JP2023003894A - Transaction order processing system using digital assets - Google Patents

Abstract

To provide a transaction order processing system using digital assets, which can quickly and efficiently perform processing of exchange/transaction between digital assets.SOLUTION: In the transaction order processing system, smart contracts 2, 3, 4 and 5 operating in each node in units of brand are configured to: sort order data for a brand in the order of price priority, order time priority, and quantity priority; convert several pieces of highly-ranked order data after sorting to standardized currency units, quantity units and order quantities and order prices based on digital assets of the brand on the other party to calculate a reference order price and a reference order quantity; and perform matching/contract processing between at least one of order data on a seller side and order data on a buyer side after sorting and calculation of the reference order price and the reference order quantity and several pieces of highly-ranked order data on the other party. The smart contract 5 monitors a processing activation condition for order data, and when the processing activation condition is satisfied, executes matching/contract processing of an order relating to the order data to be executed by the smart contract 4.SELECTED DRAWING: Figure 1

Description

The present invention relates to a digital asset trading system that trades products using digital assets such as tokens and digital currencies that can digitally express economic values.
In addition, the "system" in the specification of the present application is configured by combining elements such as computers and other electronic devices, software, communication networks, data, etc., and specifically performs information processing by software using hardware resources. It means the computer system that implements it.

At the world's major commodity exchanges, transactions are conducted in which the economic value of commodities, etc. is indicated in the currency issued by each country.

In recent years, digitization technology has made it easier to trade digital assets such as tokens that digitally represent the economic value of assets.
In particular, assets having a standardized economic value, such as commodities (such as products traded on commodity exchanges), have a strong characteristic of being able to be traded as digital assets.

However, conventional commodity exchanges do not have a system for processing trading orders for digital assets such as tokens.
In the future, not only major digital values (assets) such as crypto assets, digital currencies, or digital securities such as STOs, but also digital representations of minor values such as individually defined goods and services such as products and foods. , it is assumed that it will be subject to exchange and trading.

Therefore, the inventors of the present invention conducted repeated studies and considerations in order to construct a system for processing trade orders using digital assets. At that time, we considered a transaction order processing system that exchanges and trades between all forms of digital value (assets) (multi-currency, multi-asset). It turned out that it is difficult to exchange or trade digital assets with different quantities.

The present invention has been made in view of the above-mentioned conventional problems. etc., including crypto assets), digital currency, token and digital currency, tokens and digital currencies, exchanges and transactions between all forms of digital assets can be processed quickly and efficiently. The purpose is to provide a possible transaction order processing system using digital assets.

In order to achieve the above object, the transaction order processing system using digital assets according to the present invention includes tokens (a general term for values defined digitally in distributed technology such as blockchain, including cryptographic assets), digital A distributed ledger in at least one type of blockchain or other decentralized technology for managing transactions between any form of digital asset, such as currency, token and digital currency, token to token, or digital currency to digital currency, and the distributed ledger. A transaction order processing system using digital assets, constructed with a smart contract for performing predetermined processing using digital assets managed by an order input means, and said order input means by an orderer It has a smart contract for order management, a smart contract for providing a reference value, a smart contract for trading, and a smart contract for monitoring processing operating conditions, which operate for each node when an order is entered via The order management smart contract stores order data ( data of sell orders and buy orders) in the distributed ledger, and the reference price provision smart contract records the reference prices of each issue (latest execution price, best quote, etc.) (based on the stock price, which serves as a trading reference price), and provides the calculated reference value to each of the trading smart contracts corresponding to the issue, and the trading smart contract has a function of providing the distributed The order data of the issue recorded and stored in the model ledger is classified into sell-side order data and buy-side order data. A function to sort in order of priority and quantity priority, and for order data, for orders of digital assets of the same brand, the currency unit and quantity unit of multiple orders with different currency units and quantity units that are the basis of transactions can be sorted as described above. Based on the predetermined conversion rate calculated using the reference value, the function to convert to a unified currency unit and quantity unit to calculate the reference order price and reference order quantity, and the digital assets of different brands for the order data The order quantity and order price in the order will be changed to the order quantity and order price based on the digital asset of the counterparty's issue based on the predetermined conversion rate calculated using the above-mentioned reference value. In other words, a function to calculate the standard order price and the standard order quantity, at least one of the sell side order data after sorting and calculating the standard order price and the standard order quantity, the buy side order data, and the counterparty It has a function to perform matching/execution processing with the order data of the top few items, and the processing operating condition monitoring smart contract monitors whether the order data processing operating conditions are satisfied, and the processing operation of the order data It is characterized by having a trigger function that causes the transaction smart contract to execute order matching/contract processing related to the order data when conditions are met.
In the specification of the present application, a "smart contract" is a program that runs on a blockchain, and automatically executes transaction data processing in the blockchain using information captured from outside the blockchain as a trigger. It means a program that can be processed in parallel in a distributed environment called nodes.

Further, in the transaction order processing system using digital assets of the present invention, the transaction smart contract calculates the reference order price and the reference order quantity for the top several order data after the sorting. preferably done.

Further, in the transaction order processing system using digital assets of the present invention, the order data processing operating condition is a trigger condition for executing matching/contract processing for the order data of the issue in the order data of the issue. It is preferable to have a combination using at least one of the logical product and the logical sum of the trigger condition for executing the matching/contract processing for the order data of the exchange destination that is a different issue from the issue.

Further, in the transaction order processing system using digital assets of the present invention, the order management smart contract has a function of creating a trigger condition monitoring table in which the individual trigger conditions in the order data of the issue are set. and the processing operating condition monitoring smart contract monitors the trigger condition monitoring table, and when each of the trigger conditions (target values of) in the trigger condition monitoring table satisfies the processing operating condition, the It is preferable to execute order matching/contract processing for the order data by the transaction smart contract.

Further, in the trading order processing system using digital assets of the present invention, when a fractional order that does not correspond to either a sell order or a buy order is generated, the smart contract for trading intervenes in the fractional order by itself. (Using pre-owned digital assets, within the range of own digital asset holdings to a predetermined amount, make a counter-trading to execute the remaining order) It is preferred to have a function.

In addition, in the transaction order processing system using digital assets of the present invention, if the order cannot be fully executed and remains, the transaction smart contract either completes the entire order or becomes unable to execute the transaction (= From the order data of the counterparty's order to be traded in descending order of price until there are no other counterparty's orders that can be matched) It is preferable to repeat the processing up to the matching/contract processing for

Further, the transaction order processing system using digital assets of the present invention further includes an order processing monitoring smart contract and an operation monitoring smart contract, and the order processing monitoring smart contract is If the matching/contract processing of the activated smart transaction contract is in a standby state, it is regarded as a failure and the operation of the smart transaction contract is stopped, and the error information of the smart transaction contract and the It has a function of notifying a smart contract node to an operation monitoring smart contract that monitors the operation of the system, and the operation monitoring smart contract notifies error information and the transaction smart contract node that has stopped operating. In response, it preferably has the ability to automatically adjust the node running the transaction smart contract so that another transaction smart contract continues the process.

According to the present invention, tokens with different currency units, quantity units, prices, quantities, etc. that serve as transaction standards (general term for digitally defined values in decentralized technologies such as blockchains, including crypto assets) ), digital currency, token and digital currency, or between tokens and between digital currencies. system is obtained.

1 is an explanatory diagram schematically showing the overall configuration of a transaction order processing system using digital assets according to a first embodiment of the present invention; FIG. FIG. 2 is an explanatory diagram showing an overview of functions provided in an order management smart contract in the transaction order processing system using digital assets in FIG. 1; FIG. 2 is an explanatory diagram showing an overview of functions provided in a reference value providing smart contract in the transaction order processing system using digital assets in FIG. 1; FIG. 2 is an explanatory diagram showing a part of the overview of functions provided in each reference value providing smart contract that operates for each node on a brand-by-issue basis in the transaction order processing system using digital assets of FIG. 1; FIG. 2 is an explanatory diagram showing the remaining part of the outline of functions provided in each reference value providing smart contract that operates for each node on a brand-by-issue basis in the transaction order processing system using digital assets in FIG. 1 ; FIG. 2 is an explanatory diagram showing an overview of functions provided in a processing operating condition monitoring smart contract in the transaction order processing system using digital assets in FIG. 1; FIG. 2 is an explanatory diagram showing an overview of functions provided in an order processing monitoring smart contract in the transaction order processing system using digital assets of FIG. 1; FIG. 2 is an explanatory diagram showing an overview of functions provided in an operation monitoring smart contract in the transaction order processing system using digital assets in FIG. 1; FIG. 2 is an explanatory diagram showing a part of an example of the flow of processing in the transaction order processing system using digital assets of FIG. 1; FIG. 10 is an explanatory diagram showing an example of the flow of processing in the transaction order processing system using digital assets of FIG. 1, continuing from FIG. 9;

Prior to the description of the embodiments, the circumstances leading to the derivation of the present invention and the effects of the present invention will be described.

As described above, in recent years, digitization technology has facilitated the trading of digital assets that digitally represent the economic value of assets.
In particular, assets with stylized economic value, such as commodities (commodities traded on commodity exchanges), have the characteristics of being able to be traded as digital assets whose economic value is represented digitally. strong.

However, as described above, conventional commodity exchanges do not have a system for processing trading orders for digital assets such as tokens.
In the future, not only major digital values (assets) such as crypto assets, digital currencies, or digital securities such as STOs, but also digital representations of minor values such as individually defined goods and services such as products and foods. , it is assumed that it will be subject to exchange and trading.

Therefore, the inventors of the present invention conducted repeated studies and considerations in order to construct a system for processing trade orders using digital assets. At that time, we considered decentralized processing using smart contracts in order to process digital asset order data quickly and efficiently.
At that time, we considered a transaction order processing system that exchanges and trades between all forms of digital value (assets) (multi-currency, multi-asset). It turned out that it is difficult to exchange or trade digital assets with different quantities.

(1) Differences in the currency unit and quantity unit that serve as the basis for transactions Even in transactions between digital assets of the same brand, the currency unit and quantity unit that serve as the basis for transactions differ depending on the country and market. Exchanges and transactions between digital assets in countries and markets with different units of currency and units will become complicated.

(2) Differences in trading reference prices and quantities due to differences in issues, etc. In transactions between digital assets of different brands, since the transaction reference volumes and prices are different, It hinders exchanges and transactions.
In addition to this, if the factor that the currency unit and quantity unit used as the basis of the transaction described in (1) above is different, the exchange/transaction becomes even more difficult.

