JP7544333B2 - Electronic bond trading system and credit service provision system using the same - Google Patents

Description

The present invention relates to an electronic bond trading system configured using distributed technologies such as blockchain and smart contracts, and a credit service providing system using the same.

Currently, electronic claims include electronically recorded claims (Non-Patent Document 1, Non-Patent Document 2).
Electronically recorded claims are monetary claims that are handled by fund-raising businesses and the like. They arise when a company designated as an electronic claim recording institution records electronic claims in a master ledger in response to requests from both creditors and debtors via their respective financial institutions, replacing claims that were traditionally recorded in paper form such as contracts and invoices in the traditional commercial flow.
Debts that banks cannot lend on (high interest rates, short term) and leased items that banks do not want to purchase with a loan (low interest rates, long term) are circulating as electronically recorded debts, with maturities ranging from around one month to as long as two years.
Electronically recorded claims will be collectively organized into funds (investment and management products) and then divided up and resold to individuals, etc.
Electronically recorded claims have the advantage that the content of rights is recorded electronically, reducing the costs required for creating, delivering, and storing documents, as well as the risks of theft or loss, and duplicate transfer.

Financial Services Agency, "Electronically Recorded Monetary Claims," [online], https://www.fsa.go.jp/ordinary/densi02.pdf Zengin Electronic Monetary Claims Network, Inc., "What is Electronically Recorded Monetary Claims?", [online], https://www.densai.net/about/academy/origin/

However, there are problems with using electronically recorded claims, such as the need to apply in advance, the fees that must be paid, electronically recorded claims not arising unless both the creditor and the debtor request an "accrual record" from the electronic claim recording institution, the complexity of accounting procedures, the system not being available to individuals who are not business owners, and the fact that small businesses cannot take advantage of the cost savings.

The inventors therefore considered and examined ways to solve these problems, and derived a highly innovative alternative system for trading electronic claims using blockchain, separate from the current electronically recorded claims system. In the course of this consideration and examination, it was also discovered that the problems inherent in credit services could be solved by using the system derived by the inventors.

The present invention has been made in consideration of the above problems, and aims to provide an electronic claim transaction system and a credit service provision system using the same which can be easily used as an electronic claim even by only a debtor or creditor, or by an individual who is not a business owner, allows creditors to convert claims into cash early, reduces the cost of issuing electronic claims, makes it easier to convert STOs, improves profitability by selling STOs in small lots, allows STO purchasers to earn interest, and by drastically reducing fees for 24-hour transactions and converting claims to electronic claims, the range of companies eligible to use electronic claims can be expanded to small-scale businesses that have not been able to benefit from using existing electronically recorded claims, greatly expanding the scope of use of electronic claims, and furthermore reduces the risk of advance settlement for credit companies and other financial institutions, and reduces the fees required to provide for the risk of advance settlement.
In this application, STO is defined to include not only the concept of electronic record transfer rights but also the concept of digital securities.

In order to achieve the above object, the electronic claim trading system according to the present invention is an electronic claim trading system that is constructed with at least one distributed ledger in distributed technology such as blockchain for managing transactions between all forms of digital assets, such as tokens (a general term for values defined digitally in distributed technology such as blockchain), digital currencies, tokens and digital currencies, or between tokens or between digital currencies, and a smart contract for performing a predetermined process using the digital assets managed in the distributed ledger, and the system (at the NFT issuer) includes an NFT generation smart contract having a function of generating an NFT as a digital contract using blockchain, in which the amount of payment based on the contract (type of assets to be paid, principal, and interest as insurance premium for risk of default) and the address of a smart contract to which the amount of payment based on the contract is to be paid are specified, a payment amount receiving smart contract having a payment address for the amount of payment based on the contract and a function of receiving the amount of payment based on the contract from the debtor, and a payment amount receiving smart contract having ... a smart contract for electronic claim approval having a function of applying for approval as an electronic claim in an electronic claim approval institution, which examines the contents of the digital contract in the NFT generated by the smart contract for generating the NFT, and records the number of the electronic claim approval institution, the management number, and the stock code in the NFT whose validity has been confirmed, and approves it as an electronic claim; and a function of sending the payment amount sent to the address of the smart contract for receiving the payment amount to the address of the owner of the electronic claim (or the NFT approved as an electronic claim). a smart contract for sending payment amount having the above-mentioned characteristics; and a smart contract for placing sell orders for electronic claims (or NFTs approved as such) having a function of placing limit orders (a payment amount based on the contract, which specifies the type of asset to be paid, the principal, and an interest rate as an insurance premium for the risk of default), and a smart contract for placing sell orders for electronic claims (or NFTs approved as such) having the function of placing limit orders for electronic claims (or NFTs approved as such) at a limit order (a payment amount based on the contract, which specifies the type of asset to be paid, the principal, and an interest rate as an insurance premium for the risk of default), and a smart contract for placing sell orders for electronic claims (or NFTs approved as such) having the same characteristics as a group of electronic claims (or NFTs approved as such) that are treated as one issue and that are used to place limit orders for electronic claims (or NFTs approved as such) a smart contract for electronic claim STO generation having a function of generating an STO consisting of a group of electronic claims (or NFTs approved as such) purchased at a securities company or the like through a crossing process by the smart contract for electronic claim trading; and a smart contract for NFT redemption having a function of redeeming the electronic claim (or NFTs approved as such) when the redemption date arrives, and the smart contract for NFT generation performs a contract The smart contract for electronic claim approval application has a function of accepting settings of a principal and an interest rate as an insurance premium against the risk of default as a payment amount based on the above, the smart contract for electronic claim approval has a function of accepting (from an NFT issuer) an instruction to apply for approval of an NFT generated by the smart contract for NFT generation as an electronic claim, and a function of notifying an electronic claim approval institution of the application for electronic claim approval for the NFT, and the smart contract for NFT redemption has a function of notifying an electronic claim approval institution of the application for electronic claim approval for the NFT when the redemption date of the electronic claim (or the NFT approved as such) arrives. and having the payment amount at the time of redemption of the electronic claim (or NFT approved as such) sent to the address of the payment amount receiving smart contract be sent to the address of the owner of the electronic claim (or NFT approved as such), by the payment amount sending smart contract; and when the redemption date of the electronic claim (or NFT approved as such) arrives, using the insurance premiums for all electronic claims (or NFT approved as such) to compensate for the payment amount payable by the debtor for all defaulted electronic claims (or NFT approved as such), thereby The smart contract for electronic claim transactions has a function of returning a portion of the amount, obtained by deducting the amount spent on compensating for default from the insurance premiums for the electronic claim (or NFT approved as such) that has not yet been settled, to the debtor of the electronic claim (or NFT approved as such), and the smart contract for electronic claim transactions has a function of executing a sell order at a limit price for the electronic claim (or NFT approved as such) if there is a corresponding order for the buyer, and automatically clearing and settling the purchase amount of the buyer and the electronic claim (or NFT approved as such).
In this specification, a "smart contract" is a program that automates processing and runs on distributed technology such as blockchain.
In addition, in this application, "electronic claims" is defined as a general term for tokenized claims, including electronically recorded claims, and also covers claims with broad characteristics that fall under structured finance.

In addition, in the electronic claim trading system of the present invention, when performing crossing processing for an order for an electronic claim (or an NFT approved as such) by the smart contract for electronic claim trading, it is preferable to further have a smart contract for accepting designation of purchase order conditions for electronic claims, which has the function of accepting designation of interest rates and amounts (equivalent to monetary amounts) for issues as a group of electronic claims (or an NFT approved as such) having similar characteristics within a predetermined range for factors such as rating, interest rate as insurance premium against risk of default, type, and redemption date as order conditions for the buyer of the electronic claim (or an NFT approved as such).

In addition, in the electronic claim trading system of the present invention, the smart contract for electronic claim trading has the following functions: when a sell order at a limit price for an electronic claim (recognized as NFT) belonging to a brand as a group of electronic claims (recognized as NFT) having similar characteristics in a predetermined range for factors such as rating, interest rate as insurance premium against default risk, type, and redemption date, which is ordered by the smart contract for placing an electronic claim sell order, is executed when the order conditions on the buyer's side are met, and an electronic claim (recognized as NFT) belonging to the brand is allocated to match the buy order on the buyer's side; a function to accept the setting from the seller of a conversion ratio (exchange ratio between the standard product to be traded and the deliverable brand used for actual delivery) based on the difference in characteristics (rating, interest rate as insurance premium against default risk, type, redemption date, etc.) unique to each electronic claim (recognized as NFT) belonging to the brand of the sell order; and a function to adjust the discount rate based on the interest rate based on the conversion ratio that has been accepted.

In addition, the electronic claim trading system of the present invention preferably further includes a smart contract for registering electronic claim issues, which has the function of registering, at an electronic claim approval institution, a group of electronic claims (or NFTs approved as such) that have similar characteristics within a predetermined range in terms of factors such as rating, interest rate as insurance premium against risk of default, type, and redemption date as issues to be handled in crossing processing by the smart contract for electronic claim trading, as issues with a single issue code.

In addition, in the electronic bond trading system of the present invention, it is preferable that the smart contract for registering electronic bond issues has a function of converting each factor, such as the rating, the interest rate as the insurance premium against the risk of default, the type, the redemption date, etc., into a single-digit value using a predetermined factor corresponding value conversion table, and generating a multi-digit issue code.

In addition, it is preferable that the electronic claim trading system of the present invention further includes an electronic claim disclosure means for disclosing the contract details of the electronic claim registered at the electronic claim approval institution by the smart contract for electronic claim issue registration.

In addition, in the electronic bond trading system of the present invention, it is preferable that the smart contract for electronic bond trading further has a function of performing crossing processing at different times for each issue.

In addition, in the electronic bond trading system of the present invention, it is preferable that the smart contract for electronic bond trading simultaneously processes the crossing of each stock, and when the crossing conditions (interest rate limit prices) do not match between the stocks, while monitoring the selling status of each stock, if it is determined that the positions can be adjusted between the selling stocks, wait for the liquidity adjuster to generate stocks for liquidity adjustment and guide the contract to execution.

In addition, in the electronic bond trading system of the present invention, a predetermined digit among the multiple digits constituting the stock code functions as a crossing operation condition digit that controls the operation of the crossing process, and the smart contract for electronic bond trading preferably further has a function of controlling not to perform crossing processing when a value other than a predetermined value corresponding to "no specified crossing process operation condition" is set in the crossing operation condition digit in the stock code of the stock of the buy order, recognizing the stock code as a conditional stock code, and when the value set in the crossing operation condition digit in the stock code of the stock of the sell order corresponding to the stock of the buy order does not match.

In addition, in the electronic bond trading system of the present invention, it is preferable that the smart contract for electronic bond trading further has a function of performing crossing processing by setting the crossing operation condition digit in the stock code of the stock of the sell order of the seller, which is converted using the conversion ratio, to a predetermined value equivalent to "no crossing processing operation condition specified" when the conversion ratio setting is received from the seller.

In addition, the electronic claim trading system of the present invention preferably further includes a smart contract for managing STOs, and the smart contract for managing STOs has a function of confirming that electronic claims of the same amount as the amount of issued STOs have been set (secured as collateral), and when a portion of the electronic claims constituting the issued STOs are redeemed, automatically replenishing the electronic claims with new electronic claims in conjunction with the redemption of the electronic claims.

In addition, in the electronic claim trading system of the present invention, it is preferable that the smart contract for managing the STO further has a function of notifying a token issuer, etc. of a specified alarm when some of the electronic claims constituting an issued STO are redeemed and new electronic claims are not replenished in conjunction with the redemption of the electronic claims.

