Mediation device and mediation method

Abstract

To mediate a customer transaction without holding any assets from the customers.SOLUTION: A mediation device for mediating a transaction of a token issued by a blockchain is configured to receive order data with a signature from a user, verify the received order data and the signature, and select and execute an appropriate smart contract.SELECTED DRAWING: Figure 1

Description

[Technical Field]

[0001] The present invention relates to an intermediary device and an intermediary method. [Background technology]

[0002] Non-Patent Document 1 shows the flow of business in a conventional securities trading system. Securities companies receive funds and securities from customers. As a broker, the securities company acts as an intermediary for transactions on exchanges (such as financial instruments exchanges and proprietary trading systems (PTS)). When a securities company receives funds or securities from a customer, it uses a transfer institution (such as a securities transfer organization or a trust bank) to take measures to separate and manage the securities and assets of the securities company and those of the customer (see Non-Patent Document 2). Furthermore, a clearing organization assumes the obligations for transactions concluded on the exchange and issues settlement instructions to a settlement organization. A settlement organization (such as a Japan Securities Depository Center, a Fund Settlement Bank, or the Bank of Japan) receives settlement instructions from the clearing organization and settles securities and funds between accounts.

[0003] As explained above, conventional securities trading systems involve multiple entities, including securities companies, exchanges, transfer institutions, clearing organizations, and settlement banks. This results in the involvement of many intermediaries, which increases costs and introduces delays and risks to transactions. Furthermore, financial derivatives trading relies on centralized intermediaries, which leads to high costs and inefficiencies.

[0004] Furthermore, traditional securities trading is premised on the premise that securities firms hold customer assets and have exclusive ownership of them. While this allows securities firms to manage and protect assets, it also limits customers' direct control over their own assets. [Prior art documents] [Non-patent literature]

[0005] [Non-Patent Document 1] https: / / www.jpx.co.jp / jscc / seisan / genbutsu / acceptance_debt / seisan_kikan.html [Non-patent document 2] https: / / www.jsda.or.jp / about / hatten / bunbetsu / files / bunbetukanri20110712.pdf Summary of the Invention [Problem to be solved by the invention]

[0006] An object of the present invention is to provide an intermediary device and an intermediary method that can mediate transactions of customers without taking custody of assets from the customers. [Means for solving the problem]

[0007] One aspect of the present invention is an intermediary device that mediates transactions of tokens issued by a blockchain, receiving signed order data from a user, verifying the received order data and the signature, and selecting and executing an appropriate smart contract. [Effects of the Invention]

[0008] According to the present invention, it is possible to mediate transactions of customers without taking custody of assets from the customers. [Brief explanation of the drawings]

[0009] [Figure 1] FIG. 1 is a diagram showing a trading system according to a first embodiment. [Figure 2] FIG. 2 is a sequence diagram showing the operation of the transaction system according to the first embodiment. DETAILED DESCRIPTION OF THE INVENTION

[0010] (Overall Overview) Hereinafter, embodiments of the present invention will be described in detail with reference to the drawings. FIG. 1 is a diagram illustrating a trading system 1 according to the first embodiment. The trading system 1 according to the first embodiment includes an intermediary device 10, a user device 20, and a blockchain network 30. The intermediary device 10 mediates transactions of a user U. The user device 20 is, for example, a computer or a smartphone. The user U uses the user device 20 to send an order with a digital signature to the intermediary device 10.

[0011] When the intermediary device 10 receives an order with a digital signature, it specifies an appropriate smart contract based on the order, creates a transaction, and sends it to the blockchain network 30. Here, the intermediary device 10 adds a gas fee, which is a transaction execution fee, to the transaction as needed, and sends it to the blockchain network 30.

[0012] A node in the blockchain network 30 verifies the signed transaction it receives. The verified transaction executes a smart contract specified by the transaction at the node. Execution of the smart contract causes a state transition, and defines rules and processes for updating the state of the blockchain network 30.

[0013] (User registration and authentication) The trading system 1 will be described in detail below. In the trading system 1, user U can freely access the blockchain network 30. User U installs a wallet application on the user device 20. The wallet application is an application that manages wallets in the blockchain network 30. When installing the wallet application, a private key for the wallet is created, a public key is created based on the private key, and an address is created based on the public key, thereby issuing a unique account. The wallet address is created from the public key. For example, the public key is input into the Keccak-256 hash function, and the string of the lowest 20 bytes of the output result is treated as the address. Since these processes are carried out on a decentralized mechanism called the blockchain network, there is no need to issue a centralized account.

