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http://dx.doi.org/10.38121/kpea.2022.3.38.1.31

A Conceptual Study on Blockchain Technology-based STO Platform Creation for Ship Finance  

Ahn, Soon-Goo (부산국제금융진흥원 국제금융/금융연구실)
Yun, Hee-Sung (한국해양대학교 해양금융대학원)
Publication Information
Journal of Korea Port Economic Association / v.38, no.1, 2022 , pp. 31-47 More about this Journal
Abstract
While the ship finance industry has long been struggling with diminishing involvements from the private sector, government-run banks have consistently increased their presence in maritime finance. To address such concerns, this research conceptually explores the creation of blockchain technology-driven security token offering (STO) platforms. To suggest a sound platform model, this piece first examines key design principles. Based on the integral perspective on the digital platform, this paper exhibits three core design principles to create a virtuous platform ecosystem, then sets out STO platform design guidelines. This paper further explores an STO platform model by considering conventional ship finance systems and practices in Korea. The STO platform has three main effects; 1) the wider availability of STOs can enlarge both the scope and size of ship finance users, 2) the activation of security token transactions leads to an increase in participation, and 3) possibilities to create complementary innovative financial services can further encourage the participation of private investors. The STO ecosystem may contribute to the shipping, shipbuilding, and ship finance industries by enhancing its attractiveness to the general public and by creating positive externalities for Busan as a maritime finance center.
Keywords
Blockchain; STO; Ship finance; Platform; Ecosystem;
Citations & Related Records
Times Cited By KSCI : 4  (Citation Analysis)
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