The credit service provision system according to the present invention is a credit service provision system using any of the electronic claim transaction systems of the present invention described above, and the smart contract for generating the NFT is characterized in that, based on a claim paid in advance by a financial institution such as a credit company to a seller (sales store, sales company) of a credit card user, the smart contract generates an NFT as a digital contract using a blockchain, specifying the amount of payment based on the contract (type of assets to be paid, principal, and interest as insurance premium against risk of default) and the address of the smart contract for receiving the payment amount to which the amount of payment based on the contract is to be paid.

According to the present invention, an electronic claim transaction system and a credit service provision system using the same are obtained that can be easily used as electronic claims by either the debtor or the creditor alone or by individuals who are not business owners, allows creditors to convert claims into cash early, reduces the cost of issuing electronic claims, makes it easier to convert STOs into cash, improves profitability by selling STOs in small lots, allows STO purchasers to earn interest, and furthermore reduces the liquidation risk of advance payments for financial institutions such as credit companies and reduces fees to cover the risk of advance payments.

1 is a block diagram conceptually showing the configuration of an electronic bond trading system according to one embodiment of the present invention. FIG. 2 is an explanatory diagram showing the configuration and function of a smart contract for generating NFTs in the electronic bond trading system of FIG. FIG. 2 is an explanatory diagram showing the configuration and function of a smart contract for accepting a payment amount in the electronic bond trading system of FIG. 1. FIG. 2 is an explanatory diagram showing the configuration and function of a smart contract for electronic claim approval in the electronic claim trading system of FIG. 1. FIG. 2 is an explanatory diagram showing the configuration and function of a smart contract for sending a payment amount in the electronic claim trading system of FIG. 1. FIG. 2 is an explanatory diagram showing the configuration and functions of a smart contract for placing an electronic claim sell order in the electronic claim trading system of FIG. 1. FIG. 2 is an explanatory diagram showing a part of the configuration and function of a smart contract for electronic bond trading in the electronic bond trading system of FIG. 1. FIG. 2 is an explanatory diagram showing the continuation of the configuration and function of a smart contract for electronic bond trading in the electronic bond trading system of FIG. 1. FIG. 2 is an explanatory diagram showing the configuration and function of a smart contract for electronic bond STO in the electronic bond trading system of FIG. 1. FIG. 2 is an explanatory diagram showing the configuration and function of a smart contract for NFT redemption in the electronic bond trading system of FIG. FIG. 2 is an explanatory diagram showing the configuration and functions of a smart contract for accepting designation of electronic bond purchase order conditions in the electronic bond trading system of FIG. 1. FIG. 2 is an explanatory diagram showing the configuration and functions of a smart contract for registering electronic bond issues in the electronic bond trading system of FIG. 1. FIG. 2 is an explanatory diagram showing the configuration and function of a smart contract for electronic claim approval application in the electronic claim trading system of FIG. 1. FIG. 2 is an explanatory diagram showing the configuration and functions of an electronic bond disclosing means in the electronic bond trading system of FIG. 1. FIG. 2 is an explanatory diagram showing the configuration and function of a smart contract for STO management in the electronic bond trading system of FIG. 1. FIG. 2 is an explanatory diagram showing a part of a process flow using the electronic bond trading system of FIG. 1. FIG. 2 is an explanatory diagram showing another part of the process flow using the electronic bond trading system of FIG. 1. FIG. 2 is an explanatory diagram showing still another part of the process flow using the electronic bond trading system of FIG. 1. FIG. 2 is an explanatory diagram showing still another part of the process flow using the electronic bond trading system of FIG. 1. FIG. 2 is an explanatory diagram showing still another part of the process flow using the electronic bond trading system of FIG. 1. FIG. 2 is an explanatory diagram conceptually showing an example of a process flow for transferring and monetizing accounts receivable using the electronic claim transaction system of FIG. 1. FIG. 2 is an explanatory diagram conceptually showing an example of the overall process including conversion of accounts receivable to electronic claims and conversion of electronic claims to STO using the electronic claim trading system of FIG. 1. FIG. 1 is an explanatory diagram conceptually illustrating an example of the flow of the process for transferring and monetizing accounts receivable using current electronically recorded monetary claims. FIG. 1 is an explanatory diagram conceptually illustrating an example of a process flow for transferring accounts receivable through factoring and converting them into cash. FIG. 1 is an explanatory diagram conceptually illustrating an example of the process flow for transferring accounts receivable through electronic factoring and converting them into cash. 2 is a block diagram conceptually showing the configuration of a credit service providing system using the electronic bond transaction system of FIG. 1. An explanatory diagram showing the configuration and function of a smart contract for generating NFTs that is specific to the credit service providing system of Figure 26.

Before describing the embodiments, we will explain how the invention was developed and the effects of the invention.

(1) Electronic claims Currently, there are electronically recorded claims.
(1-1) Electronically Recorded Monetary Claims
Electronically recorded claims are monetary claims that are handled by fund-raising businesses and the like. They arise when a company designated as an electronic claim recording institution records electronic claims in a master ledger in response to requests from both creditors and debtors via their respective financial institutions, replacing claims that were traditionally recorded in paper form such as contracts and invoices in the traditional commercial flow.
Debts that banks cannot lend on (high interest rates, short term) and leased items that banks do not want to purchase with a loan (low interest rates, long term) are circulating as electronically recorded debts, with maturities ranging from around one month to as long as two years.
Electronically recorded claims will be collectively organized into funds (investment and management products) and then divided up and resold to individuals and others.
Electronically recorded claims have the advantage that the content of rights is recorded electronically, reducing the costs required for creating, delivering, and storing documents, as well as the risks of theft or loss, and duplicate transfer.

(1-2) Differences between Electronically Recorded Monetary Claims and FactoringCurrent electronic monetary claims (electronically recorded monetary claims) and factoring (purchase of accounts receivable) have in common that they are both used to transfer accounts receivable through a system and generate funds quickly, but they differ in the following ways:

(1-2-1) Monetization of accounts receivable using electronically recorded monetary claimsFor example, as shown in Figure 23, a subcontractor supplier delivers goods to a subcontractor paying company, which is the account receivable destination, and has an accounts receivable to the subcontractor paying company, and the subcontractor paying company delivers goods to the paying company, which is the account receivable destination, and has an accounts receivable to the paying company, which is the account receivable destination.The paying company, which is the account receivable destination, and the subcontractor paying company have payment obligations.
When converting accounts receivable into cash using electronically recorded claims, first the accounts receivable paying company and the subcontractor paying company request the electronic claim recording institution to record the accounts receivable via the window bank, and the electronic claim recording institution records the accounts receivable in the original record book, and an electronically recorded claim is generated. Then, when the subcontractor paying company and the subcontractor supplying company request the transfer of the electronically recorded claim to the subcontractor supplying company via the window bank, the electronic claim recording institution records the transfer of the accounts receivable in the original record book, and the electronically recorded claim is transferred to the subcontractor supplying company. When the due date for the electronically recorded claim arrives, the amount is paid to the subcontractor supplying company via the window bank.
Electronically recorded claims (a concept of transferring claims through the digitization of claims) are easy to conclude contracts with, but the accounting procedures are difficult to understand and there is a risk of payment due to bad debts. Banks often handle low-risk items, and for high-risk items, the holder of the electronically recorded claim bears the risk.

(1-2-2) Monetization of Accounts Receivable by Factoring For example, as shown in FIG. 24, it is assumed that a supplier delivers goods to a customer's paying company and has accounts receivable.
When converting accounts receivable into cash through factoring, the factoring company purchases the supplier's accounts receivable at a discount from the amount of the receivable. The supplier receives the discounted amount in cash. When the receivable becomes due, the paying company pays the amount owed to the supplier. The supplier pays the amount paid by the paying company to the factoring company. However, if the paying company defaults and does not pay the amount owed when the receivable becomes due, the supplier is not obligated to pay the factoring company, and the factoring company bears the risk.
Although it takes time and effort to conclude a factoring contract, the screening process is lenient and there is no risk of payment due to bad debts. Many high-risk items are not handled by banks, so the factoring company (which may be a subsidiary of a bank) bears the risk.
In addition, if the factoring company is a subsidiary of a bank, the parent company's bank will provide the loan for the purchase of the accounts receivable.

(1-2-3) Monetization of accounts receivable through electronic debenture factoring There is also electronic debenture factoring, in which a bank purchases electronically recorded claims and provides advance financing.
Electronic bond factoring is a method of monetizing accounts receivable that takes advantage of the fact that the screening required for factoring financing is looser than the high level of screening required for electronically recorded debt financing, which makes financing unstable.
In electronic factoring, for example, as shown in FIG. 25, a payment service company (A) is inserted during normal processing.
A settlement service company (A) receives data on payables (accounts payable) from the paying company, provides the electronic claim recording institution (B) with information on the occurrence of electronically recorded claims, and at the same time requests the electronic recording of the claims, notifying the supplier company of the details of the said electronically recorded claims.
In addition, the settlement service company (A) receives the electronically recorded claims generated in accordance with the above-mentioned recording request on behalf of the supplier company and transfers them to the factoring company. At the same time, it provides the electronic claim recording institution (B) with information on the transfer of the electronically recorded claims to the factoring company and requests the electronic recording.
The supplier will choose either a. or b. below.
a. If you wish to receive cash (discount) before the due date, you will receive a discount from the factoring company.
b. If there is no need to receive the discounted funds, the payment will be received from the factoring company on the due date using the settlement funds of the electronically recorded claims by the paying enterprise as the source of funds.
Even if you select option b. (receiving the payment on the due date), you can switch to option a. (receiving the discounted payment before the due date) midway through.

(1-3) Issues with Electronically Recorded Monetary Claims There are a number of issues with electronically recorded monetary claims, including the need for prior application and fees, the fact that electronically recorded monetary claims will not arise unless both the creditor and the debtor request an "accrual record" from the electronic monetary claim recording institution, the fact that accounting procedures become cumbersome, the system cannot be used by individuals who are not business owners, and the fact that small business operators cannot take advantage of the cost savings.
With the current electronically recorded claims, payment processing is carried out on the due date etc. at the registered account between banks, but the payment processing basically uses the interbank network system for the settlement of funds associated with the transaction. Therefore, if the current electronically recorded claims are converted into STO as described below, and the money is converted into cash by withdrawing it from a bank account, a reasonable fee will be required.
Although the costs of using the interbank network system have been reduced by nearly half for small transactions, it is still thought to be a major obstacle to providing small-scale services.
Even if investment activities were conducted through STOs, it is thought that small-scale transactions through STOs would not be profitable unless cash handling costs were reduced to close to zero.

(2) Regarding measures to improve the problems with electronic claims : The inventors of this case have considered and examined the following measures to solve these problems.

(2-1) Generation of NFTs and approval as electronic claims, and conversion of electronic claims into STOsThe inventors have conceived of, in lieu of the current transactions of electronic claims, which are conducted through banks as the window financial institution and recorded in electronic claim recording institutions, generating digital contracts (NFT type) using blockchain as an alternative to conventional paper contracts and other such claims, approving the generated NFTs as electronic claims, treating a group of electronic claims approved based on the blockchain NFT type contract having the characteristics of specified factors as a single issue, performing crossing processing on a group of electronic claims of the same issue, and making it possible to issue STOs based on the purchased electronic claims, thereby converting the electronic claims into STOs, and breaking down the STO-converted electronic claims into smaller lots via securities companies and banks, so that they can be sold and traded to individual investors, etc.
To this end, the inventors first considered having a designated electronic claim approval organization that guarantees that the NFT is valid as a digital contract check the contract contents recorded in the blockchain and carry out the procedure to approve it as an electronic claim.

