2019 Volume E102.A Issue 1 Pages 3-10
Financial Technology (FinTech) is considered a taxonomy that describes a wide range of ICT (information and communications technology) associated with financial transactions and related operations. Improvement of service quality is the main issue addressed in this taxonomy, and there are a large number of emerging technologies including blockchain-based cryptocurrencies and smart contracts. Due to its innovative nature in accounting, blockchain can also be used in lots of other FinTech contexts where token models play an important role for financial engineering. This paper revisits some of the key concepts accumulated behind this trend, and shows a generalized understanding of the technology using an adapted stochastic process. With a focus on financial instruments using blockchain, research directions toward stable applications are identified with the help of a newly proposed stabilizer: interpretation function of token valuation. The idea of adapted stochastic process is essential for the stabilizer, too.