(3) Problems associated with adjusting the currency unit, quantity unit, price, quantity, etc. that are the bases of transactions If the standard price and quantity are converted to a standardized standard price and standard quantity in order to adjust the difference in the quantity and price that are the standard for trading, fractions will occur in the price and quantity in the order, making it difficult to match, and liquidity will decrease. .
In addition, the load on the system is enormous due to the adjustment of the currency unit, quantity unit, price, quantity, etc., which are the standards of transactions. For this reason, the processing of exchanging and trading digital assets with different currency units, quantity units, prices, quantities, etc., which are used as transaction standards, increases the load on the system, which may lead to a decrease in processing speed.

(4) Issues regarding processing for exchanging and trading digital assets of different brands in smart contracts that operate on a per-issue basis Digital assets are data managed using distributed ledgers such as blockchain, It can be shared in a distributed state, has value in itself, and has the characteristic of being able to process the data itself that has that value.
As mentioned above, a “smart contract” is a program that runs on the blockchain and automatically executes transaction data processing on the blockchain using information captured from outside the blockchain as a trigger. It means that it can be processed in parallel in a distributed environment called nodes.
However, smart contracts that process transactions operate on an issue-by-issue basis.
For this reason, even if the smart contract that processes the transaction of the relevant issue is activated, the smart contract that processes the transaction of the other issue to which the issue is exchanged does not operate, and digital assets of different issues cannot be exchanged and traded. cannot be processed for

In view of such problems, the inventor of the present invention further studied and considered, and as a result, came to derive a transaction order processing system using digital assets of the present invention.

The transaction order processing system using digital assets of the present invention includes tokens (a general term for values defined digitally in distributed technology such as blockchain, including crypto assets), digital currencies, tokens and digital currencies, Alternatively, at least one type of distributed ledger in distributed technology such as blockchain for managing transactions between all forms of digital assets such as tokens and digital currencies, and digital assets managed by the distributed ledger A transaction order processing system using digital assets, constructed with a smart contract for performing predetermined processing using digital assets, comprising order input means and an order input by an orderer via the order input means a smart contract for order management, a smart contract for providing a reference value, a smart contract for trading, and a smart contract for monitoring processing operating conditions, which are operated for each node in units of issues of the order when the order management smart The contract is order data (sell order data, buy order data ) in the distributed ledger, and the smart contract for providing the reference value is the reference value for each of the sell and buy of the issue (the trading standard based on the latest execution price and best quote price ), and provide the calculated reference value to each of the transaction smart contracts corresponding to the issue, and the transaction smart contract is recorded and stored in the distributed ledger. The order data of the relevant issue is classified into sell-side order data and buy-side order data, and the sell-side order data and buy-side order data are sorted in order of price priority, order time priority, and quantity priority. The sorting function and the order data are calculated using the above-mentioned reference values for the currency units and quantity units of multiple orders with different currency units and quantity units that are the basis of transactions in orders for digital assets of the same issue. A function that converts into a unified currency unit and quantity unit based on the predetermined conversion rate and calculates the standard order price and standard order quantity The order price is converted into the order quantity and order price based on the digital asset of the counterparty's issue based on the predetermined conversion rate calculated using the above-mentioned reference value, and the reference order price and reference note Function to calculate statement quantity, sorting and standard order price, at least one of sell-side order data after calculating standard order quantity, buy-side order data, and several top orders on the other side (for example, 5 to 10 orders) The smart contract for monitoring the processing operation conditions monitors whether the processing operation conditions for the order data are satisfied, and if the processing operation conditions for the order data are satisfied. It has a trigger function that causes the transaction smart contract to perform order matching/contract processing related to the order data when the transaction smart contract is executed.

Like the transaction order processing system using digital assets of the present invention, tokens (general term for value defined digitally in distributed technology such as blockchain, including crypto assets), digital currency, tokens and digital At least one type of distributed ledger in a distributed technology such as blockchain for managing transactions between currencies or tokens, digital currencies, or any other form of digital asset, and the digital managed by the distributed ledger If it is configured with a smart contract for performing predetermined processing using assets, the token itself, which has value recorded on the distributed ledger, can be processed via the smart contract, so order processing can be managed. Unlike conventional marketplace order management systems that depended on databases, the order processing and settlement (clearing) processing can be performed immediately, dramatically improving the processing time.

In addition, like the trading order processing system using digital assets of the present invention, the smart contract for trading is used to combine the order data of the issue recorded and stored in the distributed ledger with the order data of the selling side and the order data of the buying side. The order data is classified into order data, and the order data for the sell side and the order data for the buy side are sorted in order of price priority, order time priority, and quantity priority. , the currency units and quantity units of multiple orders with different currency units and quantity units that are the basis of transactions are converted into a unified currency unit and quantity unit based on a predetermined conversion rate calculated using a standard value. , the function to calculate the standard order price and standard order quantity, and the order quantity and order price in orders for digital assets of different brands for order data, based on a predetermined conversion rate calculated using the standard value, Function to calculate standard order price and standard order quantity by converting into order quantity and order price based on the digital assets of the counterparty's issue, and selling side after sorting and calculating standard order price and standard order quantity If the configuration has a function to perform matching/contract processing between at least one of the order data and the order data of the buyer and the order data of the counterparty's top orders (for example, 5 to 10 orders), the load on the system will be increased. All forms of digital assets, such as digital assets with different currency units and quantity units that are used as transaction standards, digital assets with different quantities and prices that are used as transaction standards, etc. It is possible to exchange and trade with each other.

In addition, like the transaction order processing system using digital assets of the present invention, the processing operating condition monitoring smart contract monitors whether or not the processing operating conditions for the order data are satisfied, and determines the processing operating conditions for the order data. If it is configured to have a trigger function that causes the order matching/execution process related to the order data by the trading smart contract to be executed when the conditions are satisfied, even if the trading smart contract operates for each issue, It is possible to execute processing for exchange/trading between digital assets of different brands.

In addition, in the transaction order processing system using digital assets of the present invention, preferably, the transaction smart contract calculates the reference order price and the reference order quantity by the top several items after the sorting (for example, 5 to 10 orders).
By doing so, it is possible to reduce the number of processes required for calculating the standard order price and standard order quantity by the transaction smart contract, and further reduce the load on the system and the decrease in processing speed.

In the trading order processing system using digital assets of the present invention, preferably, the order data processing operation conditions are to execute matching/contract processing for the order data of the issue in the order data of the issue. and the trigger condition for executing the matching/contracting process for the order data of the exchange destination, which is a different issue from the relevant issue, using at least one of the logical product and logical sum.
In this way, for example, when it is desired to exchange digital data of a different issue in a sell order of digital data of a predetermined issue, trigger condition items for each issue can be set as processing operation conditions. , the processing operating condition monitoring smart contract can cause the trading smart contract that operates for each brand to simultaneously execute processing for exchanging and trading digital assets of different brands.

In the transaction order processing system using digital assets of the present invention, preferably, the order management smart contract creates a trigger condition monitoring table in which the individual trigger conditions in the order data of the issue are set. The processing operating condition monitoring smart contract monitors the trigger condition monitoring table, and when each of the trigger conditions (target values) in the trigger condition monitoring table satisfies the processing operating condition Then, the transaction smart contract executes order matching/contract processing related to the order data.
In this way, the processing operating condition monitoring smart contract makes the trading smart contract that operates for each brand simultaneously execute processing for exchanging and trading digital assets of different brands. can.

Further, in the trading order processing system using digital assets of the present invention, preferably, when a fractional order that does not correspond to either a sell order or a buy order is generated, the trading smart contract places an order for the fractional Adjust through self-intermediation (using digital assets held by self in advance, within the range where the amount of own digital assets held is a predetermined amount, place an order for the remainder by conducting a reverse trade) contract) function.
In this way, by converting to a predetermined order price and order quantity (unified standard price and standard quantity), even if there is a fraction in the price and quantity in the order, it is possible to execute. Therefore, it is possible to improve the liquidity of transactions between orders with different currency units or quantity units, or between orders with different brands.

Further, in the trading order processing system using digital assets of the present invention, preferably, the trading smart contract either completes all of the remaining orders or is unable to complete all of the orders. From the order data of the counterparty's order to be traded in descending order of price until there are no more (= there are no counterparty's orders that can be matched), the top few of the sorted counterparty's order data (For example, 5 to 10 orders) repeats the processing up to the matching/contract processing.
In this way, the number of order data to be processed in each matching/execution process in the transaction smart contract that is repeated until all the relevant orders are executed or cannot be executed can be reduced to a small number. can reduce the load on the system.

In addition, the transaction order processing system using digital assets of the present invention preferably further includes an order processing monitoring smart contract and an operation monitoring smart contract, and the order processing monitoring smart contract includes one issue. If the matching/contract processing of the above-mentioned smart transaction contract that has been operated is in a standby state, it is regarded as a failure and the operation of the smart transaction contract is stopped, and the error information and operation of the smart transaction contract are stopped. It has a function to notify the node of the transaction smart contract to the operation monitoring smart contract that monitors the operation of the system, and the operation monitoring smart contract receives error information and the node of the transaction smart contract whose operation has been stopped. Upon receipt of the notification, it has a function to automatically adjust the node that operates the transaction smart contract so that another transaction smart contract will continue the processing.
In this way, even if a problem occurs in the matching/contract processing by the transaction smart contract of the predetermined node, the transaction smart contract of the other node can perform the matching/contract processing of the order data without delaying the processing. can be done.

For this reason, according to the present invention, tokens (values digitally defined in decentralized technology such as blockchain), which are different in currency units, quantity units, and issues, which have not been done in the world's major exchanges (including crypto assets), digital currency, tokens and digital currencies, tokens and digital currencies, exchanges and transactions between all forms of digital assets can be processed quickly and efficiently. Moreover, it is possible to obtain a transaction order processing system using digital assets that can continue processing without interruption even if an error or failure occurs.
Hereinafter, with reference to the drawings, description will be given of a mode for carrying out the present invention.

First Embodiment FIG. 1 is an explanatory diagram schematically showing the overall configuration of a transaction order processing system using digital assets according to the first embodiment of the present invention.
The transaction order processing system using digital assets of the first embodiment includes tokens (general term for values defined digitally in distributed technology such as blockchain, including cryptographic assets), digital currencies, tokens and digital At least one type of distributed ledger in a distributed technology such as blockchain for managing transactions between currencies or tokens, digital currencies, or any other form of digital asset, and the digital managed by the distributed ledger It is constructed with a smart contract for performing predetermined processing using assets, and includes order input means 1, order management smart contract 2, reference value providing smart contract 3, transaction smart contract 4, and processing It has a smart contract 5 for monitoring operating conditions, a smart contract 6 for monitoring order processing, and a smart contract 7 for operation monitoring.