With an NFT-type contract using blockchain, key approval between the two companies can be used to prove that the contract is genuine and approved by both companies.
In addition, in the case of NFT-type contracts using blockchain, it is easy to check whether or not a security has been set for the electronic claim through collateral management within the blockchain. If no security has been set, the holder's electronic claim can be transferred.
In addition, when transferring (reselling) electronic claims, payment will be made in stable coins or digital currency, and it is also planned to be possible to handle the transaction via API processing using bank accounts.
In addition, this NFT envisages the debtor sending the payment amount based on the contract (principal and interest as insurance against the risk of default, specified in digital currency or other currency) to the address of a specified smart contract.
In addition, when the NFT is approved as an electronic claim, the number of the electronic claim approval agency and the management number (serial number) will be recorded within the NFT, and if it is approved as an electronic claim, the amount sent by the debtor to the address of a specified smart contract will be received by the owner of the NFT that has been approved as an electronic claim.
In addition, taking into consideration the risk of a debtor defaulting on a debt, we have considered incorporating an amount (interest rate) that acts as an insurance premium against the risk of debt default into the NFT approved as an electronic claim, in addition to the principal, as the payment amount based on the debtor's contract.

(2-2) Measures for Reducing Interest Rates on NFTs Approved as Electronic Claims Next, the inventors of the present invention considered measures for reducing the interest rates on NFTs approved as electronic claims.
Since electronic receivables (or NFTs as they are recognized) are inherently products with a high risk of default in factoring, high-interest prepayment insurance premiums are set as costs.
However, the inventor of the present invention has come up with the idea of applying the concept of deferred insurance, setting an interest rate equivalent to the prepaid insurance premium in addition to the principal as the payment amount for electronic claims (or NFTs approved as such), compensating the payment amount to be paid by the debtor for all electronic claims (or NFTs approved as such) that have become defaulted at the time of redemption using the insurance premiums for all electronic claims (or NFTs approved as such), and returning a portion of the difference between the total amount of insurance premiums for all electronic claims (or NFTs approved as such) and the amount spent (insurance cost) for all electronic claims (or NFTs approved as such) that have become defaulted at the time of redemption (the insurance premiums not used to compensate for the defaulted amount) to the debtors of each electronic claim (or NFTs approved as such) that has not become defaulted, thereby reducing the interest rate.
In addition, it was considered that the remaining portion of the insurance premiums not used to cover defaults would be used for insurance premium reserves, etc.

(2-3) Transaction processing (crossing processing) to convert electronic claims (or NFTs approved as such) into STOs
The inventors also conceived of a system in which NFTs that have been approved as electronic claims by an electronic claim approval agency are delivered to a trading function (crossing processing as an order) as limit sells (specifying the payment amount based on the contract and the interest rate as an insurance premium against the risk of default), and if there is a buyer, a contract is entered into, and the settlement and liquidation of the purchase amount and the electronic claim (or the NFTs approved as such) is automatically carried out.

(2-3-1) Setting, classifying and implementing order conditions for buyers by decomposing factors of electronic claims and grouping electronic claims based on the decomposed factors in crossing processing of electronic claim transactions. In addition, in order to turn electronic claims (or NFTs recognized as such) into STOs, the inventors have considered setting and classifying issues by decomposing factors of electronic claims and grouping electronic claims based on the decomposed factors in crossing processing of electronic claim transactions.
More specifically, the seller of the electronic bond breaks down the factors of the electronic bond such as rating, interest rate, type, redemption date, etc., and groups the electronic bonds having similar characteristics within a predetermined range for each of the broken down factors, and sets and classifies the grouped electronic bonds as one issue. Also, the STO issuer, which is the buyer of the electronic bond, generates STOs on an issue basis so that STOs can be issued based on the purchased electronic bond, and incorporates each electronic bond into the issue basis.
The inventors of the present invention also considered implementing order conditions on the buyer side of electronic bonds.
For example, a group of electronic bonds having similar characteristics within a specified range in terms of factors such as the rating range, interest rate as insurance premium against the risk of default, type, maturity date, etc., are treated as a single issue, and the interest rate and quantity (equivalent to monetary amount) can be specified as order conditions on the buyer's side for the same issue.

(2-3-2) When the order conditions are met When the issue meets the order conditions of the buyer, the order is executed and the electronic claims belonging to the issue are allocated. In that case, in the order of the seller, a slight adjustment amount between the electronic claims belonging to the issue (conversion ratio (exchange ratio between the standard product to be traded and the deliverable issue used for actual delivery) based on the difference in the unique characteristics (basically the rating) of each electronic claim belonging to the issue)) can be set, and the discount rate based on the interest rate can be adjusted.
In addition, in cases where there is a shortage of liquidity among the group of electronic bonds that make up a stock, the company having a trading function will step in and adjust orders.

(2-3-3) On-demand procurement of electronic claims redeemed periodically. Traders in these electronic claim transactions, particularly on the buying side, are funds (businesses or groups dealing in investment and management products) that handle STOs, and in STOs that constitute a fund (investment and management product), the constituent electronic claims are redeemed periodically. For this reason, in order to supplement redeemed electronic claims, it is necessary to be able to procure electronic claims with similar characteristics in terms of factors at any time through crossing.
In addition, stocks handled in crossing will be easily registered on the financial institution network, and when electronic claims are registered as stocks, the validity of the electronic claims will be examined.

The inventors then came up with the idea of automating the above-mentioned electronic debt transactions using a blockchain and a smart contract that implements transaction, clearing, and settlement functions.

(3) Use of electronic claims in credit services as considered and examined by the inventor
(3-1) Consideration and review of the use of electronic claims for the settlement services of financial institutions such as credit companies. It is considered possible to convert credit companies' advance payment contracts into electronic claims.
The inventors of the present invention have considered and examined the use of electronic claims in the settlement services of financial institutions such as credit companies.

(3-1-1) Types of settlement services provided by credit companies and other financial institutions Settlement services provided by credit companies and other financial institutions include credit cards and credit debit cards (VISA debit, JCB debit), which are credit cards with a debit function added.
When payment is made by credit debit, the debit function added to the credit card instantly debits the debit card user's (consumer's) account at the financial institution such as a bank each time a payment is made. In contrast, when payment is made by credit card, bank withdrawals are made periodically, and the credit company or other financial institution advances the purchase price to the seller (sales store, sales company) until a specified period (for example, one month or more) has passed.
Furthermore, financial institutions such as credit companies are subject to the risk of liquidation, in that the credit card user (consumer) will be unable to settle the portion of the purchase price that they have advanced to the credit card user (consumer) if the credit card user (consumer) becomes unable to pay.
For this reason, when paying by credit card, fees are set high to cover the risk of settlement of the advance payment.

(3-1-2) Measures for utilizing electronic claims in the credit services of credit companies and other financial institutions. The inventors of this case have considered and examined measures for credit services of credit companies and other financial institutions that will enable the advance payments of credit companies and other financial institutions to be settled as quickly as possible after settlement, and that will reduce the fees associated with such advance payments.
The inventors of this case have come up with the idea that, when a financial institution such as a credit company has a claim for an advance payment of a purchase price that it can request payment from a credit card user (consumer), the advance payment claim can be processed as a computerized electronic claim (an NFT is generated based on the advance payment claim and the generated NFT is approved as an electronic claim), the NFT approved as an electronic claim is delivered to the electronic claim trading system, and after the above-mentioned crossing process for electronic claim trading is carried out, it is broken down into smaller lots as STOs by the securities company and sold to individual investors and the like. It is believed that by treating the advance payment portion of a credit as an electronic claim, it is possible to reduce the liquidation risk of the advance payment portion for financial institutions such as credit companies that issue credit cards, and also to reduce the fees required to prepare for the liquidation risk of the advance payment portion.

(3-1-3) Specific processing procedures for utilizing electronic claims for credit services provided by credit companies and other financial institutions The specific processing procedures for utilizing electronic claims for credit services provided by credit companies and other financial institutions that the inventor of the present invention has considered and examined are as follows:

(3-1-3-1) Creation of an NFT for a receivable covering the advance payment of the purchase price, approval as an electronic receivable, and sale of the NFT approved as an electronic receivable. The inventor first generates an NFT as a digital contract using blockchain based on a receivable covering the advance payment of the amount to be paid under the contract (principal and interest as an insurance premium against the risk of default) and the address to which the payment amount under the contract should be paid, based on which a financial institution such as a credit card company has advanced the amount to be paid by the credit card user to the seller (sales store, sales company).
The NFTs are then approved as electronic claims, and the NFTs approved as electronic claims are sold to investors, etc. as STOs via securities companies, etc., with the sales amount being paid to financial institutions such as credit companies (to designated addresses or accounts, etc.) using digital currency, etc.

(3-1-3-2) Redemption of NFTs approved as electronic claims upon the arrival of the due date . When the due date (settlement date) of the NFTs approved as electronic claims arrives, the inventor of this case
-The issuer of an NFT (such as a credit card company or other financial institution) would collect NFTs that have been approved as electronic claims from investors, prepare an amount in digital currency or other form equivalent to the payment amount to be debited from the credit card user's bank account, transfer the digital currency to a smart contract that manages the NFT, and redeem it (making the NFT invalid and converting it into digital currency).
・Investors were considered to automatically convert their investments in NFTs into digital currency for liquidation (actually, currency stablecoins), which would allow investors to recover their investments in NFT issuers (financial institutions such as credit companies).
In addition, when STOs etc. are stored at the address of an investor or agent, if the blockchain has the characteristics to process directly with a smart contract, the attributes of the STOs etc. will disappear from the address and the corresponding digital currency will be recorded using the smart contract or a processing means with functionality equivalent to a smart contract.
In other words, when a seller (retailer, sales company) has a claim for which it can request payment from a credit card user (consumer), a financial institution such as a credit company will generate an NFT as the generator based on that claim, have the generated NFT approved as an electronic claim, and after going through the crossing process for electronic claim transactions described above, sell the NFT to the general public as an STO via securities companies, etc., and the credit company or other financial institution will obtain the sales amount (minus interest) of the NFT approved as an electronic claim.
Then, when the due date of the NFT approved as an electronic claim arrives, a financial institution such as a credit company will collect the NFT approved as an electronic claim and digital currency equivalent to the amount of the NFT approved as an electronic claim will be paid to the NFT purchaser, and the NFT will be redeemed with only interest processed (instead of the payment being given to the seller (retailer, sales company), interest will be added to the NFT purchaser and the NFT will be converted into digital currency).

In this way, the inventors of the present invention have used distributed technologies such as blockchain and smart contracts to easily allow either the debtor or the creditor, or an individual who is not a business owner, to use electronic claims, allowing creditors to convert claims into cash early, reducing the cost of issuing electronic claims, facilitating the conversion to STOs, improving profitability through small-lot sales of STOs, allowing STO purchasers to earn interest, and by drastically reducing fees for 24-hour transactions and conversion to electronic claims, the scope of electronic claims can be expanded to include small-scale businesses that have not been able to benefit from using existing electronically recorded claims, greatly expanding the scope of electronic claims, and furthermore, after much consideration and investigation into the creation of a system that can reduce the liquidation risk of advance payments for financial institutions such as credit companies and reduce fees for the liquidation risk of advance payments, the inventors have derived the electronic claim transaction system of the present invention and a credit service provision system using the same.

