金融テクノロジーのガバナンス / Governance of Financial Technology

早稲田大学商学部「サイバーフィジカル社会と金融の未来」2026 春の第9回で使用したスライドです。

Transcript

1. Generated by Stable Image Ultra 2026 9 2026 9 — 2026-06-16 – p.1/63
2. https://speakerdeck.com/ks91/collections/cyber-physical-society-and-future-of-finance ( ) 2026 9 — 2026-06-16 – p.2/63
3. ( ) 1 4 14 • 2 4 21 • 3 4 28 ( ) • 4 5 12 ( ) • 5 5 19 AI • 6 5 26 AI ( ) • 7 6 2 AI • 8 6 9 ( ) • 9 6 16 ( ) • 10 6 23 11 6 30 12 7 7 13 7 14 ( ) 14 7 21 1 3 ∼ ( ) 2026 9 — 2026-06-16 – p.3/63
4. ( ) AI a ( ) DID (Decentralized Identifiers) VC (Verifiable Credentials) a — 2026 9 — 2026-06-16 – p.4/63
5. Ethereum Ethereum ( ) ( ) RegTech ( ) SupTech ( ) 2026 9 — 2026-06-16 – p.5/63
6. 2026 9 — 2026-06-16 – p.6/63
7. 4. (1) Buterin 2014 DAO DAO AI ( ) AI ( 1 ) AI AI · AI ( +α ) (2) AI ( ) (3) 2026 6 12 ( ) 23:59 JST ( ) Waseda Moodle 2026 9 — 2026-06-16 – p.7/63
8. . . . . . . 88 55 ( )(6/13( ) ) ( ) — ( ) ( ) . . . 18 ( DAO) ( ) . . . 23 ( ; ) . . . 10 2026 9 — 2026-06-16 – p.8/63
9. ( ) (LLM ) 2014 DAO DAO Buterin DAO DAO ( ) (p.29 ) 2026 9 — 2026-06-16 – p.9/63
10. DAO ಺෦ࢿຊˢ͋Δ ɹɹɹɹˣͳ͍ தԝʹࣗಈ ɹɹɹɹɹWT ɹɹɹɹɹɹதԝʹਓؒ ׬શͳ "* σʔϞϯ˞ ϑΥʔϥϜ˞ XFC αʔϏε ϩϘοτΛ࢖໾ %"0 %"QQ˞ ݹయత૊৫ ɹɹɹɹɹ
    