Order Input Means The order input means 1 is, for example, through a computer terminal, a screen display unit and an input unit of other electronic equipment such as a personal digital assistant, etc. It is configured to allow entry of orders for transactions (eg, sell orders in tokens, buy orders in digital currency). Order input items include issue, trading category, quantity unit, currency unit, order price, order quantity, contract conditions, exchange destination (type of digital asset), processing operating conditions, and the like.

Smart contract for order management The smart contract for order management 2 operates for each node for each issue of the order when an order is input by the orderer via the order input means 1, and as shown in FIG. Order data (for example, sell orders using tokens, digital currency It is configured to have a function to record and store buy order data) in a distributed ledger.
The order management smart contract 2 also has a function of creating a trigger condition monitoring table in which individual trigger conditions are set for the order data of the issue. Note that the trigger conditions and the trigger condition monitoring table will be described later.

Smart contract for providing reference value The smart contract for providing reference value 3 operates for each node for each issue of the order when an order is input by the orderer via the order input means 1, and as shown in FIG. , calculate the reference price for each of the sell and buy of the issue (the price that is the basis for trading based on the latest execution price and the best quote price), and transfer the calculated reference price to each trading smart It is configured to have the functionality it provides to Contract 4 .
The best quote price is the lowest price for sell orders and the highest price for buy orders.

Smart contract for trading The smart contract for trading 4 operates for each node for each issue of the order when an order is input by the orderer via the order input means 1, and as shown in FIGS. 4 and 5, It is configured to have functions for performing the following processes.

The transaction smart contract 4 classifies the order data of the issue recorded and stored in the distributed ledger by the order management smart contract 2 into sell-side order data and buy-side order data. It has a function to sort order data and buy-side order data in order of price priority, order time priority, and quantity priority.

In addition, the transaction smart contract 4 uses the reference value to determine the currency units and quantity units of multiple orders with different currency units and quantity units that are the basis of transactions in orders for digital assets of the same brand. It has a function to convert to a unified currency unit and quantity unit (and calculate the standard order price and standard order quantity) based on a predetermined conversion rate calculated by .

In addition, the transaction smart contract 4 converts the order quantity and order price of orders for digital assets of different brands to the order data based on a predetermined conversion rate calculated using a reference value. It has a function to convert the order quantity and order price based on digital assets (and calculate the standard order price and standard order quantity).

The transaction smart contract 4 is configured to calculate the standard order price and standard order quantity for the order data of the top several orders (eg, 5 to 10 orders) after sorting.

In addition, the transaction smart contract 4 includes at least one of the sell-side order data and the buy-side order data after sorting and calculating the standard order price and the standard order quantity, and several top orders of the counterparty (for example, 5 to 10 cases) order data matching and execution processing.

In addition, if an order remains unfilled, the trading smart contract 4 continues trading until all of the order is executed or until it becomes impossible to execute (=there is no other counterparty's order that can be matched). From the order data of the counterparty's order to be sorted in order of price superiority, the order data of the top few (for example, 5 to 10) of the sorted counterparty's order data are matched/executed It is configured to repeat the processing up to the processing.

In addition, when a fractional order that does not correspond to either a sell order or a buy order is generated, the transaction smart contract 4 adjusts the fractional order by intervening itself (preliminarily self-held digital asset is used to execute the residual order by performing a counter-trading within the range where the holding amount of own digital assets is a predetermined amount).

In addition, the transaction smart contract 4 executes a clearing process to move (exchange) the digital assets related to the buy order and the sell order to the address of the contract counterparty after executing the buy order and the sell order of the issue. have the function of The settlement process may be performed by a settlement process smart contract (not shown) having a function to perform the settlement process instead of the transaction smart contract 4.

Smart Contract for Monitoring Processing Operating Conditions The smart contract for monitoring processing operating conditions 5 operates for each node for each issue of the order when an order is input by the orderer via the order input means 1, and is shown in FIG. , monitor whether or not the order data processing operating conditions are satisfied, and when the order data processing operating conditions are satisfied, the transaction smart contract 4 executes order matching/execution processing related to the order data. It has a trigger function to
The order data processing operating conditions are the trigger conditions for executing the matching/executing process for the order data of the relevant issue, and the matching/executing order data for the order data of the exchange destination, which is a different issue from the relevant issue. It is configured to have a combination using at least one of a logical product and a logical sum with a trigger condition for executing processing.
Then, the processing operating condition monitoring smart contract 5 monitors the trigger condition monitoring table, and when each trigger condition (target value) in the trigger condition monitoring table satisfies the processing operating condition, the transaction smart contract 4 It is configured to execute order matching/contract processing for the order data.

Smart contract for monitoring order processing The smart contract for monitoring order processing 6 is a smart contract that monitors the processing of order data by the transaction smart contract 4 for an order.
As shown in FIG. 7, the order processing monitoring smart contract 6 is in a standby state after the matching/execution processing of the transaction smart contract 4 that has been activated for one issue exceeds a predetermined time (for example, 5 seconds). , suspends the operation of the transaction smart contract 4 as a failure, and stores the error information of the transaction smart contract 4 and the nodes of the transaction smart contract 4 whose operation has been stopped for operation monitoring to monitor the operation of the system. It is configured to have the function of notifying the smart contract 7.

Operation-monitoring smart contract Operation-monitoring smart contract 7 receives error information and notification of the node of transaction smart contract 4 whose operation has been stopped, and performs transaction so that another transaction smart contract 4 continues the processing. It is configured to have a function of automatically adjusting the nodes that operate the smart contract 4 for the system.

Here, an overview of matching/contract processing by the transaction processing providing system using digital currency of the present embodiment will be described.

Overall picture of crossing (matching/contract processing) For order-related information, order management smart contract 2 and transaction smart contract 4 record the contents of order messages and contract messages in the data management area (blockchain, etc.). and the transaction smart contract 4 updates the recorded contents of the order data.
In the case of a limit price, the order management smart contract 2 first records the order data in the data management area.
In the data management area, in addition to order-related information, transaction specifications (issue name, issue code, transaction unit, etc.) of handled issues are recorded.

Currency/quantity unit unified crossing (matching/execution processing) function (multi-currency exchange/trading) of transaction smart contract 4 When trading multiple orders with different currencies/quantity units that are the basis of transactions The crossing (matching/contract processing) function of the transaction smart contract 4 in .
Depending on the country and market, the currency unit (for price) that is the base of transactions and the unit of quantity that is the base are defined. For example, in the case of gold transactions in Japan, the unit of currency is ¥ and the unit of quantity is g.
The smart contract for trading 4 converts the order data of the order for each issue into an order price (reference order price) and order quantity (reference order quantity) in a unified currency unit and quantity unit as a base, and orders after conversion crossing (matching/contract processing: exchange/transaction) against

One trading smart contract 4 is activated when there is a limit/market order for one issue in units of one issue. The trading smart contract 4 for the issue that has been activated records the order data of limit and market orders in the data management area (or the work area inside the system) as order book information, and at the same time, the order of the counterparty to be traded. order data is sorted in order of price advantage, and out of the sorted counterparty's order data, for example, only the top 5 orders, only a predetermined number (specified management numerical value) of the order data is read and crossed process).
Loading all the order data of the other party's order to be traded puts a heavy load on the system. For this reason, the load is reduced by performing crossing (matching/execution processing) for order data with a small number of orders.
Then, the trading smart contract 4 for the issue matches the order data of the limit/market orders in order of precedence of the read order data, such as the top 5 orders, and the order data of the matched order is converted to the order information of the contract. It is recorded in the data management area at the same time as it is returned to the orderer.

Here, if the limit/market orders remain unfilled, the trading smart contract 4 for the relevant issue either completes all of the relevant orders, or becomes unable to execute the orders if the order is a designated price. until there are no more orders from the counterparty that can be traded) until the order data of the counterparty's order to be traded is sorted in order of price advantage, and among the sorted counterparty's order data, the top few , 5 to 10 orders)) is repeated.
When the limit/market order crossing (matching/execution processing) is completed, the trading smart contract 4 for the issue is put into a non-operating state.
When one trading smart contract 4 is activated for one issue, but the crossing (matching/contract processing) of the activated trading smart contract 4 is in a standby state (for example, when 5 seconds have passed since the start of processing) or when there is no record of one process in the data management area), the smart contract 6 for monitoring order processing considers it as a failure and stops the operation of the smart contract 4 for transaction, and the error information of the smart contract 4 for transaction and The operation monitoring smart contract 7 that monitors system operation is notified of the node of the transaction smart contract 4 whose operation has been stopped. Then, the operation monitoring smart contract 7 receives notification of the error and the node of the transaction smart contract 4 that has stopped operating, and automatically adjusts the node that operates the transaction smart contract 4, so that another transaction Smart contract 4 continues the process.

The above is an example of crossing (matching/execution processing) by the transaction smart contract 4 for a type of order that specifies "price" and "quantity", but the transaction smart contract 4 specifies "amount" It can also be applied to crossing (matching/execution processing) for type orders.
Orders of the type that specify a "price" are basically processed at market (the "quantity" is determined based on the reference value (rate) presented by the reference value providing smart contract 3). However, if the orderer wishes to perform limit processing for an order that specifies an "amount", it is necessary to specify a "price" or "quantity" in addition to specifying the "amount".
Usually, the orderer specifies the "quantity" in the case of a limit order, but it is assumed that the orderer may make a mistake in specifying the "quantity". Therefore, the transaction smart contract 4 calculates the "quantity" in the case of a market order for the reference value (rate) as a reference value, and the "quantity" specified by the orderer is calculated as a reference value. It is configured not to accept if it exceeds a predetermined ratio such as 10% from the "quantity".
If the orderer wishes to correct the contents of the order, the original "quantity" and "price" can be corrected.

Regarding the barter-type crossing (matching/contract processing) function (multi-asset exchange/trading) of transaction smart contract 4 Crossing of transaction smart contract 4 when exchanging the base token of the transaction for another token (matching/contract processing) function will be explained.
In that case, the basis for selling and buying will be the "amount".

In the case of market orders First, the crossing (matching/contract processing) by the transaction smart contract 4 when both the exchange source order and the exchange destination order are market orders will be described.
In order to calculate the amount, the price and quantity of tokens of the issue to be exchanged (desired to sell) are specified. is the market price), so specify the quantity you wish to sell.
Then, the amount is calculated by the price x quantity and the conversion rate of both the currency unit (¥) and the quantity unit (g) that are the basis of the brand.
There is a reference value (rate) for the token of the issue to be exchanged (the target of the exchange). conversion rate).