The electronic claim trading system of the present invention is an electronic claim trading system that is constructed with at least one distributed ledger in distributed technology such as blockchain for managing transactions between all forms of digital assets, such as tokens (a general term for values defined digitally in distributed technology such as blockchain), digital currencies, tokens and digital currencies, or between tokens or between digital currencies, and a smart contract for performing specified processing using the digital assets managed in the distributed ledger, and (at the NFT issuer) an NFT generation smart contract having the function of generating an NFT as a digital contract using blockchain, in which the amount of payment based on the contract (type of assets to be paid, principal, and interest as insurance premium for risk of default) and the address of the smart contract to which the amount of payment based on the contract is to be paid are specified, a payment amount acceptance smart contract having a payment address for the amount of payment based on the contract and having the function of accepting the payment amount based on the contract from the debtor, and an application for approval of the NFT generated by the NFT generation smart contract as an electronic claim. a smart contract for electronic claim approval having a function of reviewing the contents of the digital contract in the NFT generated by the smart contract for generating the NFT at an electronic claim approval institution, and recording the number of the electronic claim approval institution, the management number, and the stock code in the NFT whose validity has been confirmed, and approving it as an electronic claim; and a smart contract for payment amount sending having a function of sending the payment amount sent to the address of the smart contract for receiving the payment amount to the address of the owner of the electronic claim (or the NFT approved as an electronic claim). a smart contract for placing sell orders for electronic claims (or NFTs approved as such) with a function of placing sell orders for electronic claims (or NFTs approved as such) at limit prices (designating the type of assets to be paid, the principal, and the interest rate as the insurance premium for the risk of default as the payment amount based on the contract); and a smart contract for crossing orders for electronic claims (or NFTs approved as such) with a group of electronic claims (or NFTs approved as such) having characteristics of a specified factor (rating, interest rate, type, redemption date, etc.) as one issue, for orders for electronic claims (or NFTs approved as such). a smart contract for converting electronic claims into STOs having a function of generating an STO consisting of a group of electronic claims (or NFTs approved as such) on a name basis, which are purchased at a securities company or the like through a crossing process by the smart contract for electronic claims trading; and a smart contract for NFT redemption having a function of redeeming the electronic claims (or NFTs approved as such) when the redemption date arrives, and the NFT generation smart contract is configured to generate a payment amount based on the contract when the NFT is generated. The smart contract for electronic claim approval application has a function of accepting settings of the type of assets to be paid, the principal, and the interest rate as an insurance premium for the risk of default, the smart contract for electronic claim approval has a function of accepting (from an NFT issuer) an instruction to apply for approval as an electronic claim for the NFT generated by the smart contract for NFT generation, and a function of notifying an electronic claim approval institution of the application for electronic claim approval for the NFT, and the smart contract for NFT redemption ... risk of default ), and causes the payment amount at the time of redemption of the electronic claim (or NFT approved as such) sent to the address of the payment amount receiving smart contract to be sent to the address of the owner of the electronic claim (or NFT approved as such), to be sent to the payment amount sending smart contract; and when the redemption date of the electronic claim (or NFT approved as such) arrives, the payment amount to be paid by the debtor for all defaulted electronic claims (or NFT approved as such) is compensated for by using the insurance premiums for all electronic claims (or NFT approved as such), and the ...). The smart contract for electronic claim transactions has a function of returning a portion of the amount obtained by deducting the amount spent on compensating for default from the insurance premiums for the electronic claim (or NFT approved as such) that has not yet been placed on a line to the debtor of the electronic claim (or NFT approved as such), and the smart contract for electronic claim transactions is configured to have a function of executing a sell order at a limit price for the electronic claim (or NFT approved as such) if there is a corresponding order for the buyer, and automatically clearing and settling the purchase amount of the buyer and the electronic claim (or NFT approved as such).

As in the electronic claim trading system of the present invention, if an NFT issuer has an NFT generation smart contract that has the function of generating an NFT in which the amount to be paid based on the contract (the type of asset to be paid, the principal, and interest as an insurance premium for the risk of default) and the address of the smart contract to which the amount to be paid based on the contract is specified as a digital contract using blockchain, an electronic claim approval application smart contract that has the function of applying for approval of the NFT generated by the NFT generation smart contract as an electronic claim, and an electronic claim approval smart contract that has the function of reviewing the contents of the digital contract in the NFT generated by the NFT generation smart contract, recording the number of the electronic claim approval agency, the management number, and the stock code in the NFT that has been confirmed to be valid, and approving it as an electronic claim, then if the system is configured to have an NFT-type contract using blockchain, it will be possible to prove that it is a genuine contract approved by the two companies through key approval between the two companies, which will simplify the review for approval of electronic claims, and unlike the procedure currently performed by electronic claim recording agencies, there will be no need to confirm with both the creditor and the debtor. In addition, unlike electronically recorded claims, NFTs approved as electronic claims can be used without either the creditor or the debtor registering an application for use. In addition, with an NFT-type contract using a blockchain, the presence or absence of collateral for the electronic claim can be easily confirmed by collateral management within the blockchain. If no collateral is set, the holder's electronic claim can be transferred. In addition, with existing paper-based claims, management (i.e., confirmation of the reliability of the claim) is troublesome in terms of third-party requirements such as the double collateral problem, but blockchain data (such as NFT) has a single data source and cannot be tampered with, so the risk of double collateral can be eliminated by utilizing this technology. Therefore, when a claim is converted into an STO, the STO bears the risk of the claim itself, but the risk (nonexistence) of the claim itself is made clear by the blockchain data, making it possible to reduce the risk of the STO. In addition, with the data recording method using blockchain and smart contracts at the core of the system, 24-hour transactions will be possible and processing will be more efficient, resulting in increased cost advantages. Unlike existing electronically recorded claims, the high fees involved in converting claims to electronic claims will be significantly reduced, making it possible to absorb costs and convert claims to electronic claims not only for large claims, but also for small claims. Furthermore, as the entire process will be systematized, it will be possible to shorten the time it takes to convert claims to electronic claims.

Furthermore, as in the electronic claim trading system of the present invention, if the smart contract for NFT redemption is configured to have the function of returning a portion of the difference (insurance premiums not used to cover the default amount) between the total amount of insurance premiums for all electronic claims (or NFTs approved as such) and the amount (insurance cost) spent on all electronic claims (or NFTs approved as such) that have defaulted at the time of redemption, when the redemption date of the electronic claims (or NFTs approved as such) arrives, to the debtors of each electronic claim (or NFTs approved as such) that have not defaulted, it will be possible to reduce the interest rate on NFTs approved as electronic claims by the claim issuer.

Furthermore, like the electronic claim trading system of the present invention, if a smart contract for placing an electronic claim sell order has a function of placing a sell order for an electronic claim (or an NFT approved as such) at a limit price (a payment amount based on a contract that specifies the type of asset to be paid, the principal, and an interest rate as an insurance premium for the risk of default), and a smart contract for electronic claim trading has a function of performing crossing processing for a group of electronic claims (or an NFT approved as such) of the same issue, with respect to orders for electronic claims (or an NFT approved as such), with a group of electronic claims (or an NFT approved as such) having characteristics of specified factors (rating, interest rate, type, redemption date, etc.) as one issue, and the smart contract for electronic claim trading has a function of executing a contract for a sell order for an electronic claim (or an NFT approved as such) at a limit price placed by the smart contract for placing an electronic claim sell order if there is a corresponding order for a buyer, and automatically clearing and settling the purchase amount of the buyer and the electronic claim (or an NFT approved as such), it will be possible to easily convert electronic claims to STO. In addition, sellers of electronic claims (or NFTs recognized as such) will be able to instantly convert the electronic claims into cash through a crossing process.
Furthermore, if electronic debt transactions are automated using a blockchain and a smart contract that implements trading, clearing, and settlement functions, as in the electronic debt trading system of the present invention, there will be no need for procedures that require going through a bank counter, as is the case with current electronically recorded debts.
And, as in the electronic claim trading system of the present invention, a securities company or the like is configured with a smart contract for converting electronic claims into STOs that has the function of generating STOs consisting of a group of electronic claims (NFTs approved as such) on a per-issue basis that are purchased through crossing processing by the smart contract for electronic claim trading, and the electronic claims are converted into STOs. At this time, the interest rate on the NFTs approved as electronic claims is reduced, so that profitability can be improved by selling STOs in small lots. Also, the purchaser of the STO can earn interest.
In addition, because the information on the electronic claims that form the basis of the STO is recorded on the blockchain, it is possible to check the content of the claims that make up the STO going back to the time of the contracts made by individual companies, thereby improving the transparency of the asset composition when the STO is generated.

In addition, the electronic claim trading system of the present invention is preferably further configured to have a smart contract for accepting designation of conditions for an electronic claim purchase order, which has the function of accepting, as order conditions for the buyer of an electronic claim (or an NFT approved as such), designation of interest rates and amounts (equivalent to monetary amounts) for issues as a group of electronic claims (or NFTs approved as such) having similar characteristics within a predetermined range for factors such as rating, interest rate as insurance premium against the risk of default, type, and redemption date, when crossing processing is performed for an order for an electronic claim (or an NFT approved as such) through the smart contract for electronic claim trading.
In this way, the crossing process can be more precisely realized.

In addition, in the electronic claim trading system of the present invention, the smart contract for electronic claim trading preferably has the following functions: when a sell order at a limit price for an electronic claim (NFT approved as) belonging to an issue as a group of electronic claims (NFTs approved as such) having similar characteristics within a predetermined range for factors such as rating, interest rate as insurance premium against default risk, type, maturity date, etc., ordered by the smart contract for placing an electronic claim sell order, satisfies the order conditions on the buyer's side, the smart contract is executed, and an NFT (approved as such) belonging to the issue is allocated to match with the buy order on the buyer's side; a function to accept a setting from the seller's side of a conversion ratio (exchange ratio between the standard product to be traded and the deliverable issue used for actual delivery) based on the difference in characteristics unique to each of the electronic claims (NFTs approved as such) belonging to the issue of the sell order (such as rating, interest rate as insurance premium against default risk, type, maturity date, etc.); and a function to adjust the discount rate based on the interest rate, based on the conversion ratio that has been accepted.
In this way, it is possible to more precisely realize the crossing process. Furthermore, even if the characteristics of factors differ, it is possible to easily execute and settle NFTs that are recognized as electronic claims by crossing.

In addition, the electronic claim trading system of the present invention is preferably further configured to have a smart contract for registering electronic claim issues, which has the function of registering, at an electronic claim approval organization, a group of electronic claims (or NFTs approved as such) having similar characteristics within a predetermined range in terms of factors such as rating, interest rate as insurance premium against risk of default, type, redemption date, etc., as issues with a single issue code, as issues to be handled in crossing processing by the smart contract for electronic claim trading.
In this way, it is possible to determine the stock to be used in the crossing process.

In addition, in the electronic bond trading system of the present invention, preferably, the smart contract for registering electronic bond issues has a function of converting each factor such as rating, interest rate as insurance premium against risk of default, type, redemption date, etc. into a single-digit value using a predetermined factor corresponding value conversion table, and generating a multi-digit issue code.
In this way, it becomes possible to efficiently group electronic bonds (or NFTs approved as such) that have similar factor characteristics, and to combine the grouped electronic bonds (or NFTs approved as such) into a single stock.

