ブロックチェーン業界動向

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1. ©Ginco inc. All rights reserved 1
   ϒϩοΫνΣʔϯۀքಈ޲
   Q1 Q4
   2019
   Q2 Q3
   2019.11.29 Blockchain @ Loft #2
   

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2. ©Ginco inc. All rights reserved
   ొஃऀࣗݾ঺հ
   2
   ౻ຊݡ࣊ʢ;͡΋ͱɾ͚Μ͡ʣ
   גࣜձࣾ(JODPͷ޿ใɾব֎ɾࣄۀ։ൃ୲౰ɻฤूϓϩμΫγϣϯʹͯɺ
   ؍ޫ৘ใࢽ΍Ϗδωε࣮༻ॻɺΦ΢ϯυϝσΟΞͷฤूɾσβΠϯʹै
   ࣄͨ͠ܦݧΛ׆͔͠ɺ(JODP .BHB[JOFΛ࢝Ίͱ͢ΔϒϩοΫνΣʔϯ
   ղઆίϯςϯπશൠͷ؂मɾฤूɾ੍࡞Λ୲͏ɻʰϒϩοΫνΣʔϯͷ
   ඳ͘ະདྷʱʰະདྷ*5ਤղ ͜Ε͔ΒͷϒϩοΫνΣʔϯϏδωεʱͱ͍ͬ
   ͨϒϩοΫνΣʔϯઐ໳ॻ੶Λฤूɻݱࡏ͸ɺϒϩοΫνΣʔϯΛ׆༻
   ࣮ͨ͠ূ࣮ݧ΍৽نϏδωεͷاըཱҊʹ΋෯޿ؔ͘ΘΔɻ
   גࣜձࣾ(JODP
   

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3. ©Ginco inc. All rights reserved
   ϒϩοΫνΣʔϯ൛ۜߦ"1*Ͱ
   ۚ༥ϏδωεΛ
   ҆શ͔ͭਝ଎ʹ࣮ݱ
   גࣜձࣾ(JODPͱ͸
   3
   

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4. ©Ginco inc. All rights reserved
   ϒϩοΫνΣʔϯ൛ۜߦ"1*ʹ෼ࢄ୆ாͷʮߋ৽ʯʮࢀরʯʮޱ࠲؅ཧʯΛ࣮ݱ͢Δ"1*܈
   4
   "1*
   Ծ૝௨՟ ূ݊ ෆಈ࢈ Ξʔτ
   ήʔϜ
   ΞΠςϜ
   ஌ࡒ
   ߋ৽ܥ"1* ࢀরܥ"1*
   ҉߸伴ͷੜ੒ɾอ؅
   ࢿ࢈ͷૹ৴ ࢿ࢈ॴ༗ऀ৘ใͷऔಘ
   ࢿ࢈ॴ༗ྔͷऔಘ
   ࢿ࢈ঢ়گͷ֬ೝ
   ϒϩοΫνΣʔϯ%-5
   ޱ࠲؅ཧ"1*
   ࢿ࢈ͷडऔ
   ࢿ࢈Ҡసͷࣗಈࣥߦ
   'JOBODJBM
   #VTJOFTTFT
   ϒϩοΫνΣʔϯ൛ۜߦ"1*
   ҉߸伴؅ཧϞδϡʔϧ ҉߸伴؅ཧϞδϡʔϧ
   

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5. 200
   ԯԁ++
   ߹ܭྲྀ௨ֹۚ
   5.0
   ສ++
   μ΢ϯϩʔυ਺
   (JODP8BMMFUͷఏڙ࣮੷
   

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8. Source © 2019 Ginco inc. All rights reserved
   λΠτϧ 8
   Over View
   Section 1
   ϋΠϓαΠΫϧɹԾ૝௨՟ࢢگ
   ࢿۚௐୡಈ޲
   8
   