Case of Limit Order Next, the crossing (matching/contract processing) by the transaction smart contract 4 in the case of a limit order will be described.
In the case of a limit order, the amount of tokens desired to be sold at the exchange source is fixed, and the price at which the tokens are desired to be sold is specified.
Then, the amount is calculated by the price x quantity and the conversion rate of both the currency unit (¥) and the quantity unit (g) that are the basis of the brand.
There is a reference value (rate) for the token of the issue to be exchanged (the target of the exchange). conversion rate).
When placing a limit order for the token of the issue to be exchanged (target for which exchange is desired), specify either the price or the quantity. A quantity is usually specified.
Since the amount is calculated, if either the price or the quantity is specified, the value of the other party to be traded can be calculated, and the price and quantity are specified as the limit price.
In the case of limit orders, it is usually assumed that there will be a mistake in specifying the quantity. For this reason, the transaction smart contract 4 preferably calculates the quantity in the case of a market order with respect to the reference value (rate) as a reference value, and the quantity specified by the orderer is a predetermined error, such as a 10% error. Equipped with a function that does not accept crossings (matching/contract processing) if the ratio exceeds .
If the orderer wishes to correct the contents of the order, he/she can, via the order input means 1, correct either the exchange destination price or quantity in addition to the exchange source quantity and price, or can correct it to the market. .

Data management is performed on the converted contents as an input target for the transaction smart contract 4 corresponding to the issue.
For example, if it is desired to exchange rice tokens for gold tokens, the rice token sell order is converted to a gold token buy order and processed by the gold token trading smart contract 4 (that is, a gold token buy order recorded and processed as

Here, in the trading order processing system using digital assets of the present invention, instead of buying gold tokens after rice tokens are sold and cash is received, it is done at the same time.
That is, order crossing (matching/execution processing) linked to both rice crossing (matching/execution processing) (rice trading smart contract 4) and gold crossing (matching/execution processing) (gold trading smart contract 4) processing).
The processing operating condition monitoring smart contract 5 (including the processing operating condition crossing (matching/agreement processing) function), which will be described later, simultaneously processes the crossing (matching/agreement processing) of these two issues.
In the case of a market order, the trading smart contract 4 uses its own rate (spread is added) and performs liquidity adjustment processing through its own intervention.
In addition, by intervening between sell orders and buy orders in all crossings (matching/contract processing), orders for fractions are adjusted.

For example, if a trader sells 30 rice tokens at 165 yen and wishes to exchange them for gold tokens,
The order data of the rice token sell order of 165 yen 30 entered by the trader is recorded as the order book information, and the record number is set to "1111". The price is 4950 yen. Let this be Order A.
At the same time, the order data of the gold token buy order is recorded as the order book information as the derived order with the record number "1111". This order is called derivative order B.
In derivative order B, it is assumed that the selling rate of gold is 5850 yen. At this time, the amount of gold is calculated as (4950÷5850=)0.846. In practice, the quantity is determined by adding some extra power. Here, it is 0.845.
Here, the crossing (matching/execution processing) for the order A and the derivative order B of different issues can be performed simultaneously by the trading smart contract 4 that operates on each issue basis. This is monitoring of order data processing operating conditions (trigger elements (combination of trigger conditions)) by the smart contract 5 for use.
In smart contract 5 for monitoring processing operating conditions, trigger element (combination of trigger conditions) C set (recorded) for order with record number “1111” is “order A executed & derivative order B executed”. Become.
The actual trigger element (combination of trigger conditions) C is the processing operation condition D indicated by "rice buying rate>=165 & gold selling rate<=5850".
The reference price (trading rate) of the corresponding issue is delivered to the processing operating condition monitoring smart contract 5 from the reference price providing smart contract 3 .
Based on the trigger factor set for the order with this record number “1111”, the own rice buy rate calculated from the best price quote for buying rice and the own sell gold rate calculated from the best price quote for gold to get
When both receive the rate and the processing operating condition D is met, the processing operating condition monitoring smart contract 5 interrupts the processing of the rice trading smart contract 4 and the gold trading smart contract 4 (record number “1111”). mode to process order A and derivative order B). Then, when both rates can maintain the rate at the time of interrupt intervention processing in the interrupt state, matching/contract processing for the order on the rice side and matching/contract processing for the order on the gold side will be performed. .
As a result, 30 rice tokens are exchanged for 0.845 gold tokens.
In addition, it is also possible to exchange rice tokens 30 for gold tokens on the market by processing using the processing operating condition monitoring smart contract 5 .
In that case, as described above, the order A, the derivative order B, the trigger element (combination of trigger conditions) C, and the processing operating condition D are recorded, and the processing operating condition monitoring smart contract 5 is activated.
Basically, the guarantee time of the own rate is, for example, 5 seconds (processed with the set value), and after 5 seconds the own rate is recalculated and the content presented changes.
When the rice buy rate is 165 yen, the selling price of rice token 30 can be calculated as 4950 yen, and when the gold selling rate is 5850 yen, the selling price of rice token 30 can be calculated. The amount of 0.845 is calculated by dividing the price of the gold sell rate and adding a small correction.
In this case, the processing operating condition monitoring smart contract 5 operates in the same manner as above, intervenes in the processing of the rice trading smart contract 4 and the gold trading smart contract 4, and makes it possible to return the contract. .

In addition, regarding the multi-currency, multi-asset exchange/trading, residual order execution function, and “algorithmic management of orders” function by the transaction processing provision system using the digital currency of this embodiment. explain.

Multi-currency, multi-asset exchange/trading The transaction order processing system using digital assets of the present invention can be used for major digital values (assets) such as crypto assets, digital currencies, or digital securities such as STO, as well as products and food. It is the basis for trading digital values (assets) in all forms with smart contracts, even for minor values such as individually defined goods and services, and is limited to token and digital currency transactions. Instead, it is configured so that tokens and digital currencies can be exchanged and traded.
Therefore, the target of exchange/transaction is multi-currency (multiple currencies) and multi-asset (multiple digital assets). Of course, it is possible to exchange and trade assets denominated in US dollars and exchange fluctuations such as yen currency exchange.
Here, we will explain in detail about multi-currency, multi-asset exchanges and transactions.

Multi-currency exchange/transaction First, multi-currency exchange/transaction will be explained.
The basic order data items are "brand (referred to as A), trading division, order quantity, order price (limit/market), quantity unit, currency unit" and "brand (referred to as B), trading division, order quantity, order price (limit/market), quantity unit, and currency unit.
In the transaction order processing system using digital assets of this embodiment, the transaction smart contract 4 includes the above items as "exchange rate", "yen conversion value", "standard order price" calculated based on them, order quantity to the order data (order book information) in the work area inside the system.

In normal order processing, the trading smart contract 4 collects sell orders and buy orders in one issue, sorts each of the collected orders, and matches them in order of precedence.
Here, the smart contract for trading 4, if the currency unit and quantity unit that are the basis of the transaction are different in the order of digital assets of the same brand, the order price of the buy and sell order with different currency unit and quantity unit in one brand Adjust the order quantity so that it becomes a unified currency unit, order price (standard order price), and order quantity (standard order quantity) in unit of quantity.
For example, assume that the exchange rate is 1$=100¥. At this time, the yen conversion rate of 1$ is 100 times.
Also, the gram conversion rate of 1 troy ounce is a little over 31 times, but here, for convenience of explanation, the gram conversion rate of 1 troy ounce is 30 times, and 1 troy ounce is 30 g.
When selling and buying dollar ounces and ¥ grams of gold (purity 99.99), set the standard currency unit and quantity unit, and based on the predetermined conversion rate for each currency and quantity, Calculate the order price and standard order quantity.
Here, assume that the standard currency unit is ¥ and the standard quantity unit is g, and the standard order price and standard order quantity are calculated when these units are converted. Note that the currency conversion rate is obtained from the exchange rate. The exchange rate is updated each time the crossing (matching/contract processing), which will be described later, loops once. Then, the transaction smart contract 4 corrects the contents of the order data (order book information) based on the update information, and re-sorts each order data.

表１の注文板情報における統一数量単位、統一通貨単位に変換した、規準注文数量、規準注文価格での売り注文と、買い注文をソートしてクロッシング（対当・約定処理）する。
為替は、クロッシング（対当・約定処理）ループの単位で更新し、規準注文価格を更新する。
以上がマルチカレンシーでの交換・取引処理の一例である。 Table 1 shows an example of order data (order book information) before sorting, in which standard order prices and standard order quantities are calculated.

Sell orders and buy orders at the standard order quantity and standard order price converted to the standard quantity unit and standard currency unit in the order book information in Table 1 are sorted and crossed (matching/contract processing).
The exchange rate is updated in units of crossing (matching/contract processing) loops, and the standard order price is updated.
The above is an example of exchange/transaction processing in multi-currency.

Multi-Asset Exchange/Trade Next, multi-asset exchange/trade will be explained.
Here, an example of exchanging rice for gold will be described.
In addition, it is assumed that a gold token is specified as a digital asset that is desired to be exchanged for the owned rice token.
First, the transaction smart contract 4 calculates the conversion rate of rice and gold prices.
The market price (standard value) of standard rice ("Tokyo rice" here) and gold (currency unit: Yen, quantity unit: g) is obtained.
Each reference value is calculated by a predetermined formula, such as the latest contract or the latest quote: middle price of selling and buying in the trading system of each market.
Import the reference value of standard rice and the reference value of gold.
The transaction unit of rice tokens is assumed to be 1 token = 1 kg (the amount of rice to be converted is 1 kg).
In the case of Tokyo rice, it is assumed that the main market data has a tick size of 60 kg and a transaction price (reference value) in the current contract month with the maximum trading volume of 10,000 yen.
When this is converted to 1 kg, it becomes 166.6 yen.
The trading unit of gold tokens is assumed to be 1 token = 1g.
In the main market data, it is assumed that 1 g is 6,000 yen.
An exchange rate (conversion rate) for one token is calculated. Here, the standard of the exchange rate (conversion rate) is gold on the target side for which exchange is desired.
The transaction smart contract 4 calculates the exchange rate (conversion rate) between rice and gold that mediates ¥ using the ¥ conversion reference value of the rice token and the ¥ conversion reference value of the gold token.
Each reference value, which is the reference of the exchange rate (conversion rate), is updated each time the crossing (matching/contract processing) loops once, and the entire calculation is performed again.
Regarding the exchange rate (conversion rate) between rice and gold that mediates ¥ in this example, if rice-side tokens are converted based on gold-side tokens, the conversion rate of 1 gold token for 1 rice token is 166. 6÷6000=0.027767≈0.0278
becomes.