In addition, the electronic claim trading system of the present invention preferably further comprises an electronic claim disclosure means for disclosing the contract details of the electronic claim registered at the electronic claim approval organization by the smart contract for electronic claim issue registration.
In this way, it becomes possible to provide useful information to buyers (STO generators (securities companies)) who wish to purchase electronic claims (or approved NFTs) to constitute STOs, prior to the transaction.

In addition, in the electronic bond trading system of the present invention, preferably, the smart contract for electronic bond trading further has a function of performing crossing processing at different times for each issue.
In this way, when creating an order book, it becomes easier to secure processing time for a third party to make its own liquidity adjustments for stocks where the sell orders from the NFT issuer that has been approved as an electronic claim are insufficient to cover the buy orders from the STO generator (securities company) in order to maximize execution, making it possible to carry out crossing processing efficiently.

In addition, the electronic claim trading system of the present invention preferably further has a function in which the smart contract for electronic claim trading processes crossings of each issue simultaneously, and when the crossing conditions (interest rate limit prices) do not match between issues, while monitoring the selling status of each issue, if it is determined that position adjustment is possible between the selling issues, waits for the liquidity adjuster to generate issues for liquidity adjustment and then induces the execution.
In this way, crossing processing can be carried out quickly for stocks that do not require liquidity adjustment by a third party in cases where the sell orders of the NFT issuer that have been approved as electronic claims are insufficient to cover the buy orders of the STO generator (securities company), making it possible to carry out the overall crossing processing more efficiently.

In addition, the electronic bond trading system of the present invention preferably has a function in which a predetermined digit among the multiple digits constituting the stock code functions as a crossing activation condition digit that controls the activation of the crossing process, and the electronic bond trading smart contract further has a function of controlling so that when a value other than a predetermined value equivalent to "no activation condition for crossing process specified" is set in the crossing activation condition digit in the stock code of the stock of the buy order, the smart contract recognizes the stock code as a conditional stock code, and does not perform crossing processing when the value set in the crossing activation condition digit in the stock code of the stock of the sell order corresponding to the stock of the buy order does not match.
In this way, in electronic bond trading, it becomes possible to control the operation of crossing processing in accordance with predetermined factors associated with the issue.

In addition, the electronic claim trading system of the present invention preferably further has a function in which, when the smart contract for electronic claim trading accepts the setting of the conversion ratio from the seller, it sets the crossing operation condition digit in the stock code of the stock of the sell order of the seller, converted using the conversion ratio, to a predetermined value equivalent to "no operation condition for crossing process specified," and performs crossing processing.
In this way, even if the issue of a sell order on the NFT issuer that has been approved as an electronic claim has conditional characteristics for the operation of crossing processing, it is possible to smoothly adjust liquidity by setting the conversion ratio regardless of whether the issue of a buy order on the STO generator (securities company) has conditional characteristics for the operation of crossing processing.

In addition, the electronic claim trading system of the present invention preferably further has a smart contract for managing STOs, which has the function of confirming that electronic claims of an amount equal to the amount of issued STOs have been set (secured as collateral), and when a portion of the electronic claims that make up the issued STOs are redeemed, automatically replenishes new electronic claims in conjunction with the redemption of those electronic claims.
In this way, it is possible to reduce the workload of the STO generator (securities company) in maintaining the STO.

In addition, in the electronic claim trading system of the present invention, preferably, the smart contract for managing STOs further has a function of notifying a specified alarm to a token issuer, etc., when a portion of the electronic claims constituting an issued STO are redeemed and new electronic claims are not replenished in conjunction with the redemption of the electronic claims.
In this way, even if some of the electronic claims that make up the STO are redeemed and the automatic replenishment of the redeemed electronic claims is not possible for some reason, the STO generator (securities company) can take measures to maintain the STO (replenish electronic claims), making it possible to prevent problems such as a shortage of electronic claims that make up the STO.

In addition, the credit service provision system of the present invention is a credit service provision system that uses any of the electronic debt transaction systems of the present invention described above, and the smart contract for generating NFT is configured to generate an NFT as a digital contract using blockchain based on a debt that a financial institution such as a credit company has paid in advance to a credit card user's seller (sales store, sales company) for the amount to be paid based on the contract (the type of asset to be paid, the principal, and interest as an insurance premium against the risk of default) and the address of the smart contract for receiving the payment amount to which the payment amount based on the contract is to be paid.
In this way, it is possible to reduce the settlement risk of advance payments to financial institutions such as credit companies, and also to reduce the fees to cover the settlement risk of advance payments.

Therefore, according to the present invention, even if only the debtor or creditor, or an individual who is not a business owner, can easily use electronic claims, creditors can convert claims into cash early, the cost of issuing electronic claims is reduced, STOs are easily converted, profitability is improved through small-scale sales of STOs, STO purchasers can earn interest, and 24-hour transactions and a significant reduction in fees for converting to electronic claims can expand the scope of companies that can use electronic claims to small businesses that could not benefit from the use of existing electronically recorded claims, significantly expanding the scope of use of electronic claims. Furthermore, an electronic claim transaction system and a credit service provision system using the same can be obtained that can reduce the liquidation risk of advance payments for financial institutions such as credit companies and reduce the fees required to prepare for the risk of advance liquidation.

Hereinafter, an embodiment of the present invention will be described with reference to the drawings as appropriate.
FIG. 1 is a block diagram conceptually showing the configuration of an electronic bond transaction system according to one embodiment of the present invention.
The electronic claim trading system 1 of this embodiment is a system that is constructed with at least one distributed ledger in distributed technology such as blockchain for managing transactions between all types of digital assets, such as tokens (a general term for values defined digitally in distributed technology such as blockchain), digital currency, tokens and digital currency, or between tokens or between digital currencies, and smart contracts for performing predetermined processing using the digital assets managed in the distributed ledger. For example, as shown in FIG. 1, the system is constructed with a smart contract 11 for generating NFTs and a payment amount It is composed of a smart contract for acceptance 12, a smart contract for electronic claim approval 13, a smart contract for payment amount transmission 14, a smart contract for placing an electronic claim sell order 15, a smart contract for electronic claim trading 16, a smart contract for NFT redemption 17, a smart contract for accepting electronic claim buy order condition specifications 18, a smart contract for electronic claim name registration 19, a smart contract for electronic claim STO conversion 20, a smart contract for electronic claim approval application 21, an electronic claim disclosure means 22, and a smart contract for STO management 23.
In addition, in the electronic debt trading system 1 of this embodiment, an identity verification process is automatically performed for an input ID using an individual's My Number or a corporation's Corporate Number via an input means (not shown) having a screen display unit and an input unit of a computer terminal or other electronic device such as a mobile information terminal, and each of the smart contracts above performs processing on the approved ID.
The electronic bond trading system 1 of this embodiment is connected to systems of securities companies 90 and the like, and to systems of financial institutions 70 such as banks.

Smart Contract for Generating NFTs 11
The smart contract 11 for generating NFTs is configured to have the following functions, for example, as shown in FIG. 2.
(11-1) (At the NFT issuer 30) A function for generating an NFT as a digital contract using a blockchain, in which the amount to be paid based on the contract (the type of asset to be paid, the principal, and interest as an insurance premium against the risk of default) and the address of the smart contract to which the amount to be paid based on the contract is specified.
(11-2) A function for accepting the setting of the type of assets to be paid, the principal, and the interest rate as an insurance premium against the risk of default as the payment amount based on the contract when generating NFT.

Payment amount acceptance smart contract 12
The payment amount receiving smart contract 12 is configured to have the following functions, for example, as shown in FIG. 3.
(12-1) A function of having a payment destination address for the amount to be paid based on the contract and accepting the payment amount from the debtor 50 based on the contract.

Smart Contract for Electronic Claim Approval Application 21
The smart contract 21 for electronic claim approval application is configured to have the following functions, for example, as shown in FIG. 13.
(21-1) A function for applying for approval as an electronic claim for an NFT generated by the NFT generating smart contract 11.
More specifically, it is configured to have the following functions.
(21-1-1) A function to accept application instructions (from NFT issuer 30) for approval of an NFT generated by NFT generation smart contract 11 as an electronic claim.
(21-1-2) A function of notifying the electronic claim approval agency 40 of an application for electronic claim approval for the NFT in question.

Smart Contract for Electronic Claim Approval 13
The electronic claim approval smart contract 13 is configured to have the following functions, for example, as shown in FIG. 4.
(13-1) A function in the electronic claim approval institution 40 to review the contents of the digital contract in the NFT generated by the NFT generation smart contract 11, and to record the number of the electronic claim approval institution 40, the management number, and the stock code in the NFT that has been confirmed to be valid, and approve it as an electronic claim.

Payment amount sending smart contract 14
The payment amount sending smart contract 14 is configured to have the following functions, for example, as shown in FIG. 5.
(14-1) A function of sending the payment amount sent to the address of the smart contract 12 for receiving the payment amount to the address of the owner of the electronic claim (or NFT recognized as such).

Smart contract for electronic bond sell order placement 15
The electronic bond sell order smart contract 15 is configured to have the following functions, for example, as shown in FIG. 6.
(15-1) A function to place sell orders for electronic claims (or NFTs approved as such) at limit prices (the amount to be paid based on the contract, specifying the type of asset to be paid, the principal, and the interest rate as an insurance premium against the risk of default).

Smart contract for electronic bond trading 16
The smart contract 16 for electronic bond trading is configured to have the following functions, for example, as shown in Figures 7 and 8.
(16-1) With regard to orders for electronic claims (or NFTs approved as such), a function to perform crossing processing for a group of electronic claims (or NFTs approved as such) of the same issue, treating a group of electronic claims (or NFTs approved as such) having characteristics of specified factors (rating, interest rate, type, redemption date, etc.) as a single issue.
More specifically, it is configured to have the following functions.
(16-1-1) A function for automatically executing a sell order at a limit price of an electronic claim (or an NFT approved as such) when there is a corresponding order from a buyer, and automatically clearing and settling the purchase amount of the buyer and the electronic claim (or an NFT approved as such) for an electronic claim, which is placed by the smart contract 15 for placing sell orders for electronic claims.
(16-1-2) A function to execute a sell order at a limit price for an electronic claim (or an NFT approved as such) belonging to a brand, which is a group of electronic claims (or an NFT approved as such) having similar characteristics within a specified range with respect to factors such as rating, interest rate as insurance premium against risk of default, type, maturity date, etc., ordered by smart contract 15 for placing an electronic claim sell order, when the sell order satisfies the order conditions on the buyer's side, and to allocate an electronic claim (or an NFT approved as such) belonging to the brand to match it with a buy order on the buyer's side.
(16-1-3) A function to accept settings from the seller of the conversion ratio (the exchange ratio between the standard product to be traded and the deliverable product used for actual delivery) based on the differences in the characteristics (ratings, interest rates as insurance premiums against the risk of default, type, redemption date, etc.) unique to each electronic claim (or NFT recognized as such) belonging to the issue of the sell order.
(16-1-4) A function to adjust the interest discount rate based on the conversion ratio that has been accepted.
(16-2) A function to perform crossing processing by staggering the time for each stock.
(16-3) A function that simultaneously processes the crossing of each issue, and when the crossing conditions (limit interest rates) between issues do not match, monitors the selling status of each issue, and when it is determined that the positions can be adjusted between the selling issues, waits for the generation of issues for liquidity adjustment by the liquidity adjuster, and leads to execution.
(16-4) A function to recognize a stock code as a conditional stock code when a value other than a predetermined value corresponding to "no specified crossing processing operation condition" is set in the crossing operation condition digit of the stock code of a buy order stock, and to perform control so that crossing processing is not performed when the value set in the crossing operation condition digit of the stock code of a sell order stock corresponding to the buy order stock does not match.
(16-5) When a conversion ratio setting is received from the seller, the function performs crossing processing by setting the crossing operation condition digit in the stock code of the sell order stock of the seller converted using the conversion ratio to a predetermined value equivalent to "no crossing processing operation condition specified."
In addition, the issue (and issue code) to which the electronic claim (or the NFT approved as such) belongs is registered at the electronic claim approval institution 40 via the smart contract 19 for registering electronic claim issues.
The conversion ratio, stock code, and crossing activation condition digits will be described later.

