对粤港澳大湾区及香港的发展的一些思考

梁锦松

南丰集团董事长及行政总裁

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新风天域集团联合创始人及董事长

2018年1月20日 ∙ 四季论坛

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Whitepaper On Distributed Ledger Technology

11 Nov 2016

1. Foreword. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

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2. Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

3. Introduction to distributed ledger technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

3.1 Basic building blocks and mode of operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

3.2 A detailed walk-through illustration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

3.3 The Disruptive Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

3.4 Smart contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

3.5 Conclusions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

4. Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

4.1 Protecting information integrity through design: a “macro” perspective . . . . . . . . . . . . . . . . . . . 18

4.2 Protecting information integrity with cryptographic technology: a “micro” perspective . . . . . . 23

4.3 Smart Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

5. Deployment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

5.1 Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

5.2 Interoperability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31

6. DLT Platforms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34

6.1 Bitcoin. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34

6.2 Ethereum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35

6.3 Hyperledger . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35

6.4 Corda. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

6.5 Ripple . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

7. Governance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37

7.1 Rule-Making Processes undertaken by Participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37

7.2 Defining roles and responsibilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

7.3 Conflict Resolution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41

8. Risk Management and Regulatory Compliance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44

8.1 Operational Risks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44

8.2 Identity Theft Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44

8.3 Conduct Risks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

8.4 Regulatory Compliance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45

9. Security and Privacy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47

9.1 Security. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47

9.2 Privacy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48

9.3 Challenges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49

10. Legal considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54

Distributed Ledger Technology Will Drive Legal Innovation (by Professor Carla L. Reyes) . . . . . . . . . . . . 58

11. Proof-of-Concept Work. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59

11.1 Proof-of-Concept – Mortgage Loan Application. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59

11.1.1 Sub use case (1): The property valuation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62

Review of the prototype integration experience (by the working group) . . . . . . . . . . . . . . . . . . . . . . . . 65

11.1.2 Sub use case (2): Property ownership verification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67

11.1.3 Sub use case (3): Mortgage count. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70

11.1.4 Conclusions – Benefits and challenges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71

11.2 Proof-of-Concept – Trade Finance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75

11.2.1 Smart contract in Open Account Trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79

11.2.2 Tracking the status of trade transactions: flows of Goods & Funds. . . . . . . . . . . . . . . . . . . . 80

11.2.3 Information matching of Invoices with Purchase orders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82

11.2.4 Benefits of and possible challenges to DLT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83

11.3 Proof-of-Concept – Digital Identity Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84

Appendix 1 – Use case – Mortgage-Backed Securities (by R3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85

Appendix 2 – Blockchain for Trade Finance (by Vishal Batra, IBM Research, India) . . . . . . . . . . . . . . . . . . . . 87

Technical note (I) – the Merkle tree . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90

Technical note (II) – Illustration: Proof-of-work mining using the SHA256 hash algorithm . . . . . . . . . . . . . . 92

Technical note (III) – Considerations on the Deployment of Platforms and Applications . . . . . . . . . . . . . . . 93

References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96

收起

Whitepaper 2.0 on Distributed Ledger Technology

Whitepaper_Chapters 1-8

Whitepaper_Annex

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Table of Contents

1

Foreword

...............................................................................

5

2

Executive Summary

......................................................................

7

3

Introduction

...........................................................................

12

3.1

Background and history

.............................................................

13

3.2

Purpose and scope of the second Whitepaper

.........................................

13

3.3

Structure of the second Whitepaper

..................................................

14

3.4

Ways forward

.....................................................................

14

4

Technology Update

.....................................................................

15

4.1

DLT platforms

.....................................................................

16

4.1.1

Hyperledger

.................................................................

16

4.1.2

Corda

......................................................................

17

4.1.3

Bitcoin

......................................................................

18

4.1.4

Ethereum

...................................................................

20

4.2

Unpermissioned DLT technology extension for enterprises

..............................