    पลʹਓؒ ɹɹɹɹ
    
    WT पลʹࣗಈ ˞
    %"QQ
    
    εϚʔτίϯτϥΫτʹΑΔΞϓϦέʔγϣϯ
    %FDFOUSBMJ[FE
    "QQ ˞
    ϑΥʔϥϜ
    
    ਓʑ͕ಛఆͷ࿩୊ʹ͍ͭͯٞ࿦ͨ͠Γ৘ใΛަ׵ͨ͠Γ͢Δ৔ ˞
    σʔϞϯ
    
    όοΫάϥ΢ϯυͰՔಇ͠
    ΠϕϯτʹࣗಈతʹରԠ͢ΔϓϩάϥϜ . . . DAO : Decentralized Autonomous Organization ( ) Buterin DAO (2014) ↑ = + 2026 9 — 2026-06-16 – p.10/63
11. H DAO DAO ⇒ 2026 9 — 2026-06-16 – p.11/63
12. O ( ) ⇒ Linux Linus Torvalds 2026 9 — 2026-06-16 – p.12/63
13. F Buterin DAO DAO DAO DAO ⇒ DAO 2026 9 — 2026-06-16 – p.13/63
14. ETF ( ) 2026 9 — 2026-06-16 – p.14/63
15. DAO DAO a b DAO DAO DAO a b 2026 9 — 2026-06-16 – p.15/63
16. ( ) ҉߸ࢿ࢈ &5' ࣮ମ͸୯ʹ &5' ҉߸ࢿ࢈औҾ ࢿຊ͕࣮ࡍʹۦಈྗΛ ࣋ͭͨΊͷԼࢧ͑ ΫϦϓτք۾ Ұൠެऺ 11 ٕज़ ࣗ཯෼ࢄʹΑΓಈ࡞͢Δ୆ாγεςϜ ɾωΠςΟϒ҉߸ࢿ࢈ݐͯࢿຊʹΑΔۦಈͱ๷ޚ ߹ಉձࣾܕ %"0 ࣮ମ͸୯ʹ߹ಉձࣾ ౤ථʹΑΔ %"0 ֊ ૚ ߏ ଄
    ᴹ
    Լ ૚ ʹ ج ͮ ͍ ͯ ্ ૚ ͕ ͋ Δ ETF 2026 9 — 2026-06-16 – p.16/63
17. Y K DAO DAO ⇒ 2026 9 — 2026-06-16 – p.17/63
18. I Buterin 2014 DAO DAO Bitcoin —— Claude Fable 5 ( ) ⇒ 2026 9 — 2026-06-16 – p.18/63
19. Y DAO AI 2014 DAO ⇒ ( ) 2026 9 — 2026-06-16 – p.19/63
20. Stop Hiring Humans Boston, photo by Chris Amico (2025) Artisan GAMER PAT on Hermes Agent on GPT-5.5 “Stop hiring humans!” ( ) 2026 9 — 2026-06-16 – p.20/63
21. (1) — DAO DAO DAO DAO DAO DAO ↑ GAMER PAT on ChatGPT 5.5 2026 9 — 2026-06-16 – p.21/63
22. (2) — DAO DAO DAO DAO DAO ↑ GAMER PAT on ChatGPT 5.5 2026 9 — 2026-06-16 – p.22/63
23. (3) — Fable DAO —— DAO —— Claude Fable 5 ( ) 2026 9 — 2026-06-16 – p.23/63
24. 2026 9 — 2026-06-16 – p.24/63
25. Ethereum · → · → · → 2026 9 — 2026-06-16 – p.25/63
26. ↑ 2026 9 — 2026-06-16 – p.26/63
27. (by ) 1. 2. ( ) ( ) . . . cf. by McLuhan cf. by McLuhan → 2026 9 — 2026-06-16 – p.27/63
28. by ⇒ ⇒ 2026 9 — 2026-06-16 – p.28/63
29. by SNS AI AI ⇒ ( ) ⇒ 2026 9 — 2026-06-16 – p.29/63