ゴールド価格変換値５９４２．３７６９５１＝コメ注文価格（変換基準値）１６５÷換算率０．０２７７６７
ゴールド数量変換値０．８３３＝コメ注文数量３０×換算率０．０２７７６７
ゴールド価格変換値、ゴールド数量変換値は、夫々、規準注文価格、規準注文数量に相当する。
注文板情報は、ブロックチェーンや通常のデータベースなどに纏めて格納されており、交換したい指値情報（この場合は、銘柄がゴールド、ここでは表１の内容）のみを読み込ませる。
コメトークンをゴールドに交換するということは、コメトークンを売って、ゴールドを買うということである。即ち、表２に示すコメトークンの売り注文は、ゴールドトークンの買い注文となる。
このように、取引用スマートコントラクト４は、コメトークンの売り注文の注文価格、注文数量をゴールドトークンの価格、数量に変換して規準注文価格、規準注文数量を算出する。そして、表２に示す規準注文価格、規準注文数量を算出した後の注文板情報を、コメトークンの売り注文を代替したゴールドトークンの買い注文として、表１に示すゴールドトークンの注文板情報に差し込む。そして、取引用スマートコントラクト４は、コメトークンの売り注文を代替したゴールドトークンの買い注文をゴールドトークンの売り注文とクロッシング（対当・約定処理）させる。 Next, the transaction smart contract 4 converts the order quantity and order price in the rice token order, for example, as shown in Table 2, into an order quantity and order price based on the desired gold token to be exchanged. , standard order price and standard order quantity.

Gold price conversion value 5942.376951 = rice order price (conversion reference value) 165/conversion rate 0.027767
Gold quantity conversion value 0.833 = rice order quantity 30 × conversion rate 0.027767
The gold price conversion value and gold quantity conversion value correspond to the standard order price and standard order quantity, respectively.
The order book information is collectively stored in a block chain or a normal database, and only the limit price information to be exchanged (in this case, the issue is gold, here the contents of Table 1) is read.
Exchanging rice tokens for gold means selling rice tokens and buying gold. That is, the rice token sell order shown in Table 2 is a gold token buy order.
In this way, the transaction smart contract 4 converts the order price and order quantity of the sell order of rice tokens into the price and quantity of gold tokens to calculate the standard order price and standard order quantity. Then, the order book information after calculating the standard order price and standard order quantity shown in Table 2 is inserted into the gold token order book information shown in Table 1 as a gold token buy order in place of the rice token sell order. . Then, the transaction smart contract 4 causes the gold token buy order, which replaces the rice token sell order, to be crossed with the gold token sell order (matching/contract processing).

表３に示す注文板情報はゴールドの指値板になっている。
取引用スマートコントラクト４は、表３に示すゴールドの規準注文価格、規準注文数量で示されたゴールドトークンの買い注文（元銘柄がコメトークンである売り注文を代替したゴールドトークンの買い注文）とゴールドトークンの売り注文をクロッシング（対当・約定処理）させる。
表３では、規準注文価格５９４２．３７７円、規準注文数量０．８３３のゴールドトークンの買い注文（元銘柄がコメトークンの売り注文）と規準注文価格５８５０円、規準注文数量２．１のゴールドトークンの売り注文が対当する。
このように、本実施形態のデジタル資産を用いた取引注文処理システムでは、取引用スマートコントラクト４は、複数銘柄の売買注文（売買区分、注文価格、注文数量）における注文価格の通貨単位、注文数量の数量単位を、所定の換算率に基づき、特定銘柄を規準とした統一通貨単位、統一数量単位に変換して、規準注文価格、規準注文数量を算出し、規準注文価格、規準注文数量を算出した注文データをクロッシング（対当・約定処理）させることを可能にする機能を有している。 Here, in order for the transaction smart contract 4 to combine the order book information shown in Table 1 with the order book information shown in Table 2, the items of the order book information in Table 1 must be filled in with the exchange source "stock" and "conversion rate". must have.
In addition, as other items of the order book information, it has "contract conditions" that indicates whether or not to accept partial orders at the time of execution, and "exchange destination" that indicates the target digital assets that are desired to be exchanged. There is a need.
Therefore, in the transaction order processing system using digital assets of the present embodiment, the transaction smart contract 4 uses the order book information shown in Tables 1 and 2 to perform multi-currency, multi-asset exchanges and transactions. The data and items in the order book information for each case are as shown in Table 3 below.

The order book information shown in Table 3 is for the gold limit plate.
The transaction smart contract 4 is a gold token buy order (a gold token buy order that replaces a sell order whose original issue is rice token) indicated by the gold standard order price and gold standard order quantity shown in Table 3 and gold Crossing (matching/execution processing) sell orders of tokens.
Table 3 shows a gold token buy order with a standard order price of 5942.377 yen and a standard order quantity of 0.833 (a sell order whose original issue is rice token) and a gold token with a standard order price of 5850 yen and a standard order quantity of 2.1. is matched by the sell order of
As described above, in the transaction order processing system using digital assets of the present embodiment, the transaction smart contract 4 can be used to determine the currency unit of the order price and the order quantity in the trading order (trading category, order price, order quantity) of multiple issues. Calculate the standard order price and standard order quantity by converting the quantity unit of the above into a unified currency unit and a unified quantity unit based on a specific issue based on a predetermined conversion rate. It has a function that enables crossing (matching/execution processing) of ordered data.

Function to execute residual orders through negotiated trading Unmatched and unmatched pre-determined quantity residual orders are created.
Therefore, in the trading order processing system using digital assets of the present embodiment, when a fractional order that does not correspond to either a sell order or a buy order is generated, the trading smart contract 4 processes the fractional order as a "self provide liquidity by intervening” (using digital assets held in advance and within the range that the amount of own digital assets held is a predetermined amount, contract) function.
In the present application, the processing of "providing liquidity through self-intermediation" refers to processing through self-intermediation of negotiated transactions, specifically, when crossing sell orders and buy orders (matching/execution processing) , refers to the processing in which the company accepts the purchase for the consignment order to sell, and the seller accepts the sell for the consignment order to buy.
In the order book information shown in Table 3, the order quantity of either the sell order or the buy order does not match between the gold token buy order (the original issue is the rice token sell order) and the gold token sell order.
Therefore, the transaction smart contract 4 undertakes the order for the fraction.
Manage the quantity that you undertake within the scope of the position delta. As a premise for this, in the transaction order processing system using digital assets of the present embodiment, the system owns a predetermined amount of positions.
For example, if 100 units of gold tokens is set as the upper limit of the position delta, the player owns the position within the range not exceeding the upper limit (100 units of gold tokens). In other words, assuming that there is no minus (can be set if short selling is possible), the position delta between 0 and 100 is used to adjust fractional orders.
Naturally, when performing crossing (matching/execution processing), the spread portion (that is, commission) is added to the price of the other party's order.

例えば、スプレッドを１０円として設定した場合、取引用スマートコントラクト４は、売り注文と買い注文の規準注文価格の差が１０円以上あるか否かを確認する。
表４に示す例では、売り注文と買い注文の規準注文価格の差は、
５８５０－５９４２．３７７＝－９２．３８円
である。
従って、売りと買いの規準注文価格の差がスプレッドとして設定した額（１０円）以上あるので、取引用スマートコントラクト４は、自己が介在する相対取引によるクロッシング（対当・約定処理）を実行する。 In the order book information shown in Table 3 above, the gold token buy order (original issue is rice token sell order) indicated by gold standard order price and standard order quantity, and crossing gold token Sell orders are shown in Table 4.

For example, if the spread is set at 10 yen, the trading smart contract 4 checks whether the difference between the standard order prices of the sell order and the buy order is 10 yen or more.
In the example shown in Table 4, the difference between the standard order prices of sell and buy orders is
5850-5942.377=-92.38 yen.
Therefore, since the difference between the sell and buy standard order prices is equal to or greater than the amount set as the spread (10 yen), the transaction smart contract 4 executes crossing (matching/contract processing) through bilateral transactions in which it intervenes.

表５に示すように、スプレッド分の－１０円を加算しても売りと買いの規準注文価格の差が１０円以上あるので、取引用スマートコントラクト４は、クロッシング（対当・約定処理）を実行する。
この場合、買い注文Ａに対して、自己が５９４２．３７７円（約定の際に元へもどす）で０．８３３売り、売り注文Ｂに対して、自己が５８５０円で０．８３３買う。 In that case, the transaction smart contract 4 adds the spread (-10 yen here) to the standard order price of the subject's order (buy order A in the order book information shown in Table 4) to cross・Contract processing) is performed, and it is restored at the time of contract.
Table 5 shows the order book information obtained by subtracting the spread amount from the standard order price on the subject side.

As shown in Table 5, even if -10 yen for the spread is added, the difference between the sell and buy standard order prices is 10 yen or more. do.
In this case, the self sells 0.833 yen at 5942.377 yen (restored at the time of contract) for buy order A, and buys 0.833 yen for sell order B at 5850 yen.

取引用スマートコントラクト４は、主体側の注文（表６に示す注文板情報における買い注文Ａ）の規準注文価格に対してスプレッド分（ここでは１０円）を加算する。
主体側の注文の規準注文価格にスプレッド分を加算した状態の注文板情報を表７に示す。

By the way, in the example of Table 5 above, the contract condition for the order with the larger standard order quantity (Sell Order B) is that partial execution is allowed (partial execution is allowed at the time of execution), so the predetermined number (here, 2 .1-0.833=1.267) remains unexecuted, but if the execution conditions are all completed as shown in Table 6, the transaction smart contract 4 will: be processed as follows.

The transaction smart contract 4 adds the spread (here, 10 yen) to the standard order price of the subject's order (buy order A in the order book information shown in Table 6).
Table 7 shows the order book information obtained by adding the spread amount to the standard order price of the main body's order.

Here, for example, if the gold token position owned by the self is 50, the difference between the standard order price of the sell order and the buy order is 10 yen or more, so the transaction smart contract 4 performs crossing (matching/contract processing ) is possible.
For buy order A, self sells 0.833 yen at 5942.377 yen (restored at the time of contract), and self buys 2.1 yen for sell order B at 5850 yen.
As a result, the correction value of the gold token position owned by the self is 50+(2.2-0.833)=51.267.
Also, the amount to be paid for own sell order B is 5850×2.1=12285 yen.
In addition, a cash limit is set for oneself, and an adjustment fee (for example, the upper limit is set at 500,000 yen and the current amount is 200,000 yen) is paid from the own cash limit.
The payment amount of 12,285 yen for the above-mentioned selling order B is paid by adding the adjustment fee of 7,335 yen out of the own cash limit to the selling price of 4,950 yen for the buying order A.
As a result, the remaining cash limit for the user is 200000-7335=192665 yen.
In the above case, the correction value of the gold token position owned by the self (here, 51.267) is within the gold token position delta range (0 to 100), so the transaction smart contract 4 Execute crossing (matching/contract processing).
In reality, for example, at the order book information stage shown in Table 1, some orders cross each other (matching/execution processing), and the corrected value of the gold token position owned by the self is shown in Tables 6 and 7. It is likely to be more dominant than the above example described using.