20

4.2.1

Quorum

....................................................................

20

4.2.2

Enterprise Ethereum Alliance

..................................................

21

4.2.3

Microsoft Enterprise DLT Framework

...........................................

21

4.3

Off-chain services technology for DLT

.................................................

23

4.3.1

Lightning Network on Bitcoin

..................................................

23

4.3.2

The Raiden Network on Ethereum

..............................................

24

4.3.3

Plasma on Ethereum

.........................................................

24

5

Compliance Issues

......................................................................

25

5.1

Background

.......................................................................

26

5.2

Anti-money laundering (AML) and counter-financing of terrorism (CFT) issues

..............

26

5.3

Systemic risk

......................................................................

27

5.4

Technology and operational risks

.....................................................

28

5.5

Reporting and transparency

.........................................................

28

5.6

Governance and controls, cybersecurity and legal risks

..................................

28

5.7

Conclusion

........................................................................

28

6

Governance and Control

.................................................................

29

6.1

Background

.......................................................................

30

6.2

Governance

.......................................................................

30

6.2.1

Governance structure

........................................................

30

6.2.2

Membership on-boarding and ongoing operation

................................

31

6.2.3

Technology audit

.............................................................

32

6.3

Security management

..............................................................

32

6.3.1

Information protection

.......................................................

32

6.3.2

Data privacy from a governance point of view

....................................

33

6.3.3

Authentication and access control (key management)

.............................

33

6.3.4

Security administration and monitoring

.........................................

34

6.3.5

Physical security

.............................................................

34

6.4

System development and change management

........................................

35

6.4.1

System development

.........................................................

35

6.4.2

Portability and compatibility

...................................................

36

6.4.3

Change management

.........................................................

36

6.5

Information processing

.............................................................

37

6.5.1

Disaster recovery and resilience

................................................

37

6.5.2

Minimum viable number of validating nodes

.....................................

38

6.6

Communication networks

...........................................................

38

6.6.1

Security and network connectivity among nodes

.................................

38

6.7

Outsourcing

.......................................................................

39

6.8

Other considerations

...............................................................

39

6.9

Conclusion

........................................................................

40

7

Legal Issues

............................................................................

41

7.1

Background

.......................................................................

42

7.2

Legal basis

........................................................................

42

7.3

Data protection and privacy

.........................................................

42

7.4

Cross-border and localisation issues

..................................................

44

7.5

Smart contracts

....................................................................

44

7.6

Liability

...........................................................................

45

7.7

Competition/Anti-trust

.............................................................

45

7.8

Specific applications

................................................................

45

7.9

Conclusion

........................................................................

48

8

Proof-of-Concept Work

..................................................................

49

8.1

Background

.......................................................................

50

8.2

General observations and lessons learned

.............................................

50

8.2.1

Trade finance

................................................................

50

8.2.2

Digital identity management

...................................................

52

8.2.3

Mortgage loan application

....................................................

55

8.3

Conclusion

........................................................................

56

收起

Resource Pack for the Economics Curriculum (Secondary 4-6)

APPLICATION OF ECONOMIC CONCEPTS TO AUTHENTIC SITUATION –

(1) AVIATION INDUSTRY IN HONG KONG

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Personal, Social and Humanities Education Section

Curriculum Development Institute

Education Bureau 2013

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复星国际（656.HK） 2016年经营业绩报告

亮点一：跨越周期，持续为股东创造价值

亮点二：资产负债结构持续优化

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亮点三：重点布局大健康，深度智造C2M幸福生态圈

亮点四：升级快乐体验，深度智造C2M幸福生态圈

亮点五：One Fosun，全方位提升赋能增值能力

亮点六：加大智能创新投资力度，布局未来机会

收起

2009年8月

2009年度中期业绩

复星国际有限公司(HK:00656)

2016年中期 经营业绩报告

复星国际 (656.HK)

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