Smart Contract for Electronic Bond STO 20
The smart contract 20 for electronic bond STO conversion is configured to have the following functions, for example, as shown in FIG.
(20-1) A function for generating an STO consisting of a group of electronic claims (or NFTs approved as such) on a per-issue basis, which are purchased at a securities company 90 or the like through a crossing process using a smart contract 16 for electronic claim trading.

NFT Redemption Smart Contract 17
The NFT redemption smart contract 17 is configured to have the following functions, for example, as shown in FIG. 10.
(17-1) The ability to redeem electronic claims (or NFTs recognized as such) when the redemption date arrives.
More specifically, it is configured to have the following functions.
(17-1-1) A function to invalidate an electronic claim (or an NFT approved as such) when the redemption date of the electronic claim (or an NFT approved as such) arrives, and to have the payment amount at the time of redemption of the electronic claim (or an NFT approved as such) sent to the address of the smart contract 12 for receiving the payment amount be sent by the smart contract 14 for sending the payment amount to the address of the owner of the electronic claim (or an NFT approved as such).
(17-1-2) A function for compensating the amount payable by the debtor 50 for all defaulted electronic claims (or NFTs approved as such) using the insurance premiums for all electronic claims (or NFTs approved as such) when the maturity date for the electronic claims (or NFTs approved as such) arrives, and for returning a portion of the amount obtained by deducting the amount spent on compensating for the default from the insurance premiums for the electronic claims (or NFTs approved as such) that are not in default to the debtor 50 of the electronic claims (or NFTs approved as such).

Smart contract 18 for accepting electronic bond purchase order conditions
The smart contract 18 for accepting designation of electronic bond buy order conditions is configured to have the following functions, for example, as shown in FIG.
(18-1) When performing crossing processing for an order for an electronic claim (or an NFT approved as such) using smart contract 16 for electronic claim trading, a function to accept, as order conditions for the buyer of the electronic claim (or an NFT approved as such), the specification of interest rates and amounts (equivalent to monetary amounts) for issues as a group of electronic claims (or an NFT approved as such) having similar characteristics within a specified range with respect to factors such as rating, interest rate as insurance premium against risk of default, type, and redemption date.

Smart Contract for Electronic Bond Registration 19
The electronic bond issue registration smart contract 19 is configured to have the following functions, for example, as shown in FIG.
(19-1) A function to register a group of electronic claims (or approved NFTs) having similar characteristics within a specified range in terms of factors such as rating, interest rate as an insurance premium against the risk of default, type, maturity date, etc., as a stock with a single stock code in the electronic claim approval authority 40.

Electronic bond disclosure means 22
The electronic bond disclosure means 22 is configured to have the following functions, for example, as shown in FIG.
(22-1) A function to disclose the contract contents of electronic claims registered at the electronic claim approval institution 40 by the smart contract 19 for electronic claim issue registration.

STO Management Smart Contract 23
The STO management smart contract 23 is configured to have the following functions, for example, as shown in FIG. 15.
(23-1) Function to manage STO.
More specifically, it is configured to have the following functions.
(23-1-1) A function to confirm that electronic claims equal to the amount of issued STOs have been set (secured as collateral), and when a portion of the electronic claims constituting the issued STOs has been redeemed, automatically replenish with new electronic claims in response to the redemption of those electronic claims.
(23-1-2) A function to notify a token issuer, etc. of a specified alert when some of the electronic claims constituting an issued STO are redeemed and new electronic claims are not replenished in conjunction with the redemption of the electronic claims.

The process using the electronic bond trading system 1 of this embodiment configured as described above will be described.
It is assumed that the creditor 30 has a claim based on a contract with the debtor 50 .

(S1) Generation of NFT (Figure 16)
First, the NFT generating smart contract 11 generates an NFT as a digital contract using a blockchain, in which the amount to be paid based on the contract (the type of asset to be paid, the principal, and interest as an insurance premium against the risk of default) and the address of the smart contract to which the amount to be paid based on the contract is specified.
At that time, the smart contract 11 for generating NFTs accepts the creditor 30's setting of the amount to be paid based on the contract, including the type of asset to be paid, the principal, and an interest rate as an insurance premium against the risk of default.

(S2) Application for approval of NFT as electronic claim (Figure 16)
Next, the smart contract 21 for electronic claim approval application accepts an instruction to apply for approval of the NFT generated by the smart contract 11 for NFT generation (from the NFT issuer 30) as an electronic claim, and notifies the electronic claim approval institution 40 of the application for electronic claim approval for the NFT.

(S3) Converting NFTs into electronic claims (approval as electronic claims) (Figure 16)
Next, the smart contract for electronic claim approval 13 reviews the contents of the digital contract in the NFT generated by the smart contract for NFT generation 11 at the electronic claim approval institution 40, and records the number of the electronic claim approval institution 40, the management number, and the stock code in the NFT that is confirmed to be valid, and approves it as an electronic claim.

(S4) Place a sell order for electronic claims (approved as NFT) (Figure 17)
Next, smart contract 15 for placing an electronic claim sell order places a sell order for the electronic claim (or an approved NFT) at a limit price (the amount to be paid based on the contract, specifying the type of asset to be paid, the principal, and the interest rate as an insurance premium against the risk of default).

(S5) Acceptance of order conditions for buyers (FIG. 17)
The smart contract 18 for accepting specification of electronic claim purchase order conditions accepts specification of interest rates and quantities (equivalent to monetary amounts) for issues as a group of electronic claims (or NFTs approved as such) having similar characteristics within a specified range for factors such as rating, interest rate as insurance premium against risk of default, type, and redemption date as order conditions for the buyer of the electronic claim (or NFTs approved as such) when crossing an order for an electronic claim (or NFTs approved as such) by the smart contract 16 for electronic claim trading.

(S6) Crossing of Electronic Claims (Accepted as NFTs) (Fig. 18)
The smart contract 16 for electronic bond trading performs crossing processing for groups of electronic bonds (or NFTs approved as such) of the same issue, treating a group of electronic bonds (or NFTs approved as such) having characteristics of specified factors (rating, interest rate, type, redemption date, etc.) as a single issue.
More specifically, the smart contract 16 for electronic claim trading matches a sell order at a limit price for an electronic claim (or an NFT approved as such) placed by the smart contract 15 for placing an electronic claim sell order if there is a corresponding order from a buyer, and automatically settles and settles the purchase amount of the buyer and the electronic claim (or an NFT approved as such).
Then, smart contract 16 for electronic claim trading executes a sell order at a limit price for an electronic claim (or an NFT approved as such) belonging to a group of electronic claims (or an NFT approved as such) having similar characteristics within a specified range in terms of factors such as rating, interest rate as insurance premium against risk of default, type, maturity date, etc., ordered by smart contract 15 for placing an electronic claim sell order, if the sell order satisfies the order conditions on the buyer's side, and allocates an electronic claim (or an NFT approved as such) belonging to that brand to match it with the buy order on the buyer's side.
In addition, smart contract 16 for electronic claim transactions accepts the setting of a conversion ratio (the exchange ratio between the standard product to be traded and the deliverable product used for actual delivery) from the seller, based on the differences in the characteristics (rating, interest rate as insurance premium against the risk of default, type, redemption date, etc.) unique to each electronic claim (or NFT approved as such) belonging to the issue in question of the sell order.
Then, the smart contract 16 for electronic bond transactions adjusts the discount rate of interest based on the conversion ratio that has been accepted and set.

(S7) STO of electronic claims (recognized as NFT) (Figure 19)
The smart contract 20 for converting electronic claims into STOs generates an STO consisting of a group of electronic claims (or NFTs approved as such) on a per-issue basis that are purchased via crossing processing by the smart contract 16 for electronic claim trading at a securities company 90 or the like.
The generated STOs are broken down into smaller lots and sold and traded to individual investors and the like via a securities market trading system (not shown) that uses blockchain.
Each electronic claim constituting the STO is redeemed when it reaches maturity. The securities company 90 etc. then places a buy order for the electronic claim equivalent to the redeemed electronic claim via the smart contract 18 for accepting electronic claim buy order conditions, purchases the electronic claim via a crossing process by the smart contract 16 for electronic claim trading, replenishes the electronic claims constituting the STO, and maintains the STO. The maintenance of the STO will be described later.

(S8) Redemption of electronic claims (recognized as NFTs) (Figure 20)
The NFT redemption smart contract 17 redeems the electronic claim (or the NFT approved as such) when the redemption date arrives.
More specifically, when the redemption date of the electronic claim (or the NFT approved as such) arrives, the smart contract 17 for NFT redemption expires the electronic claim (or the NFT approved as such), and causes the smart contract 14 for payment amount sending the payment amount at the time of redemption of the electronic claim (or the NFT approved as such), which was sent to the address of the smart contract 12 for payment amount reception, to the address of the owner of the electronic claim (or the NFT approved as such).
In addition, when the redemption date of an electronic claim (or an NFT approved as such) arrives, the smart contract 17 for NFT redemption compensates for the payment amount due by the debtor 50 for all defaulted electronic claims (or an NFT approved as such) using the insurance premiums for all electronic claims (or an NFT approved as such), and returns a portion of the amount obtained by deducting the amount spent on compensating for the default from the insurance premiums for the electronic claim (or an NFT approved as such) that is not in default to the debtor 50 of that electronic claim (or an NFT approved as such).
In addition, the NFT redemption smart contract 17 may be configured so that the interest portion of the payment amount to be paid to the STO purchaser when the electronic claim is redeemed can be paid in a variety of forms, such as digital assets (digital currency, currency stable coins, commodity stable coins, etc.), as well as in the form of coupons or dividends, or by adjusting the amount held in a manner similar to a free capital increase.

(S9) Registration of issue The smart contract 19 for registering electronic claim issues registers a group of electronic claims (or NFTs approved as such) having similar characteristics within a specified range in terms of factors such as rating, interest rate as insurance premium against risk of default, type, redemption date, etc., as an issue with a single issue code in the electronic claim approval institution 40.