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9. ©Ginco inc. All rights reserved 9
   ͸͡Ίʹ
   ϒϩοΫνΣʔϯΛར༻ͯ͠Կ͕Ͱ
   ͖Δ͔ʁ͕໰ΘΕΔ࣌ظʹ
   ϒϩοΫνΣʔϯ΍Ծ૝௨՟ͦͷ΋
   ͷʹର͢Δظ଴͸ɺݬ໓ظͷਅͬ୞
   தʹɻ
   ҰํͰɺϒϩοΫνΣʔϯΛ׆༻͠
   ͨϏδωε͸͜Ε͔Βൃల͢ΔՄೳ
   ੑ͕େ͖͍ͱݟΒΕ͍ͯΔɻதͰ
   ΋ɺαϓϥΠνΣʔϯ΍ۚ༥ɺ෺ྲྀ
   ͳͲɺ׆༻͕ਐΜͰ͍ΔྖҬ͸ɺ·
   ΋ͳ͘ϐʔΫ͔ɺϐʔΫΛա͍͗ͯ
   ΔɻҰํͰɺΤωϧΪʔɺϝσΟΞ
   ΍޿ࠂɺ%"0ͳͲʹ͍ͭͯ͸ࠓޙ
   ͞Βʹ஫໨͞Ε͍ͯ͘ͱΨʔτφʔ
   ͸༧૝͍ͯ͠Δɻ
   ϒϩοΫνΣʔϯɾϏδωεͷϋΠϓɾαΠΫϧʢ೥ʣ
   

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10. ©Ginco inc. All rights reserved 10
    ͸͡Ίʹ
    ϒϩοΫνΣʔϯ๊͕͑Δ՝୊΁ͷ
    ॲํᝦʹظ଴͕ू·Δ
    ٕज़ͱͯ͠ͷଆ໘Ͱ΋ɺಉ༷ʹϒ
    ϩοΫνΣʔϯͱ͍͏ςΫϊϩδʔ
    ͸ݬ໓ظΛܴ͍͑ͯΔɻ
    ҰํͰɺΠϯλʔΦϖϥϏϦςΟΛ
    ߴΊΔϒϩοΫνΣʔϯؒͷ૬ޓӡ
    ༻ੑɺεέʔϥϏϦςΟΛߴΊΔϨ
    ΠϠ̎ιϦϡʔγϣϯ΁ͷظ଴͕
    ϐʔΫظʹಥೖ͠Α͏ͱ͍ͯ͠Δɻ
    ͜ΕΒͱൺֱͯ͠ҹ৅ʹ࢒Δͷ͸
    ʮΦϥΫϧʯʹ·ͭΘΔٕज़తͳղ
    ܾ͕͔ͳΓग़஗Ε͍ͯΔ఺ͩɻσʔ
    λͷೖग़ྗͷ৴པੑɺͱ͍͏఺Ͱ͸
    ςΫϊϩδͰ͸ͳ͘ɺैདྷͷݖҖػ
    ؔͱંΓ߹͍Λݟ͚ͭ͟ΔΛಘͳ
    ͍ɺͱ͍͏͜ͱ͕ࣔࠦ͞Ε͍ͯΔͩ
    Ζ͏ɻ
    ϒϩοΫνΣʔϯɾςΫϊϩδʔͷϋΠϓɾαΠΫϧʢ೥ʣ
    

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11. ©Ginco inc. All rights reserved 11
    ҉߸ࢿ࢈શମͷ࣌Ձ૯ֹ͸ɺ2຤
    ʹେ͖͘ݮগ
    ҉߸ࢿ࢈ͷ࣌Ձ૯ֹ͸ɺ্݄०·
    Ͱԣ͹͍ͰਪҠ͖͕ͯͨ͠ɺ݄൒
    ͹ʹϏοτίΠϯՁ֨ͷԼམʹ൐ͬ
    ͯେ͖͘ݮগͨ͠ɻ݄த०ʹ΋
    ࠶ ౓ େ ෯ ͳ Լ མ ͕ ੜ ͡ ɺ Ұ ࣌ ͸
    ԯυϧׂΕʹɻ
    ϏοτίΠϯՁ֨͸Ұ࣌ υϧ
    Λ੾Δ
    2ʹ͸ສυϧΛه࿥ͨ͠Ϗοτί
    Πϯ͕ͩɺ݄ʹ͸ υϧΛճ
    ׂΔ݁Ռͱͳͬͨɻ
    ҉߸ࢿ࢈શମͷ࣌Ձ૯ֹਪҠ
    -$129,921M
    ʢ-38%ʣ
    ࢢ৔τϨϯυ
    ࢢگ֓؍
    ϏοτίΠϯͷՁ֨ਪҠ
    -$3,507
    ʢ-32%ʣ
    ୯Ґɿυϧ
    ೥݄ ೥݄ ೥݄ ೥݄ ೥݄ ೥݄ ೥݄ ೥݄຤
    ԯ
    ԯ
    ԯ
    