[0014] However, when using a specific intermediary device 10, that intermediary device 10 may require its own user registration, for example, as part of a KYC (Know Your Customer) process to prevent fraudulent transactions and comply with legal regulations.

[0015] When user registration is performed by the intermediary device 10, the user U is requested to submit personal information and identity verification is performed to confirm that the user is trustworthy. Once registration is complete, the user's account information is securely stored in the intermediary device 10. The user's account information associates the user with an address created from the public key of the user's wallet.

[0016] User authentication is performed when a user U sends an order to the intermediary device 10. The intermediary device 10 verifies the signature attached to the received order to confirm that the order has been sent by a registered user. Orders from unregistered users are not mediated by the intermediary device 10.

[0017] (Asset registration and management) In the trading system 1, assets to be traded are tokens that exist on the blockchain network 30. These tokens are, for example, tokens issued based on the ERC20 standard or a similar standard. Tokens based on the ERC20 standard are issued through smart contracts and can represent various assets and rights.

[0018] For example, stablecoins may be pegged to real-world assets (such as fiat currency) held by the issuing entity to back the value of the token, and may be issued by a smart contract that effectively manages the collateral assets.

[0019] By supporting the ERC20 standard or a similar standard, the trading system 1 can handle a variety of tokens in a unified manner, making it possible to represent and trade a wide range of assets and rights on the blockchain network 30.

[0020] Asset registration is performed by the token issuer or holder. The issuer registers the token's initial data (name, symbol, issuance amount, etc.) in a smart contract. The holder holds the token by linking it to their own wallet address.

[0021] Registered assets are managed on the blockchain network 30. Token transfers are executed by smart contracts and the results are recorded on a distributed ledger, allowing asset ownership to be managed transparently and immutably.

[0022] (Order to intermediary device) User U uses the user device 20 to create order data. The order data includes an intent that indicates the order details. The intent instructs a third party to create a transaction, and the intent included in the order data includes information such as information indicating whether to sell or buy tokens, information on the trading volume, price conditions, and expiration date. The user device 20 signs the order data using the private key of user U's wallet. This signature is created using the private key on the hash value of the order data. This signature can be verified using the public key that corresponds to the private key. The user device 20 transmits the signed order data to the intermediary device 10.

[0023] The intermediary device 10 verifies the received order data and the attached signature. For example, the intermediary device 10 verifies that the format of the order data is correct and that the authentication has been performed correctly on the hash value of the order data. If the intermediary device 10 is requesting user registration, the intermediary device 10 may also verify that the public key corresponding to the private key used for the signature or the address created from the public key is registered as user information on the intermediary device 10.

[0024] (Instructions to the blockchain network) The intermediary device 10 transmits instructions based on the order data that passed the verification to the blockchain network 30. The intermediary device 10 returns the order data that failed the verification to the user device 20 or discards it.

[0025] Based on the order data that has passed verification, the intermediary device 10 generates instructions to send to the blockchain network 30. The instructions include information on a smart contract appropriate for processing the order data. The intermediary device 10 holds the order data, checks the price of the traded item, and sends a processing instruction to the blockchain network 30 when the order becomes available for trading under the conditions specified in the order data. The intermediary device 10 executes the smart contract by sending the instruction to the blockchain network 30. Note that, if the intermediary device 10 receives an instruction from user U to change or discard the order data while holding the order data, it changes or discards the order data.

[0026] Nodes in the blockchain network 30 store transactions to be processed in a memory area (e.g., mempool) and wait for them to be processed. Each node synchronizes the program that executes the smart contract, the ledger containing balances such as ERC20, and the memory area between nodes. The node retrieves the transaction from the memory area, executes the smart contract in a virtual machine (e.g., Ethereum Virtual Machine, EVM) that serves as the execution environment, and generates a new block that reflects the execution results in the ledger and propagates it to the blockchain network 30.

[0027] FIG. 2 is a sequence diagram showing the operation of the trading system 1 according to the first embodiment. First, customer C uses the electronic device 20 to send a buy order to the intermediary device 10 (step S11). The intermediary device 10 receives the buy order sent by the receiving process. The trading partner 30 sends a sell order to the intermediary device 10 (step S12). The intermediary device 10 receives the sell order sent by the receiving process. The intermediary device 10 executes a contract based on the buy order and the sell order (step S13). After executing the contract, the intermediary device 10 may notify customer C, who sent the buy order, and the trading partner 30, who sent the sell order, that the contract has been executed.