Furthermore, each process using the electronic bond transaction system 1 of this embodiment will be described in more detail using a specific example.
(E1) Specific methods of review for approving NFTs as electronic claims
The claims that are approved as electronic claims are based on blockchain contracts and have the characteristic of being unique, making them a form of NFT.
In addition, approval of an electronic claim is based on the assumption that the contracting parties (creditor 30, debtor 50), for example two companies, have disclosed their addresses and public keys and have mutually approved the NFT using their private keys.
The NFT contract includes items such as the contract details (two companies, delivery/delivery date, payment status/payment date, conditions), and whether or not collateral is set (the address where collateral is set is recorded).
If a security is set in the NFT contract, it is ineligible as an electronic claim, and the smart contract 13 for approving electronic claims will not approve it as an electronic claim.
Another prerequisite for an NFT contract to be recognized as an electronic claim is that it has been delivered.
A company that is a party to the contract (creditor 30, debtor 50), or a financial institution 70 such as a bank that acts as an intermediary between the parties to the contract, submits an application for electronic claim approval (private key approval) via a smart contract 21 for electronic claim approval application (or an electronic claim approval means (symbol omitted) having a similar function) which has the function of submitting an electronic claim approval application, and the electronic claim approval institution 40 then conducts an examination to approve the NFT as an electronic claim.
For example, a financial institution 70 such as a bank that acts as an intermediary between the contracting parties (disclosing its address and public key) submits an electronic claim approval application via a smart contract 21 for electronic claim approval application, and approves the electronic claim approval application frame on the NFT using its private key.
At the electronic claim approval application stage, a financial institution 70 such as a bank will check the validity of the electronic claim as the first electronic claim and perform basic settings for generating a stock code, such as setting a rating, via a smart contract 19 for registering electronic claim issues.
When an electronic claim approval application is made, a notification is sent from the electronic claim approval application smart contract 21 to the electronic claim approval institution 40. The electronic claim approval institution 40 independently checks the validity of the electronic claim and the attributes of the stock code for the second time, and if no problems are found, it generates a regular stock code via the electronic claim issue registration smart contract 19, sets a tradable flag and approves (private key processing). At this time, the electronic claim approval smart contract 13 records the number of the electronic claim approval institution 40, the management number, and the stock code in the NFT.

(E2) Specific Processing Procedure for Registering as a Brand Next, an example of a specific processing procedure for registering as a brand using the electronic bond brand registration smart contract 19 will be described.

(E2-1) Types of factors and creation of stock codes using each factor . Examples of factors include "rating,""interestrate,""maturitydate,""type,""industry," and "region."
The rating is basically determined by the following factors:
Based on transaction information of the creditor 30 at a financial institution 70 such as a bank that acts as an intermediary between the contracting parties and applies for approval of the NFT as an electronic claim, the financial institution 70 such as a bank sets a "rating," for example, "AAA,""AA,""A,""BBB,""BB," etc.
If the electronic claim approval institution 40 confirms risk factors such as default based on its past performance in handling the corporate bond, it assigns a "rating" (for example, "D") indicating that it cannot be handled, and also modifies the "rating" set by the bank or other financial institution 70 based on available revenue information, etc. The "rating" modified by the electronic claim approval institution 40 becomes the "rating" for the genuine electronic claim (or for the NFT approved as such).
In this way, the "rating" is basically based on the "rating" of the company that is the parent of the claim, but it is handled by recording the company's financial results and other corporate factors that make up the electronic claim on the blockchain as separate information and analyzing that data, and is determined by agreeing and adjusting the "rating," which serves as the basis for calculating the interest rate, between the electronic claim approval agency 40 and the financial institution 70, such as a bank, that applies for approval as an electronic claim.
This "rating" forms the "master factor" (the most important factor in the crossing process) on which all stocks are based.
For the “rating”, the smart contract 19 for registering electronic bond issues sets a specified value (alphanumeric characters) corresponding to the range of the “rating” of the electronic bond in question, for example, using a rating correspondence value conversion table or the like (not shown), to the second digit of the issue code that constitutes the issue identifier.

"Interest rate" is a concept that was created in anticipation of the liquidation (resale) of electronic claims rather than the simple digitization of claims. There are two types of "interest rate" for electronic claims: coupon type, which is paid periodically as a coupon until the time of summons, and discount type, which is discounted against the redemption amount. Therefore, electronic claims are divided into coupon type and discount type, and the interest rate (annualized interest rate) equivalent to the interest rate until redemption (basically, when the redemption date of the electronic claim arrives, since most electronic claims are short-term) is calculated for each type.
Although the "interest rate" is a factor of electronic claims in electronic claim transactions, it is set as a limit price at the time of crossing processing. Therefore, the setting of the "interest rate" is set as a reference standard.
The smart contract 19 for registering electronic claim issues converts the “interest rate” into a specified value (alphanumeric characters) that corresponds to the range of the “interest rate” of the electronic claim, for example, using an interest rate corresponding value conversion table or the like (not shown), and sets this as the third digit of the issue code.

"Ratings" and "interest rates" are important factors in the crossing process.
"Rating" and "interest rate as insurance premium against risk of default" are basic concepts for adjusting the liquidity of the buying side and selling side of electronic claims when converting electronic claims into STOs, and it is assumed that several types of STOs will be generated according to differences in ratings, etc. Those with low interest rates (= high ratings) have the characteristic that the default risk of electronic claims is low, and those with high interest rates (= low ratings) have the characteristic that the default rate of electronic claims is high.
In the electronic debt trading system 1 of this embodiment, an "interest rate" is set based on a "rating," and interest rate adjustments (changes to the selling interest rate limit) are made to the set "interest rate" based on a liquidity factor (buying liquidity).
More specifically, transactions between multiple issues do not necessarily match in terms of liquidity, and the basic rule is that sellers match the liquidity of buyers. For this reason, in response to purchases by the STO generator (securities company) 90, which has high liquidity, a third party (a liquidity adjuster such as a financial institution 70 such as a bank) purchases electronic claims with excess liquidity, reconstructs them as electronic claims with low liquidity but in need of purchase, and provides liquidity for sales.
In the process of providing this liquidity, a third party sets the interest rate differential as a fee and changes the rating. In this application, the setting corresponding to the "fee due to interest rate differential" is defined as "interest rate as insurance premium for the risk of default." Note that in the electronic claim trading system 1 of this embodiment, as a risk response to the above-mentioned "fee due to interest rate differential," it is also possible to incorporate an insurance-like hedge factor that is processed in a deferred manner by applying the basic concept of CDS (credit default swap).

The "maturity date", "type", "industry type" and "region" described next are sub-factors, and are set appropriately as characteristics of the electronic bond to be associated with the STO.
"Type" is set according to the use of electronic receivables, such as accounts receivable (short term) or lease receivable (long term). "Type" is the most important factor among the subfactors.
The "type" is converted by the smart contract 19 for registering electronic bond issues into a predetermined value (alphanumeric characters) that corresponds to the range of the "type" of the electronic bond in question, for example, using a type correspondence value conversion table or the like (not shown), and set as the fourth digit (or the first digit) of the issue code. The "type" is a factor that indicates the characteristics of an electronic bond, and is the second most important factor after the "rating".

"Maturity date" is a factor linked to "type." Electronic bonds come in a variety of maturity periods, from short to long. When setting the "maturity date," for example, the number of days remaining until the maturity date is used. "Rating" and "interest rate" are important factors, while "maturity date" is merely a secondary information factor used to indicate the characteristics of the issue.
The “redemption date” is converted by the smart contract 19 for registering electronic claim issues into a specified value (alphanumeric characters) that corresponds to the range of the “remaining days” of the electronic claim, for example, using a remaining days corresponding value conversion table or the like (not shown), and set as the fifth digit of the issue code.

As for other sub-factors similar to "type," the smart contract 19 for registering electronic bond issue converts "industry type (utilizing industry classification such as manufacturing)" into a predetermined value (alphanumeric characters) corresponding to the range of the "industry type" of the electronic bond in question, for example, using an industry corresponding value conversion table or the like (not shown), and sets this in the sixth digit of the issue code; and the smart contract 19 for registering electronic bond issue converts "region (for example, Chubu region)" into a predetermined value (alphanumeric characters) corresponding to the range of the "region" of the issue, for example, using a region corresponding value conversion table or the like (not shown), and sets this in the seventh digit of the issue code.
Furthermore, as a backup, the smart contract 19 for registering electronic bond issue sets, for example, “0” to the eighth digit of the issue code.

(E2-2) A specific example of a processing procedure for grouping electronic bonds having similar characteristics with respect to factors and treating the grouped electronic bonds as one issue. First, the characteristics of the STO are determined.
For example, suppose the issue code of an STO issue consisting of electronic bonds with characteristics of a medium-risk (rating range of B to BB, etc.) manufacturing or sales industry in the Shikoku region, remaining days being in the range of 20 to 40 days, and interest rates being in the range of 2.9 to 3.2% is defined as "10000010 (STO10000010)."
The smart contract 19 for registering electronic bond issues treats a group of electronic bonds that match the characteristics of the STO as a single issue corresponding to the STO issue, and sets the issue code of the issue consisting of the group of electronic bonds to “10000010”.

(E2-3) Method of registration of issues handled in crossing (subject of registration, registration standards), method of screening validity when registering electronic claims as issues handled in crossing Issues are managed by the electronic claim approval institution 40. Also, the electronic claim approval institution 40 generates an "individual" code for the issue via the electronic claim issue registration smart contract 19. In detail, the electronic claim issue registration smart contract 19 sets a multi-digit individual code at the end of the issue code, and sets the code of the financial institution 70, such as a bank, that actually acts as an intermediary in the first few digits of the individual code.
The individual code is not used in the above-mentioned crossing process, but is used when actually transferring the electronic bond.
The electronic claim approval institution 40 classifies issues based on factors such as the above-mentioned "type" and "rating" via the smart contract 19 for registering electronic claim issues, and registers the single-digit value converted for each factor based on predetermined criteria (such as a factor-corresponding value conversion table) by setting it as the corresponding digit of the letter and number string that makes up the issue code.
The details of the registered electronic claim are made public by the electronic claim approval institution 40 via the electronic claim disclosure means 22. The details of the electronic claim to be made public include, for example, the type of contract the electronic claim is (contracting parties, intermediary financial institutions, details of the above factors, etc.), whether the electronic claim is currently valid, etc.
When setting ratings, the electronic claim approval agency 40 independently assigns ratings based on the compilation of income and expenditure information for each company. Basically, the ratings are based on profitability, market trends, and the appropriateness of electronic claims such as anti-social checks for the company and AML/CFT (anti-money laundering and counter-financing of terrorism) (eligibility, the presence or absence of characteristics that financial institutions such as banks cannot handle, for example, the extent of anti-social elements such as involvement of adult content, etc.).

(E3) Specific Procedures for Crossing Processing In crossing processing of electronic bond transactions, the seller is the issuer of the electronic bond, and the buyer is the STO generating entity (securities company) 90.
While STOs are long-term, most electronic bonds are short-term and are redeemed midway. For this reason, after generating an STO, the STO generator (securities company) 90 must periodically replenish the electronic bonds that make up the STO.
The subject of crossing processing by the electronic bond transaction smart contract 16 is basically bonds (bond-like). Therefore, one unit of transaction volume is based on the amount.
In placing an order via the smart contract 15 for placing an electronic claim sell order and the smart contract 18 for accepting conditions for specifying an electronic claim buy order, for example, the specified (order) quantity is in increments of 10,000 yen with a minimum of 100,000 yen, and an interest rate is set for the specified (order) price.
Although it is possible to set a market rate, the interest rate is generally set as a "limit price."
In addition, although the crossing process using the smart contract 16 for electronic bond trading can generate STOs in real time during the intraday session, taking into account the characteristics of electronic bonds, it is considered best to perform it by book-matching or book-matching several times a day (at 9:00, 15:00, etc.).