    ೥݄ ೥݄ ೥݄ ೥݄ ೥݄ ೥݄ ೥݄ ೥݄຤
    
    
    
    
    ୯Ґɿυϧ
    ʲ2࣌఺Ͱͷલظൺʳ
    ʲ2࣌఺Ͱͷલظൺʳ
    

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12. ©Ginco inc. All rights reserved 12
    ࢿۚௐୡ͸ݮগ܏޲ʹ
    ϒϩοΫνΣʔϯελʔτΞοϓͷ
    ࢿۚௐୡ͸ɺෆ໌෼Λআ͍ͯ໿
    ԯԁͩͬͨɻ೥্൒ظͰ
    ԯԁͩͬͨ͜ͱΛߟ͑Δͱɺࢿۚௐ
    ୡֹ͸ݮগ܏޲ͱ͍͑Δɻ
    ۚ༥ɾ%BQQ෼໺͕ଟ͘ͳ͍ͬͯΔ
    ҉߸ࢿ࢈ΧετσΟͷ"ODIPSBHF
    ΍ ɺ τ ϥ ϯ β Ϋ γ ϣ ϯ ؂ ࠪ ͷ
    &MMJQUJDɺηΩϡϦςΟτʔΫϯͷ
    4FDVSJUJ[FͳͲۚ༥ؔ܎ͷاۀ͕ௐ
    ୡ্ֹҐʹଟ͘ೖ͍ͬͯΔɻ·ͨɺ
    $SZQUP,JUUJFTͳͲͷήʔϜΛ੍࡞
    ͍ͯ͠Δ%BQQFS -BCɺ%BQQσʔ
    λͷ%BQQ3BEBSɾEBQQDPN ͳͲ
    %BQQؔ࿈اۀ΋஫໨ΛूΊͨɻ
    2ʹߦΘΕͨϒϩοΫνΣʔϯελʔτΞοϓͷओཁͳࢿۚௐୡ
    اۀ໊ ෼໺ ग़ࢿاۀ ௐୡֹ
    Anchorage ΧετσΟ Blockchain Capital, Visa, a16zଞ 43ԯԁ
    Elliptic AMLπʔϧ SBI Holdings, AlbionVC, SignalFireଞ 24.8ԯԁ
    Solana ϓϩτίϧ Multicoin Capitalଞ 21.6ԯԁ
    Everledger αϓϥΠνΣʔϯ Tencent, ָఱ, Fidelityଞ 21.6ԯԁ
    CasperLabs OSSϓϥοτϑΥʔϜ Arrington XRP, Consensus Capitalଞ 15.6ԯԁ
    Bitwala ΫϦϓτόϯΫ Sony Financial Ventures, NKB Groupଞ 15ԯԁ
    Securitize ূ݊τʔΫϯ Santander InnoVentures, MUFGଞ 15ԯԁ
    Dapper Labs ήʔϜ Warner Musicଞ 12ԯԁ
    Flipside Crypto σʔλ෼ੳ Galaxy Digitalଞ 7.6ԯԁ
    Blocko اۀͷ׆༻ࢧԉ KEB Hana Bank, LB Investmentଞ 7.5ԯԁ
    Dapix ϓϩτίϧ Binance Labଞ 6ԯԁ
    Blade औҾॴ Coinbase, V Angelଞ 4.6ԯԁ
    ࢿۚௐୡ
    ελʔτΞοϓ
    