表８の例の場合、買い注文Ａに対しては、該当トークン（ここではゴールドトークン）を約定で返す。
約定 ゴールドトークン ０．８３３
売り注文Ｂに対しては、売り代金の１２２８５円を返す。 Example of payment processing Next, a specific example of payment processing performed by the transaction smart contract 4 will be described.
When orders are executed by the above-mentioned crossing (matching/execution processing), there is processing (settlement processing) at the exchange destination. Here, it is assumed that the exchange destination digital assets are as shown in Table 8.

In the case of the example of Table 8, for buy order A, the corresponding token (here, gold token) is returned as a contract.
Execution Gold Token 0.833
For sell order B, the selling price of 12,285 yen is returned.

Here, the location of the rice token in buy order A (buy order for gold token (sell order for rice token as the original issue)) and the payment source of the selling price of 12,285 yen for sell order B will be described.
In the example of the trading order processing system using digital assets according to the present embodiment, the trading smart contract 4 self trades against the rice token sell order on the rice token order board separately from the gold token. is configured to do
In the examples using Tables 4, 5, 6 and 7 described above, the amount of 10 yen for the set spread is calculated by the following calculation.
The amount of 0.833 corresponding to 10 yen is 8.33 yen.
Here, it is assumed that the rice token order book information is in the state shown in Table 9 below.

つまり、本発明のデジタル資産を用いた取引注文処理システムでは、取引用スマートコントラクト４が、表７に示すゴールドトークンの売買注文の約定を行うと同時に、表１０に示すコメトークンの売買注文の約定も行うように構成されている。
但し、表７に示すゴールドトークンの売買注文の約定には表１０に示すコメトークンの売買注文の約定（事前確認）が必須となる。 At this time, in order to execute the sell order A of rice tokens, the spread of the order price with the best buy order C of 0.2 yen, which is 0.2×30=6 yen, is required.
In addition to this, for example, if the commission is set at 2 yen, the amount of 6+2=8 yen or more can be absorbed by the amount of the spread set in the gold transaction. Therefore, 8 yen is calculated backward with the gold quantity conversion value of 0.833 (9.60384154), and the result of rounding up after the decimal point is 10 yen for the spread of the gold token.

In other words, in the trading order processing system using digital assets of the present invention, the trading smart contract 4 executes the gold token trading order shown in Table 7, and at the same time executes the rice token trading order shown in Table 10. is also configured to
However, the execution (preliminary confirmation) of the rice token trading order shown in Table 10 is essential for the execution of the gold token trading order shown in Table 7.

The transaction smart contract 4 acts as an intervening partner in the sell order and the buy order in the execution of the rice token buy/sell order shown in Table 10 as well as the gold token buy/sell order shown in Table 7.
In the trade order processing system using digital assets of the present embodiment, even when the system itself intervenes in a buy/sell order of rice tokens, the position delta of rice tokens is set (for example, 300 holdings with an upper limit of 1000).
In the rice token transaction shown in Table 10, the sell order and the buy order do not actually match, and if the counter-trade is made by itself, there will be a loss, but the profit beyond that is the gold token transaction shown in Table 7. Since it is confirmed by the spread that the counter-trading by itself will occur in , the trading smart contract 4 executes the counter-trading by itself.

This promise goes like this:
For the rice token sell order A, the standard order price is 5952.377 yen with the spread added as described above. Respond by selling 0.833 on the return).
In response to the rice token buy order C, it sells 45 yen at 164.8 yen, and receives a payment of 7416 yen for the contract price of the rice token buy order C. At this time, since there is a self-sold value of 4950 yen (= 5942.377 × 0.833) for the gold token buy order that substitutes the rice token sell order A, the total self-sold value is (7416 + 4950 =) 12366 become a circle.
Also, the position delta of the self-owned rice token is 300-(45-30)=285.
In addition, for the sell order B of the gold token, the self buys 2.1 at 5850 yen as described above. The payment amount for sell order B of own gold token is 5850×2.1=12285 yen.
In addition, since the balance of the cash frame was 192,665 yen as described above, the balance of the cash frame is 213,031 yen due to the sales of 12,366 yen.
as a result,
For the sell order A of rice tokens, 0.833 tokens will be delivered at 5942.37 yen for gold tokens due to own counter-trading.
In addition, 12,285 yen will be delivered to the sell order B of the gold token by own counter-trading.
In addition, for buy order C of rice tokens, 7416 yen will be received due to own counter-trading.

自己は５８５０円で１．２６７ゴールドトークンが増える。
自己は１６４．８円で１５コメトークンが減る。
自己は現金が５０３１円増える。
また、有利な売りポジションを保有している。
時価で売却すると、（１００００．９８－（－５３０１）＝１５０３１．９８）約５０３２円の利益となる。

Self is 5850 yen and 1.267 gold tokens increase.
Self is 164.8 yen and 15 rice tokens are reduced.
Self increases cash by 5031 yen.
We also hold favorable selling positions.
If sold at the market price, (10000.98-(-5301)=15031.98) will be a profit of about 5032 yen.

Function of "Algorithmically Managing Orders" In addition, the transaction order processing system using digital assets of this embodiment has a function based on the concept of "algorithmically managing orders".
Functions based on the concept of "managing orders by algorithm" are configured as trigger processing for orders, for example.
Trigger processing is performed based on the processing operating conditions set in the order data.
It is possible to set conditions for trigger processing to operate (processing operating conditions) for one order. The processing operating conditions are recorded on the blockchain by the order management smart contract 2 when an order is entered, or when the trigger conditions for the order are added or changed after the order is entered.
Then, when the trigger elements (combination of trigger conditions) forming the process operating conditions are satisfied, the trigger process is executed.
In the trading order processing system using digital assets of the present embodiment, as a function based on the concept of "managing orders by algorithm", the smart contract 5 for monitoring processing operating conditions satisfies the processing operating requirements for order data. It has a trigger function that monitors whether or not the order data is satisfied, and activates the order matching/contract processing for the order data by the transaction smart contract 4 when the processing operation requirements for the order data are satisfied.

An example of setting items for processing operating conditions in order data is shown below.
<Stock code>
・Rice Token・・・・・・・・・・・・“111”
・Gold Token・・・・・・・“120”
<Trigger condition>
・Market price・・・・・・・・・・・・・・・・“G”
・Sell ・・・・・・・・・・・・・・・“U”
・Buying ・・・・・・・・・・・・・・・・“K”
・Order number・・・・・・・・・・・・“C”
・Price when there is a contract for the order ・“Y”
・When the order is completed・・・・・・・・「E」
・Time・・・・・・・・・・・・・・・・“T”
<Processing type>
・Order execution・・・・・・・・・・・・“〇”
・Cancellation・・・・・・・・・・・・・・・・“■”
・Correction・・・・・・・・・・・・・・・・“△”
・Expired・・・・・・・・・・・・・・・“●”

It should be noted that setting items for the processing operating conditions can be added.
One or more trigger conditions are set for one order data.
Moreover, <>=≠ etc. are used for one trigger condition.
Each of these trigger conditions is combined using an AND function (and: serial condition: &) and an OR function (logical OR: or: parallel condition: ∨).
In the trading order processing system using digital assets of the present embodiment, a trigger condition monitoring table in which trigger conditions are set is provided, and the processing operating condition monitoring smart contract 5 monitors the trigger condition monitoring table, trigger conditions When a combination of trigger conditions in the monitoring table satisfies the processing operating conditions, the transaction smart contract 4 is configured to activate order matching/contract processing related to the order data.
The trigger condition monitoring table is created on the blockchain by the order management smart contract 2 using the trigger conditions created on the blockchain.

時刻が１６時になったときに所定の処理を実行する場合

注文番号２２２２２２が完了したときに所定の処理を実行する場合

注文番号２２２２２２の約定代金が１０万円を超えたときに所定の処理を実行する場合

An example of trigger condition setting is shown below.
<Setting trigger conditions>
When executing a predetermined process when the market price exceeds 160 for issue 111

When executing a predetermined process when the time reaches 16:00

When executing a predetermined process when order number 222222 is completed

When executing a predetermined process when the contract price of order number 222222 exceeds 100,000 yen

Table 12 shows an example of the trigger condition monitoring table.

The processing operating condition monitoring smart contract 5 checks the “target value” of each “processing” (trigger condition) indicated by the trigger numbers a to d in the trigger condition monitoring table shown in Table 12, and satisfies the “condition”. "monitoring" (monitoring status) is set to "completed" when the "condition" is not met, and returns to "unfinished" when the "condition" is not satisfied. In addition, the check of the "target value" of each trigger condition in the trigger condition monitoring table and the setting of the monitoring status are functions for monitoring each trigger condition in the trigger condition monitoring table separately from the smart contract 5 for monitoring the processing operating conditions. may be performed by a monitoring means such as a smart contract having
In addition, if there are four trigger conditions as shown in Table 12, and the processing operation conditions are a and b, or c and d, the order data includes, for example,
T120000: (a&b)∨(c&d)
is set as a "trigger statement" (processing operating condition).

As shown in Table 13, the processing operating conditions are recorded on the blockchain by the order management smart contract 2, which has an order management function for placing orders. In addition, as shown in Table 14, the transaction smart control 4 having the above-described crossing (matching/contract processing) function may also record the order book information.

The flow of processing in the trading order processing system using digital assets of this embodiment configured in this way will be described with reference to the drawings.
9 and 10 are explanatory diagrams showing an example of the flow of processing in the transaction order processing system using digital assets of this embodiment.
In the transaction order processing system using digital assets of this embodiment, when an order (sell order, buy order) is input by an orderer via the order input means 1, the order management smart contract 2, the reference value provision The smart contract 3, the transaction smart contract 4, and the processing operating condition monitoring smart contract 5 operate for each node for each issue of the order.

First, the order management smart contract 2, which operates on each node for each issue of the order, executes the matching/execution process for the order for each issue entered by the orderer via the order input means 1. Record and store order data (sell order, buy order data) with processing operating conditions for doing so in a distributed ledger. At this time, the order management smart contract 2 creates a trigger condition monitoring table in which individual trigger conditions are set for the order data of the issue.