30. Ethereum ( ) EVM (Ethereum Virtual Machine) 2026 9 — 2026-06-16 – p.30/63
31. Ethereum Vitalik Buterin, “Ethereum White Paper: A NEXT GENERATION SMART CONTRACT & DECENTRALIZED APPLICATION PLATFORM” (Dec. 2013∼) 12 ( ) (= ) = = ( ) CPU ⇒ DApps DApps = / 2026 9 — 2026-06-16 – p.31/63
32. = ( ) run = → 2026 9 — 2026-06-16 – p.32/63
33. [Lamport 1984][Schneider 1990] ( ) (1) 0 ( ) (2) (3) (4) ( ) ← 2026 9 — 2026-06-16 – p.33/63
34. Ether (ETH) Ethereum EOA : Externally-Owned Account ( ) ( ) ( ) ( ) ← Ether ( ) EVM EVM = Ethereum = 2026 9 — 2026-06-16 – p.34/63
35. EVM : Ethereum Virtual Machine ঢ়ଶ ֎෦ΞΫλʔ ΞΧ΢ϯτ &7. ίʔυ &UIFS
    ˠ
    (BT ىಈ ίϯτϥΫτ ϝοηʔδ
    ͔ɺ৽͍ࣗ͠ಈΦϒδΣΫτ ΞΧ΢ϯτؒͰ΍ΓऔΓ͞ΕΔσʔλ΍
    &UIFS ετϨʔδ ঢ়ଶ` τϥϯβΫγϣϯ ηοτ σδλϧॺ໊ &7. ਓؒͱ͔ ࣗಈ ΦϒδΣΫτ ( ) Gas ( EVM = ( burn)) 2026 9 — 2026-06-16 – p.35/63
36. / / (1) Ethereum Bitcoin ( OK) 1 2026 9 — 2026-06-16 – p.36/63
37. / / (2) 3 ( ) · ( ) ( ) 1 2026 9 — 2026-06-16 – p.37/63
38. / / (3) ( ) ( ) 1 ( ) 1,500 3,000 (← . . .) Ethereum 2022 9 2026 9 — 2026-06-16 – p.38/63
39. / / (4) Gwei Gwei ETH 32 ETH ( ) ETH ETH · 32 ETH ( OK) · 16 ETH ( ) 12 ( ) ( ) 1 2026 9 — 2026-06-16 – p.39/63
40. / / (5) 32 1 (384 ) ( ) ( ) 2 3 ( ) 256 512 2026 9 — 2026-06-16 – p.40/63
41. / / (6) ( ) 5 2 3 (36 ) 2026 9 — 2026-06-16 – p.41/63
42. / / (7) ( ) ( ) DAO (RANDAO) 1 2026 9 — 2026-06-16 – p.42/63
43. Ethereum        ߹ҙ͞Εͨཤྺ ϩʔΧϧʹෳ੡Λҡ࣋ ϒϩοΫ εϩοτ  ඵִؒ  εϩοτͰ  ΤϙοΫ ҉߸ֶతμΠδΣετ ϒϩοΫνΣʔϯͷҡ࣋ࢀՃऀ͕ϩʔΧϧʹ؅ཧ͢Δσʔλۭؒ ࣌ؒ
    ΑΓ৽͍͠ه࿥ ΦϒδΣΫτ τʔΫϯγεςϜ౳ͷεϚʔτίϯτϥΫτ ֤Ϣʔβͷ ࢒ߴ౳ͷঢ়ଶ ঢ়ଶ` ঢ়ଶ`` τϥϯβΫγϣϯ
     ΦϒδΣΫτͷੜ੒ ·ͨ͸ঢ়ଶભҠͷࢦࣔ ແޮͳཤྺ ω ỽ τ ϫ ồ Ϋ Λ ௨ ͠ ͯ ૹ ड ৴ ͞ Ε Δ ϩ ồ Χ ϧ ʹ ࣋ ͭ ܨ͙ͨΊʹ͸
    &5) Ͱͷσϙδοτͱ σϙδοτ૯ֹͷ ♤ ૬౰ͷϢʔβʹΑΔ ΤϙοΫ΁ͷূݴ͕ඞཁ શΦϒδΣΫτͷભҠޙͷঢ়ଶ ͕ϋογϡ໦˞ʹू໿͞Ε ͦͷ ϧʔτ஋͕ϒϩοΫʹॻ͔ΕΔ ঢ়ଶભҠ ˞
    ϋογϡ໦
    