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13. ©Ginco inc. All rights reserved 13
    ύϒϦοΫͳτʔΫϯηʔϧࢢ৔
    શମ͕μ΢ϯτϨϯυʹ
    *$0ࢢ৔͸ॖখԽͷҰ్Λḷ͓ͬͯ
    ΓɺϓϩδΣΫτͷ૯਺͸લ೥౓ͷ
    ҎԼͷن໛ʹɻͦΕʹͱ΋ͳͬ
    ͯௐୡֹ΋ݮগ܏޲ʹ͋Δɻ
    450ͱ*&0ͷϓϩδΣΫτ਺͕ٯస
    ηΩϡϦςΟτʔΫϯͷऔΓѻ͍ʹ
    ֤ؔͯ͠ࠃͷن੍؀ڥ͕੔උ͞Εͭ
    ͭ͋ΔͨΊ͔ɺ450Λ࣮ࢪ͢Δϓϩ
    δΣΫτ͸ݮগɻτʔΫϯηʔϧʹ
    ΑΔࢿۚௐୡɺͱ͍͏จ຺ͦͷ΋ͷ
    ͔Β཭Εͭͭ͋ΔɻҰํɺऔҾॴʹ
    ΑΔ*&0͸੝Μʹɻ໨ඪֹۚͷௐୡ
    ΋୹ظؒͰ੒ޭ͢Δέʔε͕ଟ͍ɻ
    2
    2
    2
    2
    2
    2
    2
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    ௚ۙ̎೥ؒͷ*$0ɾ450ɾ*&0ͷ݅਺ਪҠ
    ࢿۚௐୡ
    τʔΫϯηʔϧ
    `2 લ࢛൒ظ લ೥
    ICO 168 210ʢ-20%ʣ 623ʢ-74%ʣ
    STO 10 20ʢ-50%ʣ 25ʢ-60%ʣ
    IEO 55 40ʢ-37.5%ʣ 0
    

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14. Source © 2019 Ginco inc. All rights reserved
    λΠτϧ 14
    Business [Fintech]
    Section 2
    औҾॴɹ%BQQTɹϚΠχϯά
    ΤϯλʔϓϥΠζϒϩοΫνΣʔϯ
    

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15. ©Ginco inc. All rights reserved 15
    ࣌ؒ࣠
    ओମɿ
    طଘۚ༥ࣄۀऀ
    Ξϓϩʔνɿ
    ۀք΍άϧʔϓ୯ҐͰ
    ίϯιʔγΞϜνΣʔϯΛಋೖ
    ϒϩοΫνΣʔϯɿ
    ۚ༥ͷʮۀ຿ʯ
    Λม͍͑ͨ
    ۚ༥ͷʮαʔϏεମݧʯΛม͍͑ͨ
    ओମɿ4/4౳ͷϓϥοτϑΥʔϜࣄۀऀ
    ΞϓϩʔνɿϒϩοΫνΣʔϯΛࣗࣾͰ։ൃ
    ϒϩοΫνΣʔϯɿ
    ۚ༥ͷʮߏ଄ʯΛม͍͑ͨ%F'J
    ओମɿΦʔϓϯιʔε։ൃऀ
    ΞϓϩʔνɿύϒϦοΫνΣʔϯ্ʹαʔϏεߏங
    ϒϩοΫνΣʔϯɿ
    ʮۚ༥ʯΛ
    αʔϏεʹ૊
    ΈࠐΈ͍ͨ
    Y'JOUFDI
    Ϣ
    ʔ
    β
    ʔ
    د
    Γ
    γ
    ε
    ς
    Ϝ
    د
    Γ
    ήʔϜ
    ίϯςϯπ
    ͳͲ
    

