The Research And Design Of Futures Clearing System Based On Blockchain

As a strong financial intermediary,the futures exchange has to build multiple backup centers to ensure the stability of futures market,which leads the waste of various resources.Meanwhile,driving by the interests,intermediary's rent-seeking behavior can cause unfair transactions.Traditional futures clearing business can only be started after market closing,the layered,multi-stage and centralized clearing system,which not only decrease the clearing efficiency and enhance the clearing costs,but also the risk of clearing gather in the intermediary leads to higher costs of risk-control.This thesis integrates the technique characteristics about blockchain,designs a real-time system of futures clearing based on alliance chain to improve the futures clearing efficiency and system security.The main work of this thesis is to study the theory and design idea of blockchain technology,research and analysis the characteristics and development status of each main module,study and analysis the current situation of futures business.And link with the trilemma theory for blockchain to determine the design principles.Blockchain technology is the core foundation of the Bitcoin system,which is the integration and innovation of a variety of mature techniques.It has open,self-organized design idea,which is characterized in terms of decentralization,security,tamper-proofing and traceability.With the application of the technology,which is not only enhance the system stability and robustness,but also achieve the exchange of values with other peers by P2 P network,which can reduce the intermediary costs in trading activity.The new system uses the P2 P dynamic netting to realize decentralization,uses cryptography to guarantee user privacy and data security,takes consensus algorithm to ensure data consistency among nodes,uses Merkle tree,chain data structure and time stamp technology to realize data tamper-resistant and data traceability.At the stages of research and design of the system,some strategies were designed to improve clearing efficiency and system robustness.Firstly design business rules and processes of futures trading and clearing based on blockchain,concern about problems in traditional business system,try to realize real-time clearing.Secondly propose the double chain architecture to store transactions info and funds transfer info.Thirdly design various types of nodes,introduce user identification protocol to improve the system security,and is convenient for regulators to identify and take risk precaution,achieve effective regulation at last.Finally design the consensus mechanism with modularity and mixture to support the different application situation.Meanwhile compare of different consensus algorithms and design some evaluating index for consensus algorithm.Ultimately,design a real-time futures clearing system based on blockchain.This thesis makes a preliminary study and design of the futures clearing system based on blockchain,which achieves the real-time clearing of futures and validates the feasibility of using blockchain in futures market.Due to the limited knowledge and ability,some points and understanding of the thesis are not very mature.It makes the practical results of this study less than expected,which needs to be further perfected in the follow-up work,and improve the overall system performance.