In addition, the reference price providing smart contract 3, which operates on each node for each issue of the order, sets the reference price for each of the sell and buy of the issue (the price that is the standard for trading based on the latest execution price and best quote price). ), and provides the calculated reference value to each trading smart contract 4 corresponding to the issue.

Next, the trading smart contract 4, which operates on each node for each issue of the order, divides the order data of the issue recorded and stored in the distributed ledger into the order data of the sell side and the order data of the buy side. , and sort the sell-side order data and buy-side order data in order of price priority, order time priority, and quantity priority.

Next, the transaction smart contract 4 selects the order data of the top several orders (for example, 5 to 10 orders) after sorting, and specifies the currency unit and quantity unit that are the basis of the transaction for orders of digital assets of the same brand. Calculate the standard order price and standard order quantity by converting the currency unit and quantity unit of multiple different orders into a unified currency unit and quantity unit based on a predetermined conversion rate calculated using the standard value. , for the order data of the top few orders (for example, 5 to 10 orders) after sorting, the order quantity and order price of digital asset orders of different issues are converted to a predetermined conversion rate calculated using the reference value. Based on this, convert the order quantity and order price based on the digital asset of the counterparty's issue (and calculate the standard order price and standard order quantity).

Next, the trading smart contract 4 sorts and sorts and sorts the order data of the sell side after calculating the standard order price and the order quantity of the standard order, the order data of the buy side, and several top orders of the counterparty (for example, 5 up to 10) order data and execution processing.
In addition, if a fractional order that does not correspond to either a sell order or a buy order is generated, the transaction smart contract 4 adjusts the fractional order through its own intervention (digital asset is used to execute the residual order by performing a counter-trading within the range where the holding amount of own digital assets is a predetermined amount).
In addition, if an order remains unfilled, the trading smart contract 4 continues trading until all of the order is executed or until it becomes impossible to execute (=there is no other counterparty's order that can be matched). From the order data of the counterparty's order to be sorted in order of price superiority, the order data of the top few (for example, 5 to 10) of the sorted counterparty's order data are matched/executed Repeat the process up to and including the treatment.

Next, the transaction smart contract 4, after executing a buy order and a sell order of the issue, transfers (exchanges) the digital assets related to the buy order and the sell order to the address of the contract counterparty. I do.

In addition, the smart contract 5 for monitoring processing operating conditions, which operates for each node for each issue of the order, monitors whether or not the operating conditions for processing the order data are satisfied, and when the operating conditions for processing the order data are satisfied, , the transaction smart contract 4 executes order matching/contract processing for the order data. More specifically, the processing operating condition monitoring smart contract 5 monitors the trigger condition monitoring table, and when each trigger condition (target value) in the trigger condition monitoring table satisfies the processing operating condition, the transaction smart contract 4 to execute the matching/contracting process for the order related to the order data.

The smart contract 6 for monitoring order processing regards the smart contract 4 for trading as a failure when the matching/contract processing of the smart contract 4 for trading that has been activated for one issue is in a standby state for more than a predetermined time, and activates the smart contract 4 for trading. and notifies the operation monitoring smart contract 7, which monitors the operation of the system, of the error information of the transaction smart contract 4 and the node of the transaction smart contract 4 whose operation has been stopped.

The operation monitoring smart contract 7 receives the error information and the notification of the node of the transaction smart contract 4 whose operation has been stopped, and activates the transaction smart contract 4 so that another transaction smart contract 4 continues the processing. Automatically adjust which nodes are activated.

Effects of the transaction order processing system using digital assets according to the present embodiment According to the transaction order processing system using digital assets according to the present embodiment, tokens (collective term for value digitally defined in distributed technology such as blockchain) (including crypto-assets), digital currencies, tokens and digital currencies, tokens, tokens, digital currencies, etc., at least one decentralized blockchain, etc., for managing transactions between any form of digital asset. Since it is configured with a distributed ledger in technology and a smart contract for performing predetermined processing using digital assets managed by the distributed ledger, the token itself having the value recorded on the distributed ledger , can be processed via smart contracts, unlike the conventional trading market order management system that relied on a database for order management, order processing and settlement (clearing) processing can be performed immediately. can dramatically improve processing time.

In addition, according to the transaction order processing system using digital assets of the present embodiment, the transaction smart contract 4 is used to combine the order data of the relevant issue recorded and stored in the distributed ledger with the order data of the sell side and the order data of the buy side. A function that sorts the order data on the sell side and the order data on the buy side in the order of price priority, order time priority, and quantity priority. Convert the currency units and quantity units of multiple orders with different currency units and quantity units that are the basis of transactions into a unified currency unit and quantity unit based on a predetermined conversion rate calculated using a standard value. Then, the function to calculate the standard order price and standard order quantity, and for the order data, the order quantity and order price in the order of digital assets of different issues are converted to a predetermined conversion rate calculated using the standard value. Based on the order quantity and order price based on the digital assets of the counterparty's stock, the function to calculate the standard order price and standard order quantity, and the selling after sorting and calculating the standard order price and standard order quantity Since it is configured to have a function to perform matching and contract processing between at least one of the order data on the side and the order data on the buying side and the order data on the other party's side (for example, 5 to 10 orders) While minimizing the load on the system and suppressing the decrease in processing speed, all forms of digital assets such as digital assets with different currency units and quantity units that are used as transaction standards, digital assets with different quantities and prices that are used as transaction standards, etc. It will be possible to exchange and trade digital assets.

Further, according to the transaction order processing system using digital assets of the present embodiment, the processing operation condition monitoring smart contract 5 monitors whether or not the processing operation conditions of the order data are satisfied, and the processing operation of the order data is monitored. Since it is configured to have a trigger function that causes the order matching/execution process related to the order data by the trading smart contract 4 to be executed when the conditions are satisfied, the trading smart contract 4 that operates for each issue Even if there is, it is possible to execute processing for exchange/trading between digital assets of different brands.

In addition, according to the transaction order processing system using digital assets of the present embodiment, the transaction smart contract 4 calculates the standard order price and standard order quantity, and sorts the top several orders (for example, 5 to 10 orders). ), the number of processes required for calculating the standard order price and standard order quantity by the transaction smart contract 4 can be reduced, and the load on the system and the decrease in processing speed can be further reduced. can be further reduced.

In addition, according to the transaction order processing system using digital assets of the present embodiment, the order data processing operating conditions are set to the trigger for executing the matching/execution process for the order data of the issue in the order data of the issue. It is configured to have a combination using at least one of the logical product and logical sum of the condition and the trigger condition for executing the matching/contracting process for the order data of the exchange destination that is a different issue from the relevant issue. Therefore, for example, when it is desired to exchange the digital data of a different issue in the sell order of the digital data of a given issue, by setting the trigger condition items for each issue as the processing operating conditions, the processing operating conditions The smart contract for monitoring 5 can cause the smart contract for trading 4, which operates for each brand, to simultaneously execute processing for exchanging and trading digital assets of different brands.

In addition, according to the transaction order processing system using digital assets of the present embodiment, the order management smart contract 2 has a function of creating a trigger condition monitoring table in which individual trigger conditions are set in the order data of the issue. , and the smart contract for monitoring processing operating conditions 5 monitors the trigger condition monitoring table, and when each trigger condition (target value) in the trigger condition monitoring table satisfies the processing operating conditions, the transaction smart Since the contract 4 is configured to execute the order matching/execution process related to the order data, the processing operating condition monitoring smart contract 5 allows the trading smart contract 4, which operates for each issue, to perform different issues. Simultaneous execution of processing for exchange/transaction between digital assets can be embodied.

In addition, according to the transaction order processing system using digital assets of the present embodiment, when the transaction smart contract 4 generates a fractional order that does not correspond to either a sell order or a buy order, the fractional order is processed by itself. adjusts through the intervention of Since it is configured to have the function of Since execution is possible, it is possible to improve the liquidity of transactions between orders with different currency units or quantity units, or between orders with different issues.

In addition, according to the transaction order processing system using digital assets of the present embodiment, if the transaction smart contract 4 is unable to complete an order and remains unfilled, the entire order is executed or cannot be executed. Until (= there are no other orders that can be matched), the order data of the counterparty's orders to be traded are sorted in order of price precedence, and then the top few orders of the sorted counterparty's order data ( For example, 5 to 10 orders) are configured to repeat the processing up to matching/execution processing, so the transaction smart contract repeats until all the orders are executed or cannot be executed. In 4, the number of order data to be processed in the matching/contract processing per time can be suppressed to a small number, and the load on the system can be reduced.

Further, according to the transaction order processing system using digital assets of the present embodiment, the order processing monitoring smart contract 6 and the operation monitoring smart contract 7 are further provided, and the order processing monitoring smart contract 6 is If the matching/contracting process of the trading smart contract 4 that has been activated for the issue is in a standby state, it is regarded as a failure and the operation of the trading smart contract 4 is stopped, and error information and operation of the trading smart contract 4 has a function of notifying the operation monitoring smart contract 7 that monitors the operation of the system of the node of the transaction smart contract 4 that has stopped It is configured to have a function of automatically adjusting the node that operates the transaction smart contract 4 so that another transaction smart contract 4 continues the processing in response to the notification of the node of the smart contract 4. , Even if a problem occurs in the matching/contract processing by the transaction smart contract 4 of a predetermined node, the processing is not stopped and the transaction smart contract 4 of another node is made to perform the matching/contract processing of the order data. can be done.

For this reason, according to each of the above embodiments, tokens (digitally defined in decentralized technology such as blockchain) with different currency units, quantity units, and issues, which have not been done on the world's major exchanges in the past, Generic value, including crypto-assets), digital currency, token and digital currency, token-to-token, digital-to-digital currency, and other forms of digital asset exchange/transactions to be processed quickly and efficiently. In addition, it is possible to obtain a transaction order processing system using digital assets that can continue processing without interruption even if an error or failure occurs.

Although the preferred embodiments of the present invention have been detailed above, the present invention is not limited to the above-described embodiments, and various modifications and substitutions can be made to the above-described embodiments without departing from the scope of the present invention. can be added.

For example, since there are more than 180 currencies in circulation around the world, if exchanges and transactions between digital assets by the transaction order processing system using digital assets of the present invention can be applied in many countries, Converting a wide variety of currency units into a unified currency unit using smart contracts for transactions is expected to increase the load on the system.
Therefore, the currency unit used for the order price of the order data to be processed by the smart transaction contract is, for example, three major currencies, $, ¥, and euro, and the smart transaction contract uses the three currency units For the order data using each currency unit, sort by each order data using each currency unit, and target several top selling/buying order data after sorting (for example, 5 to 10 orders) with $, ¥, Euro It is desirable to convert to one of the three types of currency units and integrate the order data using the above three types of currency units.
In that case, the order management smart contract converts the order data of the order using a currency unit other than the above three currency units into one of the above three currency units.
In this way, the load on the system can be reduced as much as possible, and exchanges and transactions between digital assets in multiple countries with various currency units can be performed by the transaction order processing system using digital assets of the present invention. be able to.