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16. ©Ginco inc. All rights reserved 16
    ۜߦ
    Ծ૝௨՟औҾॴ
    ΢ΥϨοτ
    εςʔϒϧίΠϯ
    ༬ۚצఆʢݱۚˠ༬ۚ௨՟ʣ
    ίϞσΟςΟ ϨϯσΟϯά σϦόςΟϒ όεέοτ
    ෼ࢄ୆ாצఆʢ༬ۚ௨՟ˠԾ૝௨՟ʣ
    Ξφϩάੈքʹ͓͚Δ
    ఻౷తۚ༥γεςϜ
    ϒϩοΫνΣʔϯΠϯλʔϑΣΠε
    σδλϧੈքʹ͓͚Δ
    ෼ࢄܕۚ༥γεςϜ
    ʹ%F'J
    5FUIFS
    5SVF64%
    .BLFS%"0
    %JHJY(PME
    "HSJ%JHJUBM
    %&9 ྲྀಈੑϓϥοτϑΥʔϜ
    ηΩϡϦςΟτʔΫϯൃߦ ͦͷଞͷϢʔςΟϦςΟτʔΫϯ
    #JOBODF $PJODIFDL CJU'MZFS
    DPJOCBTF
    .&5"."4, #-0$,$)"*/JOGP (JODP
    Y 6OJTXBQ LZCFSOFUXPSL #BODPS
    ैདྷͷۚ༥ػؔશൠ
    %IBSNB
    $PNQPVOE
    .BLFS%"0
    "VHVS
    EYEZ
    4FU1SPUPDPM
    CBLU
    1PMZNBUI 4FDVSJUJ[F EJHJY
    

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17. ©Ginco inc. All rights reserved 17
    େखۚ༥ػؔʹΑΔຊؾ1P$͕ਐΉ
    υΠπۜߦ͕2VPSVNΛར༻ͨ͠
    **/ʹՃೖɺεϖΠϯɾ4BOUBOEFS
    ͕ ࠴ ݖ ൃ ߦ ج ൫ ͱ ͯ͠ ϒϩ ο Ϋ
    νΣʔϯΛಋೖͳͲɺੈքతʹӨڹ
    ྗͷେ͖͍ۚ༥ػ͕ؔେֻ͔Γͷ
    1P$΍αʔϏε४උʹಥೖɻ
    ۚ༥ྖҬͰଟ֯తʹར༻͕ਐΉ
    ࠴݊ͷൃߦɾܾࡁͳͲɺۜߦؒͷࢿ
    ܾۚࡁҎ֎ͷ෼໺Ͱ΋࣮ར༻͕ਐΜ
    Ͱ͍Δɻ·ͨɺ+1ϞϧΨϯɺ΢Σϧ
    ζɾϑΝʔΰͷεςʔϒϧίΠϯͷ
    ൃߦ΋༧ఆ͞Ε͍ͯΔɻ
    ΤϯλʔϓϥΠζϒϩοΫνΣʔϯ
    ۚ༥ྖҬͰͷ׆༻
    +1ϞϧΨϯओಋͷϒϩοΫνΣʔϯΛར
    ༻ܾͨ͠ࡁωοτϫʔΫʮ*OUFSCBOL
    *OGPSNBUJPO/FUXPSLʢ**/ʣʯʹՃೖɻ
    **/͸2VPSVN্ʹߏங͞Ε͓ͯΓɺੈք
    Ͱۜߦ͕ࢀՃ͍ͯ͠Δɻ
    εϖΠϯ࠷େखͷۜߦͰ͋Δ4BOUBOEFS
    ͸ɺ࠴݊ൃߦʹؔ͢Δશͯͷۀ຿ʹύϒ
    ϦοΫνΣʔϯΛ༻͍ΔͱൃදɻΠʔα
    ϦΞϜΛར༻͠ɺূ݊ൃߦ͔Βܾࡁ·Ͱ
    ͢΂ͯΛϒϩοΫνΣʔϯ্Ͱߦ͏ɻ
    େखۚ༥ػؔͷ΢ΣϧζɾϑΝʔΰ͸ถ
    υϧͱ࿈ಈͨ͠εςʔϒϧίΠϯͷࣾ಺
    Ͱͷࢼݧӡ༻Λ։࢝ͨ͠ɻ3ͷΤϯλʔ
    ϓϥΠζ޲͚νΣʔϯʮ$PSEBʯΛར༻
    ͍ͯ͠Δɻ
    େखۚ༥ػ͕࣮ؔར༻ʹ޲͚ͯେن໛ͳ1P$΍ϏδωεԽ΁
    