[0028] The intermediary device 10 may check whether the instruction sent to the blockchain network 30 has been processed. For example, if the intermediary device 10 is a node of the blockchain network 30 and synchronization is performed, the intermediary device 10 may check the ledger and check whether the instruction (transaction) has been processed. The intermediary device 10 may check the updated ledger after processing has been performed and notify the user U that the processing has been completed.

[0029] FIG. 2 is a sequence diagram showing the flow of orders in the trading system 1 according to this embodiment. The user U creates order data using the user device 20 (step S11). The user device 20 signs the order data (step S12). The user device 20 transmits the signed order data to the intermediary device 10 (step S13). The intermediary device 10 verifies the received order data and the attached signature (step S14). The intermediary device 10 transmits an instruction (transaction) based on the order data that passes verification to the blockchain network 30 (step S15). At this time, the order data that fails verification is returned to the user device 20 or discarded.

[0030] In the blockchain network 30, the smart contract is executed based on the received transaction (step S16), thereby executing the order by the user U.

[0031] In the above description, the intent included in the order data includes information indicating whether to sell or buy tokens, trading volume information, price conditions, expiration date, etc. However, the intent is not limited to this. For example, the intent included in the order data may include only information indicating a change in token ownership. When the intermediary device 10 receives this order data, it generates instructions based on the order data to send to the blockchain network 30. Here, the intermediary device 10 creates a transaction indicating the change in token ownership, grants gas fees, and sends it to the blockchain network 30.

[0032] The transaction is processed in the blockchain network 30, and the ownership is rewritten in the ledger. By checking the ledger, the intermediary device 10 can confirm whether the instruction sent to the blockchain network 30 has been processed. The intermediary device 10 may also record the ownership of the token before and after the change.

[0033] (effect) The effects of this embodiment will be described below.

[0034] Eliminating the middleman The intermediary device 10 according to this embodiment utilizes blockchain technology to eliminate the middlemen present in conventional securities trading systems, thereby significantly reducing transaction costs and enabling more economical transactions for users.

[0035] Promoting financial inclusion and creating new economic spheres Traditionally, it has been difficult for individuals and small and medium-sized enterprises to enter the financial industry, such as the securities industry. However, in transactions using the intermediary device 10 according to this embodiment, there is no need to hold customer assets in custody, so it is believed that individuals and small and medium-sized enterprises will be able to easily enter the industry without the traditional restrictions. This is expected to promote financial inclusion and lead to the revitalization of new economic activities.

[0036] Reduced Custodian Risk In conventional securities trading, there is custodian risk associated with securities companies storing customer assets. In this embodiment, this risk is significantly reduced because users can directly manage their own assets.

[0037] Elimination of credit risk In this embodiment, a transaction can be completed without the need to hold assets from the customer, and therefore, fund transfer can be completed without bearing credit risk.

[0038] Furthermore, in this embodiment, the following effects can be obtained by using the blockchain technology.

[0039] Automating and streamlining transactions through smart contracts In this embodiment, the trading system 1 uses smart contracts to automatically execute transactions, enabling even complex financial transactions to be processed quickly and accurately, greatly improving trading efficiency and reducing the risk of human error.

[0040] High transparency and security through blockchain In this embodiment, transaction information is recorded on the blockchain, ensuring high transparency. Furthermore, due to the characteristics of blockchain technology, tampering is extremely difficult, making transactions highly secure. This allows users to participate in transactions with peace of mind.

[0041] Tokenization of various assets and revitalization of trading In this embodiment, by using standards such as ERC20, it is possible to tokenize and trade various assets and rights using a unified standard. This is expected to improve the liquidity of assets that have traditionally been difficult to trade, and create new investment opportunities.

[0042] Reduced gas costs and improved usability In this embodiment, by utilizing off-chain signatures and their verification based on standards such as EIP712, it becomes possible for people other than the person who signed the signature to pay the gas fee and carry out transactions. This improves usability and makes it easier for more people to use the decentralized financial system.

[0043] The execution result of the transaction by smart contract is recorded as a block in the blockchain network 30, and the balance of the related asset is updated. The intermediary device 10 checks the update result and notifies the user, so that the user U can be sure that the transaction has been completed.

[0044] Furthermore, by performing these verifications, the intermediary device 10 can confirm the authenticity of the order and eliminate fraudulent orders. Furthermore, these processes are off-chain processes that do not involve the blockchain network 30. Therefore, the user U does not directly send the order data to the blockchain network 30. Therefore, the transaction fee (gas fee) in the blockchain is added to the transaction on the user's behalf by the intermediary device 10, allowing the user U to conduct transactions without being aware of the gas fee.

