design method and economic feasibility of digital currency.This research implements the definition, issuance, management, transfer, and redemption of CBDC through the R3 Corda CBDC Sandbox platform developed by R3 Corda distributed ledger technology. In addition, we implement new payment scenarios with the government`s policy needs as an example. when the government introduces the subsidy such as revitalization coupons, programmability parameters can be added on the basis of CBDC issued by the Central Bank through this system. This research designed four new programmability features for the special purpose CBDCs: Age Permission, Specific Trading Counter-party, Interest Rate, and Expiry. Within these parameters, it can cover and meet the current government policies requirements such as subsidiary welfare funds, bond interest or Restrict underage transactions also achieve a model that simulates the separation of power of the central bank and other government authorities and study how programmable money can be designed through R3 Corda technology and how the research results can overcome and provide a reference for the future special payment innovation scenarios and application DLT reference suggestions. en_US dc.description.tableofcontents 第一章 緒論 11.1 研究背景與動機 11.2 研究目的 21.3 研究方法 3第二章 相關研究與技術背景 42.1 可編程支付與可編程貨幣 42.1.1 可編程支付(Programmable Payment) 42.1.2 可編程貨幣(Programmable Money) 42.2 R3 Corda 52.2.1 Corda技術架構 52.2.2 Corda交易流程 122.3 R3 Digital Currencies Sandbox 132.3.1 Sandbox架構 132.3.2 貨幣生命週期 142.3.3 資產發行可編程性 142.4 Digital Tenge Project 16第三章 系統架構與設計 183.1 系統設計理念 183.2 系統架構概觀 193.3 系統主要功能技術、元件 223.3.1 參考狀態(Reference State) 223.3.2 Schedule Flow 243.4系統流程設計 263.4.1 創建央行數位貨幣 263.4.2 央行發行定義的資產 273.4.3 政府機構定義特殊用途參考狀態 293.4.4 特殊用途規則情境設計 33第四章 系統設計與評估 374.1 實作語言與工具 374.2 程式碼設計 374.2.1 CBDC Token State與Contract設計 374.2.2 Reference State程式碼設計 394.2.3 Schedule State/Flow設計 414.3 測試個案 434.4 測試結果 444.5 系統實作展示 44第五章 結論與未來研究 51參考文獻 53附錄 55 zh_TW dc.format.extent 18105644 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109356037 en_US dc.subject (關鍵詞) 央行數位貨幣 zh_TW dc.subject (關鍵詞) R3 Corda zh_TW dc.subject (關鍵詞) 可編程貨幣 zh_TW dc.subject (關鍵詞) 特殊用途央行數位貨幣 zh_TW dc.subject (關鍵詞) CBDC en_US dc.subject (關鍵詞) R3 Corda en_US dc.subject (關鍵詞) Programmable Money en_US dc.subject (關鍵詞) Special Purpose CBDCs en_US dc.title (題名) 可編程貨幣之設計與實作:以 R3 Corda 為例 zh_TW dc.title (題名) Design and Implementation of Programmable Money: A Case Study of R3 Corda Platform en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Alexander Lee. (2021). What is Programmable Money. Retrieved March 20, 2022 form https://www.federalreserve.gov/econres/notes/feds-notes/what-is-programmable-money-20210623.htmBank of Canada, European Central Bank, Bank of Japan, Sveriges Riksbank, Swiss National Bank, Bank of England, Board of Governors of Federal Reserve System, Bank for International Settlements. (2020). Central bank digital currencies: foundational principles and core features. Retrieved May 22, 2022 from https://www.bis.org/publ/othp33_summary.pdfBoar C, Wehrli A. (2021). Ready, steady, go? - Results of the third BIS survey on central bank digital currency.Christian Mandl, Stefan Minner. (2020). Data-Driven Optimization for Commodity Procurement Under Price Uncertainty. Manufacturing & Service Operations Management, Articles in Advance, pp. 1–20.Corda Flow API. Retrieved March 20, 2022 from https://www.twblogs.net/a/5bafc6372b7177781a0f52b5Delgado-Segura, S., Pérez-Solà, C., Navarro-Arribas, G., Herrera-Joancomartí, J. (2019). Analysis of the Bitcoin UTXO Set. In: , et al. Financial Cryptography and Data Security. FC 2018. Lecture Notes in Computer Science, p78-91, vol 10958. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-662-58820-8_6Deutsche Bundesbank. (2020). Money in programmable applications Cross-sector perspectives from the German economy*. Retrieved March 9, 2022 from https://www.bundesbank.de/resource/blob/855148/ebaab681009124d4331e8e327cfaf97c/mL/2020-12-21-programmierbare-zahlung-anlage-data.pdfHansen, Tarik, and Katya Delak (2022). "Security Considerations for a Central Bank Digital Currency," FEDS Notes. Washington: Board of Governors of the Federal Reserve System, February 03, 2022, https://doi.org/10.17016/2380-7172.2970.IBM. (2019). Charting the evolution of programmable money. Retrieved April 9, 2022 from https://www.ibm.com/downloads/cas/GDKQKR6OJonas Gross. (2020). Programmable Money and Programmable Payments. Retrieved March 3, 2022 from https://jonasgross.medium.com/programmable-money-and-programmable-payments-c0f06bbcd569.Khun Sir, 2018. Vite Tech Series: Understanding the UTXO Transaction Model of Bitcoin (Part 1). Retrieved Feb 22, 2022 from https://medium.com/vitelabs/understanding-the-utxo-transaction-model-of-bitcoin-part-1-1c0b9977632eLee, Alexander, Brendan Malone, and Paul Wong (2020). "Tokens and accounts in the context of digital currencies," FEDS Notes. Washington: Board of Governors of the Federal Reserve System, December 23, 2020, https://doi.org/10.17016/2380-7172.2822.Paradorn Pasuthip, Steve Yang. (2020). Central Bank Digital Currency: Promises and Risks. Retrieved May 05, 2022 from https://www.worldquant.com/ideas/central-bank-digital-currency-promises-and-risks/.R3 Corda. (2021). R3 Sandbox for Digital Currencies. Retrieved Jan 13, 2022 from https://www.r3.com/wp-content/uploads/2021/12/R3_Digital_Currency_Sandbox_FS_2021.pdf Christian Mandl, Stefan Minner. (2020). Data-Driven Optimization for Commodity Procurement Under Price Uncertainty. Manufacturing & Service Operations Management, Articles in Advance, pp. 1–20.Corda Flow API. Retrieved March 20, 2022 from https://www.twblogs.net/a/5bafc6372b7177781a0f52b5Delgado-Segura, S., Pérez-Solà, C., Navarro-Arribas, G., Herrera-Joancomartí, J. (2019).Analysis of the Bitcoin UTXO Set. In: , et al. Financial Cryptography and Data Security. FC 2018. Lecture Notes in Computer Science, p78-91, vol 10958. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-662-58820-8_6Deutsche Bundesbank. (2020). Money in programmable applications Cross-sector perspectives from the German economy*. Retrieved March 9, 2022 from https://www.bundesbank.de/resource/blob/855148/ebaab681009124d4331e8e32 7cfaf97c/mL/2020-12-21-programmierbare-zahlung-anlage-data.pdfHansen, Tarik, and Katya Delak (2022). "Security Considerations for a Central Bank Digital Currency," FEDS Notes. Washington: Board of Governors of the Federal Reserve System, February 03, 2022, https://doi.org/10.17016/2380-7172.2970.IBM. (2019). Charting the evolution of programmable money. Retrieved April 9, 2022 from https://www.ibm.com/downloads/cas/GDKQKR6OJonas Gross. (2020). Programmable Money and Programmable Payments. Retrieved March 3, 2022 from https://jonasgross.medium.com/programmable-money-and- programmable-payments-c0f06bbcd569.Khun Sir, 2018. Vite Tech Series: Understanding the UTXO Transaction Model of Bitcoin (Part 1). Retrieved Feb 22, 2022 from https://medium.com/vitelabs/understanding-the-utxo-transaction-model-of-bitcoin- part-1-1c0b9977632e53Lee, Alexander, Brendan Malone, and Paul Wong (2020). "Tokens and accounts in the context of digital currencies," FEDS Notes. Washington: Board of Governors of the Federal Reserve System, December 23, 2020, https://doi.org/10.17016/2380- 7172.2822.Paradorn Pasuthip, Steve Yang. (2020). Central Bank Digital Currency: Promises and Risks. Retrieved May 05, 2022 from https://www.worldquant.com/ideas/central- bank-digital-currency-promises-and-risks/.R3 Corda. (2021). R3 Sandbox for Digital Currencies. Retrieved Jan 13, 2022 from https://www.r3.com/wp- content/uploads/2021/12/R3_Digital_Currency_Sandbox_FS_2021.pdf zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202201333 en_US