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18. ©Ginco inc. All rights reserved 18
    େखۚ༥ػؔʹΑΔຊؾ1P$͕ਐΉ
    υΠπۜߦ͕2VPSVNΛར༻ͨ͠
    **/ʹՃೖɺεϖΠϯɾ4BOUBOEFS
    ͕ ࠴ ݖ ൃ ߦ ج ൫ ͱ ͯ͠ ϒϩ ο Ϋ
    νΣʔϯΛಋೖͳͲɺੈքతʹӨڹ
    ྗͷେ͖͍ۚ༥ػ͕ؔେֻ͔Γͷ
    1P$΍αʔϏε४උʹಥೖɻ
    ۚ༥ྖҬͰଟ֯తʹར༻͕ਐΉ
    ࠴݊ͷൃߦɾܾࡁͳͲɺۜߦؒͷࢿ
    ܾۚࡁҎ֎ͷ෼໺Ͱ΋࣮ར༻͕ਐΜ
    Ͱ͍Δɻ·ͨɺ+1ϞϧΨϯɺ΢Σϧ
    ζɾϑΝʔΰͷεςʔϒϧίΠϯͷ
    ൃߦ΋༧ఆ͞Ε͍ͯΔɻ
    ΤϯλʔϓϥΠζϒϩοΫνΣʔϯ
    ۚ༥ྖҬͰͷ׆༻
    ໺ଜϗʔϧσΟϯάεͱ໺ଜ૯߹ݚڀॴ
    ͕߹หاۀʮ#PPTUSZʯΛઃཱɻϒϩο
    ΫνΣʔϯٕज़Λ׆༻͢Δ͜ͱʹΑΓ༗
    Ձূ݊౳ͷݖརΛަ׵͢Δج൫ٕज़ͷ։
    ൃɾఏڙΛߦ͏͜ͱΛ໨తͱ͍ͯ͠Δɻ
    ϒϩοΫνΣʔϯٕज़Λ׆༻ͨ࣍͠ੈ୅
    ۚ༥औҾαʔϏεʹؔ͢Δ࣮ূ࣮ݧΛ࣮
    ࢪɻͦͷ݁ՌΛ౿·͑ͨ͞ΒͳΔαʔϏ
    εఏڙʹ޲͚ͨڠۀΛ࣮ࢪ͢Δͱൃදɻ
    γϯΨϙʔϧͰηΩϡϦςΟɾτʔΫϯ
    ʢ45ʹσδλϧԽɾτʔΫϯԽͨ͠ג
    ࣜɺ࠴݊ɺෆಈ࢈ͳͲͷূ݊ʣΛର৅ʹ
    ͨ͠औҾॴΛӡӦ͢ΔγϯΨϙʔϧاۀ
    ʹग़ࢿɻ
    େखۚ༥ػ͕࣮ؔར༻ʹ޲͚ͯେن໛ͳ1P$΍ϏδωεԽ΁
    

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19. Source © 2019 Ginco inc. All rights reserved
    λΠτϧ 19
    Regulations
    Section 3
    ࠃ಺ن੍ɹࠃࡍن੍ɹ
    

