Journal of Platform Technology

  • 제11권5호
  • /
  • Pages.37-48
  • /
  • 2023
  • /
  • 2289-0181(pISSN)
  • /
  • 2289-019X(eISSN)
ICT플랫폼학회 (ICT Platform Society)
권호 표지

블록체인 기반의 토큰 증권 IT 플랫폼 선택을 위한 의사결정 연구

A Study on Decision Making for Blockchain-based IT Platform Selection for Security Token

  • 양수오 ((주)페어스퀘어랩) ;
  • 서병완 (산업정책연구원)
  • Soo-oh Yang ;
  • Byung Wan Suh
  • 투고 : 2023.08.25
  • 심사 : 2023.10.15
  • 발행 : 2023.10.30
PDF 다운로드
⟨ 이전 논문 다음 논문 ⟩

초록

2023년 2월 금융위원회의 '토큰증권 발행·유통체계 정비방안' 발표 이후 금융기관, 증권사 및 블록체인 기업들은 IT 플랫폼 구현을 적극적으로 고려하고 있으나 아직 관련 법적규제가 명확히 확립되어 있지 않아 토큰증권의 IT 플랫폼에 선정에 어려움을 겪고 있다. 이에 따라 블록체인 기반의 토큰증권 IT 플랫폼 선택에 대해 합리적이고 체계적인 기준의 필요성이 대두되었고, 본 연구에서는 이를 델파이 기법(Delphi Method)과 계층적 의사결정 방법(AHP, Analytic Hierarchy Process)을 통해 토큰증권 IT 플랫폼 선택의 핵심 요인을 탐색 및 평가하였다. 상위 핵심요인으로 '플랫폼의 성숙도', '플랫폼의 운영 및 관리', '플랫폼 도입 및 유지비용', '토큰 증권에 대한 규제 적합성' 등 4개의 요인이 도출되었고, 하위 핵심요인으로는 '다양성', '사용자 인증관리', '도입비용', '금융규제'등 17개의 요인이 도출되었다. 연구 결과, 17개의 하위요인 중 '정부금융규제'과 '개인정보보호'가 중요한 요인으로 선정되고, 본 연구결과는 토큰증권 IT 플랫폼 선택의 체계적인 의사결정 기준을 제공하여 관련 기관 및 금융 기업들의 전략적 결정에 도움을 줄 수 있을 것이다.

Since the announcement of the Financial Services Commission's 'Token Securities Issuance and Distribution System Improvement Plan' in February 2023, financial institutions, securities firms, and blockchain companies have been actively considering implementing IT platforms, but they are facing difficulties in selecting IT platforms for token securities because related legal regulations have not yet been clearly established. As a result, the need for rational and systematic criteria for the selection of blockchain-based token securities IT platforms has emerged, and this study explores and evaluates the key factors of token securities IT platform selection. Four factors were identified as the top-level factors, including 'maturity of the platform', 'operation and management of the platform', 'cost of introducing and maintaining the platform', and 'regulatory compliance for token securities', and 17 factors were identified as sub-level factors, including 'diversity', 'user authentication management', 'Adoption Costs', and 'financial regulations'. Among the 17 sub-factors, 'government financial regulation' and 'personal information protection' are selected as important factors, and the results of this study can help related organizations and financial companies make strategic decisions by providing systematic decision-making criteria for selecting token securities IT platforms.