[0045] Furthermore, the intermediary device 10 stores the order data before the order becomes available for trading under the conditions specified by the order data, and the order data can be changed or discarded, so that the user can easily cancel or change the order.

[0046] Furthermore, the intermediary device 10 can change the ownership of the token based on the information indicating a change in token ownership indicated by the order data. This allows the transfer of funds, which has traditionally been carried out by banks or money transfer service providers, to be completed without having to deposit the funds at a bank or money transfer service provider.

[0047] (Example) The following is a specific description of the transactions that will be conducted. First, we will explain the case of exchanging securities and funds. At this time, the intermediary device 10 expresses the swap of securities as tokens and funds as a transaction on the blockchain. The intermediary device 10 selects an appropriate smart contract (e.g., Uniswap protocol) based on the order content, and automatically executes the swap of securities and funds.

[0048] Next, we will explain the case of conducting a derivatives transaction. At this time, the intermediary device 10 expresses the derivatives transaction as a smart contract on the blockchain. The derivatives transaction is, for example, a perpetual swap transaction. The intermediary device 10 selects an appropriate smart contract depending on the order content and executes the transaction. At this time, in the blockchain network 30, USDC is borrowed from the lending pool by the smart contract, and the USDC is swapped for wETH by an automated market maker (AMM).

[0049] Thereafter, when user U wishes to end the transaction, he or she sends a close order to the intermediary device 10. Based on the received close order, the intermediary device 10 sends instructions to the blockchain network 30. After that, a smart contract is executed in the blockchain network 30, and the AMM swaps wETH for USDC, and the borrowed USDC is repaid to the lending pool, thereby closing the position.

[0050] Next, we will explain the case of conducting an electricity transaction. At this time, the intermediary device 10 expresses the swap of the electricity usage contract as a token and funds as a transaction on the blockchain. The intermediary device 10 selects an appropriate smart contract based on the order content, thereby executing the transaction between the electricity usage contract and funds.

[0051] As described above, the trading system 1 according to the first embodiment can also be used for energy trading.

[0052] Other Embodiments One embodiment of the present invention has been described in detail above with reference to the drawings, but the specific configuration is not limited to that described above, and various design changes and the like are possible within the scope that does not deviate from the gist of the present invention.

[0053] Some or all of the functions of the intermediary device 10 in the above-described embodiment may be implemented by a computer. In this case, a program for implementing the functions may be recorded on a computer-readable recording medium, and the program may be loaded and executed by a computer system. The term "computer system" as used herein includes an operating system (OS) and peripheral hardware. The term "computer-readable recording medium" refers to portable media such as floppy disks, optical magnetic disks, ROMs, and CD-ROMs, as well as storage devices such as hard disks built into computer systems. The term "computer-readable recording medium" may also include media that dynamically store programs for a short period of time, such as communication lines used when transmitting programs over networks like the Internet or telephone lines, or media that store programs for a fixed period of time, such as volatile memory within the computer system serving as the server or client. The program may be designed to implement some of the functions described above, or may be capable of implementing the functions in combination with a program already stored in the computer system. Some or all of the functions of the intermediary device 10 may be implemented using a programmable logic device such as a field programmable gate array (FPGA). [Explanation of symbols]

[0054] 1 trading system, 10 intermediary device, 20 electronic device, 30 trader device, 40 blockchain

Claims

1. An intermediary device that mediates transactions of tokens issued by a blockchain, receiving signed order data from a user; Verifying the received order data and the signature, and selecting and executing the appropriate smart contract; Intermediary device.

2. Notifying the user of the results of the transaction performed by the smart contract; The intermediary device of claim 1 .

3. The order data is signed by the user using an off-chain signature. The intermediary device of claim 1 .

4. verifying the order data and the signature using a public key corresponding to the user's registered address; The intermediary device of claim 1 .

5. The token transaction is a securities transaction expressed as a swap, The smart contract automatically executes the swap. The intermediary device of claim 1 .

6. The token transaction is a derivative transaction expressed as a swap and lending, The smart contract automatically executes the swap and lending. The intermediary device of claim 1 .

7. The derivative transaction is a perpetual swap transaction. The intermediary device of claim 6.

8. The token transaction is an energy transaction expressed as a swap, The smart contract automatically executes the swap. The intermediary device of claim 1 .

9. The assets to be traded are tokens based on the ERC20 standard or similar standards. The intermediary device of claim 1 .

10. An intermediation method for intermediating transactions of tokens issued by a blockchain, comprising: receiving signed order data from the user; Verifying the received order data and the signature, and selecting and executing the appropriate smart contract; Mediation method.

Images