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20. ©Ginco inc. All rights reserved 20
    ถࠃ಺ࡀೖிʢ*34ʣ͸ɺԾ૝௨՟ॴ༗ऀʹର͠
    ͯɺೲ੫΍੫຿ਃࠂͷमਖ਼Λקࠂ͢ΔͨΊͷखࢴΛ
    ૹ෇࢝͠Ίͨɻର৅ऀ͸ສਓҎ্ʹ্Δɻ*34͸ɺ
    ੫຿ΨΠμϯεΛ৽͘͠࡞੒தͰ͋Δɻ
    ΞϝϦΧɺະೲ੫ͷԾ૝௨՟ॴ༗ऀʹର͠
    ͯקࠂΛૹ෇
    Φϥϯμ͸&6ͷ".-ํ਑ʹै͍ɺԾ૝௨՟ͷަ׵
    ΍Ծ૝௨՟༬ۚαʔϏεΛఏڙ͢Δاۀɾݸਓͷத
    ԝۜߦ΁ͷొ࿥Λٛ຿෇͚ΔɻΦϥϯμͰαʔϏε
    ల։Λߦ͏͚ͩͰ΋ొ࿥͕ඞཁͱͳΔɻ
    ΦϥϯμɺԾ૝௨՟αʔϏεاۀͷதԝۜ
    ߦొ࿥Λٛ຿͚ͮ
    χϡʔδʔϥϯυͷ੫຿౰ہ͸ɺԾ૝௨՟Ͱͷ෦෼
    తͳڅ༩ड͚औΓͱ՝੫Λ߹๏ʹ͢Δͱൃදɻ҉߸
    ࢿ࢈͸๏ఆ௨՟ͱͷަ׵͕Ͱ͖Δ͔ɺ๏ఆ௨՟ʹ࿈
    ಈͨ͠΋ͷͰͳ͚Ε͹ͳΒͳ͍ͱఆΊΒΕΔɻ
    χϡʔδʔϥϯυɺ҉߸ࢿ࢈Ͱͷڅ༩ࢧ෷
    ͍Λ߹๏Խ
    த ࠃ ͷ த ԝ ۜ ߦ ʹ ͋ ͨ Δ த ࠃ ਓ ຽ ۜ ߦ ͸ ɺ
    'BDFCPPLͷ-JCSBΑΓ΋ૣ͍σδλϧ௨՟ͷൃߦΛ
    ໨ࢦ͠ɺ։ൃ༧ఆΛૣΊ͍ͯΔɻ೥಺ʹϩʔ
    ϯν͞ΕΔՄೳੑ΋ࣔࠦ͞Ε͍ͯΔɻ
    தࠃਓຽۜߦɺσδλϧਓຽݩͷൃߦΛٸ
    ͙ɻ-JCSBʹର߅͔
    ๺ே઱͸ɺܦࡁɾࢿຊ੍ࡋΛճආ͢ΔͨΊಠࣗͷԾ
    ૝௨՟Λ։ൃʹऔΓ૊ΜͰ͍Δɻ։ൃ͸·ͩॳظஈ
    ֊ͱݟΒΕ͍ͯΔɻ๺ே઱͸ɺऔҾ࣌౳਺ʑͷϋο
    Ωϯά΁ͷؔ༩͕ٙΘΕ͍ͯΔɻ
    ๺ே઱ɺಠࣗͷԾ૝௨՟Λ։ൃɻܦࡁ੍ࡋ
    ճආͷͨΊͱͷݟํ͕ೱް͔
    υΠπ੓෎͸ɺϒϩοΫνΣʔϯͷར༻ܭըʹ͍ͭ
    ͯͷઓུΛൃදɻ-JCSBͳͲͷࠃࡍతͳεςʔϒϧί
    ΠϯΛ༰ೝ͠ͳ͍ҰํͰɺσδλϧ*%΍*P5ɺۚ༥
    ෼໺Ͱͷੵۃతͳ׆༻Λ໨ࢦ͢ɻ
    υΠπ੓෎͕ɺϒϩοΫνΣʔϯͷن੍ͱ
    ར༻ʹ͍ͭͯͷઓུΛఏࣔ
    ੓࣏ɾن੍ʢւ֎ʣ
    ੈք֤ࠃͷن੍ಈ޲֓؍
    