키워드

참고문헌

  1. E. Ackermann, C. Bock and R. Burger, "Democratising entrepreneurial finance: the impact of crowdfunding and initial coin offerings (ICOs)," Contemporary developments in entrepreneurial finance: An academic and policy lens on the status-quo, challenges and trends, pp.277-308, 2020.
  2. H. Prabowo, A. Trisetyarso and B. Soewito, Blockchain Platform Selection for Security Token Offering (STO) Using Multi-criteria Decision Model. International Congress on Blockchain and Applications, Springer, 2021.
  3. D.W. Shin and D.W. Ko, " Legal Review of Regulations on Initial Coin Offerings in Korea", Sungkyunkwan Law Review, Vol.33, No.2, pp.731-767, 2021.
  4. T. Lambert, D. Liebau and P. Roosenboom, "Security token offerings," Small Business Economics, pp.1-27, 2021.
  5. K. L. Kim, "ICO and STO Markets in Korea: Challenges and Opportunities," Available at SSRN 4219487, 2022.
  6. Financial Services Commission, "Token Security Token Issuance and Distribution Regulatory System Improvement Plan", Korea Financial Services Commission Brief, February 2023 [Online]. Available: https://www.fsc.go.kr/edu/news/79465
  7. "KB Securities Holds 'ST Owners Day' Event with Token Securities Business Partners," MTN News, [Online] Available: https://news.mtn.co.kr/news-detail/2023062314314643049.
  8. "Token securities market expected to reach 367 trillion in 2030...Shinhan Investment & Securities to launch service within the year", Newsworks, [Online]. Available: https://www.newsworks.co.kr/news/articleView.html?idxno=723249.
  9. "Bustling Stock Exchange. Comprehensive Investments 'Stand Out'", PinPointNews, [Online]. Available: https://www.pinpointnews.co.kr/news/articleView.html?idxno=211228.
  10. S. Kubler, M. Renard, S. Ghatpande, J.P. Georges and Y. Le Traon, "Decision support system for blockchain (DLT) platform selection based on ITU recommendations: A systematic literature review approach," Expert Systems with Applications, 118704, 2022.
  11. M. Attaran, "Blockchain technology in healthcare: Challenges and opportunities," International Journal of Healthcare Management, Vol.15, No.1, pp.70-83, 2022.
  12. S. Farshidi, S. Jansen, S. Espana and J. Verkleij, "Decision support for blockchain platform selection: Three industry case studies," IEEE transactions on Engineering management, Vol.67, No.4, pp.1109-1128, 2020.
  13. B.W. Suh and J.H. Kim, "A Case Study of Korea's Fractional Investment in Blockchain-based Digital Platforms," Journal of Digital Contents Society, Vol.24, No.3, pp.617-629, 2023.
  14. J. Ito, N. Narula and R. Ali, "The blockchain will do to the financial system what the internet did to media," Harvard Business Review, 9, (March), 2017.
  15. H. Chung and J. Kim, "Taxation for Individual Investors on Investment Contract Securities Issued by Security Tokens," Seoul Tax Law Review, Vol.29, No.1, pp.391-451, 2023.
  16. H.K. Ko and S.H. Ju, "Understanding Securities Token Guideline," KISO Journal, Vol.50, pp.40-45, 2023.
  17. I. Erol, A. Oztel, C. Searcy and I. T. Medeni, "Selecting the most suitable blockchain platform: A case study on the healthcare industry using a novel rough MCDM framework," Technological Forecasting and Social Change, 186, 122132, 2023.
  18. M. J. M. Chowdhury, M. S. Ferdous, K. Biswas, N. Chowdhury, A. Kayes, M. Alazab and P. Watters, "A Comparative analysis of distributed ledger technology platforms," IEEE Access, 7, 167930-167943, 2019.
  19. Z. Moezkarimi, F. Abdollahei and A. Arabsorkhi, "Proposing a framework for evaluating the blockchain platform", 2019 5th International Conference on Web Research (ICWR), IEEE.
  20. H. Tang, Y. Shi and P. Dong, "Public blockchain evaluation using entropy and TOPSIS," Expert Systems with Applications, 117, pp.204-210, 2019.
  21. G. Buyukozkan and G. Tufekci, "A decision-making framework for evaluating appropriate business blockchain platforms using multiple preference formats and VIKOR," Information Sciences, 571, pp.337-357, 2021.
  22. J.S. Lee, "Delphi Methodology," Education Science, Seoul, 2001.
  23. Y.L. Jung and H.H. Nam, "A Development of the Post-evaluation Index about Maintenance of Remains by using Delphi and AHP Method," Journal of architectural history, Vol.23, No.4, pp.19-33, 2014.
  24. T.H. Hong, E.M. Kim, and B.M. Suh, "The Selection of CRM Systems in Financial Institution Using the Analytic Hierarchy Process," The Journal of Information Systems, Vol.17, No.2, pp.137-154, 2008.
  25. S. Nanayakkara, M. Rodrigo, S. Perera, G. T. Weerasuriya and A. A. Hijazi, "A Methodology for selection of a Blockchain platform to develop an enterprise system," Journal of Industrial Information Integration, 23, 100215, 2021.
  26. T. Satty, "The Analytic Hierarchy Process, New York: McGraw Hill. International, Translated to Russian, Portuguese, and Chinese, Revised Editions, Paperback," 1980.
  27. H.S. Cho and H.J. Hwang, "A Study on the Assessment of the Cultural Heritage's Disaster Safety Using GIS," in Proc. of the Korea Society of Hazard Mitigation, 2017(1), pp.1-1, 2017.
  28. Korea Development Institute, "Modification and complementary study of general guidelines for performing pre-feasibility study (4th ed.)," Ministry of Strategy and Finance, 2004.
  29. M. Hayat and H. Winkler, "An Analytic Hierarchy Process for Selection of Blockchain-Based Platform for Product Lifecycle Management," Sustainability, Vol.14, No.21, 13703, 2022.