    σʔλ܈ͷ҉߸ֶతμΠδΣετ ϋογϡ ɹ
    Λ໦ߏ଄ʹදݱͨ͠΋ͷͰ
    ෆ੔߹ͷݕग़ʹ༻͍ΒΕΔ ETH ( ) ⇒ ETH = Ethereum Virtual Machine (EVM) 2 3 ETH ⇒ ETH 2026 9 — 2026-06-16 – p.43/63
44. Ethereum (ex. ) (ex. ) ⇒ → 2026 9 — 2026-06-16 – p.44/63
45. 2026 9 — 2026-06-16 – p.45/63
46. ERC-20 ERC (Ethereum Request for Comments) 20 https://github.com/ethereum/EIPs/blob/master/EIPS/eip-20.md (EIP: Ethereum Improvement Proposal) ← EIP ( ) contract ERC20 { function totalSupply() constant returns (uint totalSupply); function balanceOf(address _owner) constant returns (uint balance); function transfer(address _to, uint _value) returns (bool success); function transferFrom(address _from, address _to, uint _value) returns (bool success); function approve(address _spender, uint _value) returns (bool success); function allowance(address _owner, address _spender) constant returns (uint remaining); event Transfer(address indexed _from, address indexed _to, uint _value); event Approval(address indexed _owner, address indexed _spender, uint _value); } name/ , symbol/ , decimals/ approve allowance ERC-777 ( ) 2026 9 — 2026-06-16 – p.46/63
47. ERC-20 ERC-20 ← ( ) ( ) ⇒ ERC-20 ( ERC-20 ) ERC-20 ⇒ 2026 9 — 2026-06-16 – p.47/63
48. (fungible) ERC-20 → ERC-223 (draft) or ERC-777 ( )( ) (non-fungible) ERC-721 ( ) ( ) ERC-1155 ( ) ERC-3525 (SLOT ) 2026 9 — 2026-06-16 – p.48/63
49. — τʔΫϯ ୅ସ՟ฎ εϚʔτίϯτϥΫτ ݕূՄೳͳঢ়ଶϚγϯ ϓϩϏφϯε དྷྺূ໌
    ୅ସՄೳ ঈؐෆೳ ୅ସՄೳ ঈؐՄೳ ୅ସෆೳ ঈؐՄೳ ୅ସෆೳ ঈؐෆೳ ূ໌͢Δ ಉఆ͢Δ ࢧ෷͍౳ ࠷ॳͷԠ༻ *%
    Χʔυ౳ ηΩϡϦςΟ τʔΫϯ ূ݊ ౳ ηϯαʔ౳ ෺ྲྀɾ Ҩݴॻ౳ อݥਃ੥౳ ௥੻͢Δ ײ஌͢Δ தԝۜߦ σδλϧ௨՟౳ ҭ੒ήʔϜ౳ ൿີ伴Λ࢖͑Δ͔Βຊਓʁ ෛ࠴  Ξηοτͷ ਺஋දݱΛҠసͰ͖Δʁ ొ࿥͞Εͨίʔυͱ ͦͷ࣮ߦϩάͱ݁Ռͷ ਅਖ਼ੑΛ୲อͰ͖Δʁ ݖҖ͕
    Կ͔ͷ಺༰Λূ໌͢Δʁ ࣋ଓ͢Δଘࡏʹ͍ͭͯ ه࿥ΛΞοϓσʔτՄʁ ओମ͕͍ͳ͘ͳͬͯ΋ աڈͷσʔλ͸༗ޮʁ /'5 Ұൠతͳ ೝࣝ ػೳͷ ෼ੳ݁Ռ 2026 9 — 2026-06-16 – p.49/63
50. 2026 9 — 2026-06-16 – p.50/63
51. transfer settle, retrieve asset, retrieve token 3 2026 9 — 2026-06-16 – p.51/63
52. ( ( )) ( ) / / 2026 9 — 2026-06-16 – p.52/63
53. — 1. ( ) 2. ( ) 3. ( ) 2026 9 — 2026-06-16 – p.53/63
54. token (ERC-20 ) $ brownie bake token GitHub git clone $ git clone https://github.com/ks91/sample-smart-contracts.git sample-smart-contracts contracts, scripts tests token Token 2026 9 — 2026-06-16 – p.54/63
55. OneTimeEscrow settle() function settle() public returns (bool) { require(_token_.balanceOf(address(this)) >= _price_); /* this */ require(_asset_.getOwner() == address(this)); _token_.transfer(_seller_ , _price_); _asset_.transfer(_buyer_); emit Settled(); /* */ return true; } settle() transfer $ brownie compile 2026 9 — 2026-06-16 – p.55/63
56. (1) from brownie import * import pytest seller = accounts[0] buyer = accounts[1] def test_deploy_and_settle(Token, IndivisibleAsset, OneTimeEscrow): asset = accounts[0].deploy(IndivisibleAsset, "5322 Endo", "mˆ2", 300) token = accounts[0].deploy(Token, "Test Token", "TEST", 18, "1000 ether") 2026 9 — 2026-06-16 – p.56/63
57. (2) token.transfer(buyer, 300, {’from’: accounts[0]}) escrow = accounts[0].deploy(OneTimeEscrow, token, buyer, asset, seller, 300) accounts[0]/seller accounts[1]/buyer 300 300 TX buyer seller 300 bake Token 300 ETH wei 2026 9 — 2026-06-16 – p.57/63
58. (3) token.transfer(escrow, 300, {’from’: buyer}) asset.transfer(escrow, {’from’: seller}) assert token.balanceOf(seller) == 999999999999999999700 assert token.balanceOf(buyer) == 0 assert token.balanceOf(escrow) == 300 assert asset.getOwner() == escrow buyer ( ) 300 seller ( ) 2026 9 — 2026-06-16 – p.58/63
59. (4) escrow.settle({’from’: seller}) assert token.balanceOf(seller) == 1000000000000000000000 assert token.balanceOf(buyer) == 0 assert token.balanceOf(escrow) == 0 assert asset.getOwner() == buyer settle() seller OK 2026 9 — 2026-06-16 – p.59/63
60. RegTech ( ) SupTech ( ) 2026 9 — 2026-06-16 – p.60/63
61. RegTech : (regulatory) × ( ) AML/CFT (Anti-Money Laundering / Countering the Financing of Terrorism) eKYC (electronic Know Your Customer) 2026 9 — 2026-06-16 – p.61/63
62. SupTech : (supervisory) × (API ) ( ) 2026 9 — 2026-06-16 – p.62/63
63. (← ∼) 2 2026 9 — 2026-06-16 – p.63/63