In addition, regarding the order quantity, for example, the process of converting ounces to g, instead of being performed by the transaction smart contract, is performed only once for the order data entered by the order management smart contract. good too.
Furthermore, for example, when converting the order quantity and order price of a major digital asset order based on the order quantity and order price of a minor digital asset order, the conversion process by the trading mart contract is performed per day It may be controlled to be about once.

In addition, in the transaction order processing system using digital assets of the present invention, even if the transaction smart contract does not generate a fractional order that does not correspond to either a sell order or a buy order, the order can be intervened by itself. may have a function of adjusting fluidity.

In addition, it is more desirable to configure the function of adjusting liquidity by order processing in consideration of the following points.

Liquidity may be improved through the intervention of liquidity providers (liquidity providers: LPs) such as banks and securities companies, and market makers.
In transactions involving a liquidity provider, the trading function that makes up the trading system conducts counter-trade against the customer's order and covers the rate issued by the liquidity provider, which is the same as the customer's order. Place an order to a liquidity provider, who returns a fill.
Rates issued by liquidity providers are treated as "quotes" in Japan.
Since the "quote" does not clarify the number of covers to be executed, it is only a guideline, so in the case of large orders, it is necessary to consider the market impact and specify more slippage. Adjust so that it is easy to secure liquidity.

Recently, as tokens (crypto assets) based on commodities (commodities) have become the subject of transactions other than securities, there are cases where token issuers and liquidity providers are not financial institutions. appearing.
By the way, for example, in Japan, commodity tokens that fall into the category of crypto assets can be handled in finance, and the existing method of covering the liquidity provider is that the liquidity provider is a financial institution, Alternatively, if it is an overseas corporation that is outside the scope of Japanese law, there is no problem if a contract is made with a liquidity provider, but if a non-financial company in Japan issues a rate for financial products (such as crypto assets) If you receive a cover order and return the contract, you may be accused of violating the law.
Therefore, if a non-financial company becomes a liquidity provider, it cannot issue a rate. Therefore, when a non-financial company becomes a liquidity provider, it is necessary to provide liquidity by using other methods that can substitute for issuing a rate, receiving a cover order, and returning a contract.
One way to do this is for a non-financial firm to continuously place orders as a liquidity provider and then repeat the corrections.
By placing an order, the price and quantity are clarified.

By the way, when the customer's orders are collected and matched/executed, there may be a case where the liquidity shortage cannot be covered even if a cover order is issued to the liquidity provider.
Therefore, it is desirable to add a method of deriving the trend of lack of liquidity by calculation, which will be described below.
First, when a non-financial company provides liquidity as a liquidity provider, the order quantity is set several times (for example, 5 or 10 times) the original expected contract quantity.
There is no problem if the expected contract quantity is returned for the set order quantity.
A maximum order quantity (for example, 100 units) is set for each customer order, and orders with an order quantity less than the maximum quantity are divided into normal transactions, and orders with an order quantity greater than the maximum quantity are divided into large transactions.
Then, for each order of normal trading and large trading, a dedicated order (usually 100 units, large trading 10000 units). ) are entered by non-financial firms that are liquidity providers.

Here, an example of ordinary transactions will be described, but the same applies to large transactions.
In a normal transaction, if a liquidity provider orders 500 units, which is five times the expected contract quantity, basically at the same time a customer orders 2 to 3 units of the maximum quantity (here, 100 units). However, it is possible to process with a cover order.
However, if the market heats up and the number of orders from customers exceeds 10 at the same time, there is a risk that even if an order of 500 units is received from a liquidity provider, it will not be possible to process it with a cover order.

なお、価格に対するインパクトは、カバー先のインパクトを考慮したスプレッドを取り込むようにする。 Therefore, in the transaction order processing system using digital assets of the present invention, in such a case, the order update interval is shortened (for example, if orders were placed at 1-second intervals, they are changed to 0.5-second intervals). etc.), doubling the unit of quantity, or both.
In addition, as liquidity increases, liquidity providers will also increase the amount of liquidity taken from the main market (defined as covering to the outside), so adding the spread of the market impact is It can be used in case of overheating.
Therefore, when the liquidity provider provides cover to the outside, if the destination of the cover is board processing, the price that will have an impact due to the increase in quantity is captured from the board information and reflected in the spread.
If the cover destination is a rate, basically the multi-band rate (there are multiple rates according to the quantity) is changed to the rate of the band with the larger volume, and is reflected in the spread.
In addition, when dealing with overheating like this, there is a risk in the corrected spread, so an additional spread to deal with the risk is considered.
In other words, when the liquidity provider receives a contract that exceeds the contracted quantity, the liquidity provider changes the order price (always placing sell and buy orders) with the modified spread above taken into consideration. Along with the change, the order/correction interval (interval) is shortened by one step (30% shortened, 50% shortened, etc.).
Then, the order quantity is one step larger than the estimated contract quantity (for example, 50% increase of the estimated contract quantity) and an order is placed.
Conversely, when the overheating state subsides, the countermeasure to the above is performed.
If the order quantity falls below 10% of the expected contract quantity for a certain period of time (e.g. 20 seconds), the above one step, or the corresponding number of steps raised as a result, will be returned by one step. .
Such step-by-step processing may be performed using a table set for each brand, as shown in Table 15 below, for example.

As for the impact on the price, the spread that takes into account the impact of the covered destination is incorporated.

The transaction order processing system using digital assets of the present invention is widely sold in precious metals, non-ferrous metals, energies such as oil, gas, and electric power, storable agricultural products such as rice and sugar, works of art, and drinking water. It is useful in fields that deal with transactions using digital assets, such as those that are digitally represented, or other digital representations of economic value.

1 Order input means 2 Smart contract for order management 3 Smart contract for providing reference value 4 Smart contract for trading 5 Smart contract for monitoring operating conditions 6 Smart contract for monitoring order processing 7 Smart contract for operation monitoring

Claims (7)

Any form of digital assets, such as tokens (collective term for values defined digitally in decentralized technology such as blockchain, including cryptographic assets), digital currencies, tokens and digital currencies, tokens and digital currencies, etc. Equipped with at least one type of distributed ledger in distributed technology such as blockchain for managing inter-company transactions, and a smart contract for performing predetermined processing using digital assets managed by the distributed ledger A trade order processing system using digital assets constructed,
An order input means, an order management smart contract, a reference price provision smart contract, and a trading smart contract that operate at each node for each issue of the order when an order is input by the orderer via the order input means. Has a contract and a smart contract for monitoring processing operating conditions,
The order management smart contract includes:
Order data (sell order data, buy order data) with processing operating conditions for executing matching/execution processing for the order for each issue entered by the orderer via the order input means as described above It has a function to record and store in a distributed ledger,
The reference price providing smart contract calculates reference prices for each of the sell and buy of the relevant issue (price that serves as a basis for trading based on the latest contract price and best quote price), and uses the calculated reference values as has a function to provide to each said trading smart contract corresponding to
The transaction smart contract includes:
The order data of the issue recorded and stored in the distributed ledger is classified into sell-side order data and buy-side order data, and the sell-side order data and the buy-side order data are classified into price priority, A function to sort in the order of order time priority, quantity priority,
For order data, the currency unit and quantity unit of multiple orders with different currency units and quantity units that are the basis of transactions in orders for digital assets of the same issue are converted into a predetermined conversion rate calculated using the above-mentioned reference value. A function that converts to a unified currency unit and quantity unit based on and calculates the standard order price and standard order quantity,
For the order data, the order quantity and order price in the order of the digital asset of a different brand are converted to the order quantity based on the digital asset of the counterparty's brand based on the predetermined conversion rate calculated using the above-mentioned reference value. , the function to convert to order price and calculate the standard order price and standard order quantity,
It has a function to perform matching/execution processing between at least one of the order data on the sell side and the order data on the buy side after sorting and after calculating the standard order price and the standard order quantity, and the order data on the other party's top several orders. death,
The processing operating condition monitoring smart contract includes:
A trigger function that monitors whether or not the order data processing operating conditions are met, and when the order data processing operating conditions are met, executes order matching/execution processing for the order data by the trading smart contract. A trading order processing system using digital assets, characterized by comprising: 2. The transaction smart contract calculates the standard order price and the standard order quantity for the top several order data after sorting. Trade order processing system. The order data processing operation conditions include trigger conditions for executing matching/execution processing for the order data of the relevant issue, and matching/executing conditions for the order data of the exchange destination, which is a different issue from the relevant issue. 3. Trading order processing using digital assets according to claim 1 or 2, characterized by having a combination using at least one of logical product and logical sum with trigger conditions for executing contract processing. system. The order management smart contract has a function of creating a trigger condition monitoring table in which the individual trigger conditions in the order data of the issue are set,
The processing operating condition monitoring smart contract monitors the trigger condition monitoring table, and when each trigger condition (target value) in the trigger condition monitoring table satisfies the processing operating condition, the transaction smart contract 4. The transaction order processing system using digital assets according to claim 3, wherein the order matching/contract processing for the order data is executed by contract. When a fractional order that does not correspond to either a sell order or a buy order is generated, the smart contract for trading adjusts the fractional order by intervening itself (using digital assets held in advance) within the range that the amount of own digital assets held becomes a predetermined amount, the order for the remaining amount is contracted by performing a counter-trading) function. A trading order processing system using the described digital assets. If the order remains unfilled, the trading smart contract is the object of trading until all the orders are filled or until it can no longer be filled (= there is no other counterparty's order that can be matched). It is characterized by repeating the process from sorting the order data of the counterparty's order in order of price priority to matching and execution processing for the top few order data among the sorted counterparty's order data. A trading order processing system using digital assets according to any one of claims 1 to 5. In addition, it has a smart contract for order processing monitoring and a smart contract for operation monitoring,
When the matching/execution process of the trading smart contract that has been operated for one issue is in a standby state for more than a predetermined time, the order processing monitoring smart contract regards it as a failure and stops the trading smart contract from operating. It has a function to notify the operation monitoring smart contract that monitors the operation of the system of the error information of the transaction smart contract that has been stopped and the node of the transaction smart contract whose operation has been stopped,
The operation monitoring smart contract receives error information and a notification of the node of the transaction smart contract that has stopped operating, and activates the transaction smart contract so that another transaction smart contract continues the processing. 7. The trading order processing system using digital assets according to any one of claims 1 to 6, characterized by having a function of automatically adjusting nodes.

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