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21. ©Ginco inc. All rights reserved 21
    ೔͕ۜ'BDFCPPLͷ҉߸௨՟-JCSBʹରͯ͠ɺʮۚ༥ମ੍ʹϦεΫΛ΋ͨΒ͢Մೳੑ͕͋
    Δʯͱ൱ఆతͳݟղΛड़΂Δɻ
    ݄
    ۚ༥ி͸҉߸ࢿ࢈ͷଥ౰ͳن੍Λੵ
    ۃతʹ୳͍ͬͯ͘ํ਑
    ҉߸௨՟΍ΩϟογϡϨεपลͰΨ
    ΠυϥΠϯ΍จॻ͕ଟ͘ఏࣔ͞Ε
    ͨɻۚ༥ி͸ɺ෼ࢄܕۚ༥ͷن੍ɾ
    Ψόφϯεʹ޲͚ͯੈքΛϦʔυ͠
    ͍ͯͨ͘Ίͷੵۃతͳ࢟੎Λݟͤͯ
    ͍Δɻ
    վਖ਼ࢿܾۚࡁ๏Ͱ͸ɺ/'5͸ʮ҉߸
    ࢿ࢈ʯʹ֘౰ͤͣ
    ݄ʹެද͞Εͨࣄ຿ΨΠυϥΠϯ
    ΁ͷύϒϦοΫίϝϯτʹର͢Δݟ
    ղͷதͰɺήʔϜͳͲͷܾࡁΛ໨త
    ͱ͠ͳ͍/'5͸ʮ҉߸ࢿ࢈ʯʹ֘౰
    ͠ͳ͍ͱͷݟղΛެදɻήʔϜࣄۀ
    ऀʹͱͬͯ͸௥͍෩ʹɻ
    ࢀٞӃٞһબڍʹશࠃൺྫ͔۠Βग़അͨ͠ɺԾ૝௨՟ਪਐ೿ͷ౻ר݈࢙ࢯʢ೔ຊҡ৽ͷ
    ձʣ͕མબɻ
    ೔ຊͷࡒ຿লɾۚ༥ி͕ʮԾ૝௨՟൛48*'5ʯΛओಋͯ͠։ൃ͢Δܭը͕ɺ'"5'ͷ૯ձ
    Ͱঝೝ͞Εͨ͜ͱ͕໌Β͔ʹɻ
    ۚ༥ிɺܦࡁ࢈ۀলɺݸਓ৘ใอޢҕһձ͕ΩϟογϡϨεܾࡁػೳΛఏڙ͢ࣄۀऀ΁
    ͷ஫ҙשىจॻΛެදɻ
    ݄
    ۚ༥ி͕ۚ༥ௐ੔ͷํ਑ΛऔΓ·ͱΊͨจॻΛެ։ɻ҉߸ࢿ࢈ʹ͍ͭͯ͸ࣗओن੍ஂମ
    ͷ+7$&"ͱ࿈ܞͯ͠ొ࿥৹ࠪɾϞχλϦϯάମ੍ͷߏஙΛਐΊ͍ͯ͘ํ਑ɻ
    ۚ༥ி͕෼ࢄܕۚ༥ͷ৽ͨͳΨόφϯεߏஙʹ޲͚ͯʮΨόφϯεɾϑΥʔϥϜʯΛ
    ೥ʹ։࠵͢Δ͜ͱΛൃදɻ
    ౦ژ౎͕σδλϧ௨՟ͷൃߦΛ༧ఆ͍ͯ͠Δͱ͍͏͜ͱ͕ɺখ஑ඦ߹ࢠ౎஌ࣄͷॴ৴ද
    ໌ԋઆͰ໌Β͔ʹͳΔɻ
    ݄
    վਖ਼ࢿܾۚࡁ๏ࣄ຿ΨΠυϥΠϯ΁ͷύϒϦοΫίϝϯτʹର͢Δۚ༥ிͷݟղͱվਖ਼
    ಺༰͕ެද͞ΕΔɻ
    -*/&ͷάϧʔϓձࣾͰ͋Δ-7$͕ɺۚ༥ி͔Βࢿܾۚࡁ๏ʹجͮ͘Ծ૝௨՟ަ׵ۀऀͱ
    ͯ͠ೝՄ͞ΕΔɻ
    ੓࣏ɾن੍ʢ೔ຊʣ
    ೔ຊࠃ಺ͷن੍ؔ࿈χϡʔε
    

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22. ©Ginco inc. All rights reserved
    ·ͱΊ
    22
    Ծ૝௨՟ɾϒϩοΫνΣʔϯ͸ϋΠϓͷ୩ʹಥೖ
    lೣ΋ḏࢠ΋ϒϩοΫνΣʔϯz
    ن੍Λલఏʹࣄۀ΍ϓϩμΫτΛϚʔέοτϑΟοτͤ͞ͳͯ͘͸͍͚ͳ͍
    10*/5
    10*/5
    ۚ༥ͷίϯτϥΫτԽɾϞδϡʔϧԽʹΑΓɺۚ༥ʗඇۚ༥ͱ͍͏ڥքࣗମ͕ফࣦ͍ͯ͘͠
    10*/5
    ࢖͍ॴɾ࢖͍ಓ͕໰ΘΕΔ
    ୤ɾதԝूݖ ڞ௨՝୊ͷղܾ
    ۚ༥ʹػؔ ۚ༥ʹػೳ
    

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