Although bidding is the most practical method, it will also be possible for a third party to participate in the process to adjust liquidity and perform the act of executing the transaction (processing, or in some cases automatic processing by machine).
For this reason, the third party itself needs to generate an issue for the amount of the sell order that is insufficient for the buy order. For example, if it is possible to make a margin in terms of interest rates by diverting the issue from another issue, and if a contract can be concluded by diverting an issue with a different regional factor, the liquidity adjuster itself will instantly generate an electronic claim belonging to the relevant issue based on the different issue (the electronic claim approval institution 40 will instantly approve the approval application for the electronic claim) and conclude the contract.
Since such quantity adjustments are anticipated, it is preferable that in the actual bidding process for the crossing process by the smart contract 16 for electronic bond trading, the crossing process be started from a specified time and shifted by, for example, 10 minutes for each issue.
Furthermore, as an improvement to the above-mentioned 10-minute staggered order matching, it is preferable to cross each stock at the same time, and if the crossing conditions (interest rate limit prices) do not match between stocks, the selling situation of each stock is monitored, and if it is determined that positions can be adjusted between the selling stocks, then the liquidity adjuster (which may be the electronic claim approval institution 40) regenerates the stocks, adjusts the crossing process, and invites contracts.
Furthermore, it is envisaged that there will be two types of bidding in crossing processing using the smart contract 16 for electronic bond trading: a type in which processing is performed with a time lag, and a type in which processing is performed simultaneously, and it is preferable to be able to use either type on a stock-by-stock basis depending on the characteristics.

In addition, the crossing process by the smart contract 16 for electronic bond trading is set to operate under certain conditions.
Basically, the crossing process is carried out by dividing stocks that are the subject of the crossing process by, for example, the second digit ("rating") or the fourth digit (or the first digit) ("type") of the stock code.
However, if a value other than a predetermined value (e.g., "0") indicating "no crossing processing activation condition" is set in the sixth digit ("industry") and seventh digit ("region") of the stock code of a divided stock, it will be recognized as a conditional stock code.
When the stock code of the issue of the buy order on the STO generating entity (securities company) 90 side is a conditional stock code, if the values set in the sixth digit ("industry type") and seventh digit ("area") of the stock code of the issue of the sell order on the electronic bond issuer side corresponding to the issue of the buy order do not match, control is performed so that crossing processing is not performed.

(E4) Setting the Conversion Ratio The conversion ratio is equivalent to the exchange ratio between the standard product to be traded and the deliverable stock used for actual delivery, which is used in bond futures trading (and spot trading of corporate bonds, etc.), and is an adjustment rate used to adjust for differences in coupon rates and remaining periods of the deliverable stock. For example, in rice trading, if Niigata Koshihikari is traded and the rice to be delivered is Koshihikari from a region other than Niigata, the purchase price will be discounted by 50%.
In the electronic bond trading system 1 of this embodiment, the conversion ratio is basically used when adjusting liquidity between electronic bonds with different ratings.
Separate from the basis for delivery, what is deliverable is defined, and a discount rate of what is deliverable with respect to the basis for delivery is set as a conversion ratio.
There are some similarities between bonds (electronic bonds) and bonds (STOs) in transactions between electronic bond issuers and STO generators (securities companies) 90. Setting the conversion ratio is a measure to match non-standard factors (sixth digit ("industry"), seventh digit ("region")), which are very diverse and minor factors in various issues, with specific standard factors (two digit ("rating"), four digit (or one digit) ("type")), which are major factors.
The important factors are "rating" (risk) and "interest rate," and it is generally believed that these two items are sufficient to determine the maximum classification for crossing.
For example, when the STO generator (securities company) 90 has placed a buy order for electronic claim 1 (rated A-AA) as the electronic claim that constitutes STO 1, and there are not enough sell orders for electronic claim 1, liquidity adjuster Y will purchase electronic claim 2 (rated BB, high interest rate) which has many sell orders in accordance with the conversion ratio, place a buy limit order for electronic claim 2 based on the act of issuing electronic claim 1, and when the contract is concluded, reconstitute electronic claim 1, thereby adjusting the liquidity.
This conversion ratio (adjustment ratio) is a number set based on the rating (and maturity date) to adjust the value between electronic bonds.
The standard value (reference value) of the conversion ratio (adjustment ratio) is disclosed by the electronic claim approval institution 40, but the liquidity adjuster independently changes and adjusts the conversion ratio (adjustment ratio) to perform liquidity adjustment.
Then, the smart contract 16 for electronic bond transactions adjusts the discount rate based on the interest rate between the electronic bonds based on the conversion ratio that has been accepted and set.
The electronic bond transaction smart contract 16 converts the discount amount presented as a limit price by the seller of the electronic bond into an interest rate according to the remaining period when performing the crossing process.
When an electronic bond is traded, the buyer is immediately notified of the contract information, including the issue code for the group of issues, the quantity, the interest rate, and the current amount after discount.
The remaining number of days may be obtained from the issue master information and recorded as contract information.

(E5) Specific example of transaction based on set conversion ratio : When a conversion ratio is set and the conversion ratio of the issue with issue code "10000010" is set to "1", the conversion ratio of the issue with issue code "10000020" is set to "0.998".
In this case, when there is a shortage of electronic claims for sell orders belonging to the issue code "10000020", if there is a surplus of electronic claims for sell orders belonging to the issue code "10000010", the issue with the issue code "10000010" will be regenerated by the company as the issue code "10000020", and as a liquidity adjustment, the company will supply the issue with the issue code "10000020" that it has regenerated in response to a buy order for the issue code "10000020" and complete the order.
However, in this case, if the specified interest rate in a sell order for the stock code "10000020" is, for example, 2.81%, then the interest rate limit price for the stock code "10000010" must be below 2.79% (for example, 2.78%) in order for the arbitrage to be made (for example, when the interest rate limit price for the stock code "10000010" is 2.79%, (1-0.998)-(0.0279-0.0281) is 0, and arbitrage cannot be made).
For this reason, liquidity is adjusted when it is possible to make a profit depending on both the interest rate and the conversion ratio.
However, there are inherent problems with adjusting liquidity through the setting of this conversion ratio.
For example, there are issues with stock codes "10000130" and "10000240" as issues for which an electronic bond issuer places a sell order. These issues differ only in the regional factor (the seventh digit of the stock code) and industry factor (the sixth digit of the stock code). However, in the case of an issue with a conditional stock code in which specific predetermined values are set for the sixth digit ("industry") and seventh digit ("region") of the stock code, if the characteristics of the issue for which an STO generator (securities company) 90 places a buy order are not conditional on regional factors or industry factors (stock code In cases where a regional or industry factor is a mandatory condition (when a specific predetermined value is set for each of the sixth digit ("industry") and seventh digit ("region") of the stock code), the issue with the stock code "10000130" and the issue with the stock code "10000240" of the sell order on the electronic bond issuer's side cannot be used to adjust liquidity (mutual procurement).
For this reason, in the crossing process when the smart contract 16 for electronic bond trading accepts the setting of a conversion ratio from the liquidity adjuster, which is the seller, it treats only the second digit ("rating") and fourth digit ("type") as valid, and performs the crossing process by setting the sixth digit ("industry") and seventh digit ("region") of the stock code of the stock in the sell order of the electronic bond issuer, converted using the conversion ratio, to a predetermined value (for example, "0") equivalent to "no operating condition specified for crossing process" (for example, specifying "0").
As a characteristic, for the stocks of buy orders on the STO generator (securities company) 90 side, which have specific predetermined values set in the sixth digit ("industry") and seventh digit ("region") of the stock code, the smart contract 16 for electronic bond trading performs conditional crossing processing, as described above.

An example of the process flow for transferring and monetizing accounts receivable using an electronic debt trading system (Figure 21)
For example, as shown in Figure 21, a subcontractor supplier delivers goods to a subcontractor paying company which is a customer, and has an account receivable from the subcontractor paying company, and the subcontractor paying company delivers goods to a paying company which is a customer, and has an account receivable from the paying company which is a customer. The paying company which is a customer and the subcontractor paying company are assumed to have payment obligations.
In monetizing accounts receivable using electronically recorded claims, for example, in a paying company of the account receivable, which is the debtor, NFT generating smart contract 11 generates an NFT in which the payment amount and the address of the payee's smart contract are specified based on a contract between the paying company of the account receivable and a subcontractor paying company. The paying company of the account receivable requests electronic claim approval institution 40 to approve the NFT as an electronic claim.
Next, in electronic claim approval institution 40, smart contract for electronic claim approval 13 examines the contents of the digital contract in the NFT generated by smart contract for NFT generation 11, records the number of electronic claim approval institution 40 and the management number in the NFT whose validity has been confirmed, and approves it as an electronic claim. At this time, the owner of the approved electronic claim is the subcontracted paying company.
In addition, when a subcontractor paying company transfers an electronically recorded claim to a subcontractor supplying company, the transfer of the electronic claim is recorded in the blockchain address. When the due date of the electronically recorded claim arrives, the NFT redemption smart contract 17 invalidates the electronic claim (or the NFT approved as such), and causes the payment amount at the time of redemption of the electronic claim (or the NFT approved as such) sent to the address of the payment amount receiving smart contract 12 to be sent to the address of the owner of the electronic claim (or the NFT approved as such). If the owner of the electronic claim (or the NFT approved as such) is a subcontractor supplying company, the amount is paid to the subcontractor supplying company. If the owner of the electronic claim (or the NFT approved as such) is another person who purchased the electronic claim, the amount is paid to that other person.
In addition, when the maturity date of an electronic claim (or NFT approved as such) arrives, the smart contract 17 for NFT redemption compensates for the payment amount due by the debtor 50 (the paying company of the account receivable: the issuer of the electronic claim) for all defaulted electronic claims (or NFT approved as such) using the insurance premiums for all electronic claims (or NFT approved as such), and returns a portion of the amount obtained by deducting the amount spent on compensating for the default from the insurance premiums for the electronic claim (or NFT approved as such) that is not in default to the debtor 50 (the paying company of the account receivable: the issuer of the electronic claim) of that electronic claim (or NFT approved as such).
The transfer of electronic claims and the payment of amounts due upon the arrival of the due date are made with digital assets (digital currency, currency stable coins, commodity stable coins, etc.) managed at blockchain addresses. In addition, blockchain addresses of the accounts receivable paying companies, subcontractor paying companies, and sub-subcontractor supplying companies are linked to a bank account, and payments can also be made via API processing.

An example of the overall process including converting accounts receivable into electronic credits and converting electronic credits into STOs using an electronic credit transaction system (Figure 22)
For example, as shown in FIG. 22, in a paying company of a debtor, an NFT generating smart contract 11 generates an NFT in which the payment amount and the address of the payee's smart contract are specified based on a contract between the paying company of the debtor and the subcontractor paying company. The paying company of the debtor requests the electronic claim approval institution 40 to approve the NFT as an electronic claim. Since it is an NFT type contract using a blockchain, it can be proven that it is a genuine contract approved by the two companies by key approval between the two companies. In the electronic claim approval institution 40, the electronic claim approval smart contract 13 examines the contents of the digital contract in the NFT generated by the NFT generating smart contract 11, records the number of the electronic claim approval institution 40, the management number, and the stock code in the NFT that has been confirmed to be valid, and approves it as an electronic claim.
The smart contract 15 for placing an electronic claim sell order places a sell order for an electronic claim (or an approved NFT) at a limit price (the amount to be paid based on the contract, specifying the type of asset to be paid, the principal, and the interest rate as an insurance premium against the risk of default).
The smart contract 18 for accepting specification of electronic claim purchase order conditions accepts specification of interest rates and quantities (equivalent to monetary amounts) for issues as a group of electronic claims (or NFTs approved as such) having similar characteristics within a specified range for factors such as rating, interest rate as insurance premium against risk of default, type, and redemption date as order conditions for the buyer of the electronic claim (or NFTs approved as such) when crossing an order for an electronic claim (or NFTs approved as such) by the smart contract 16 for electronic claim trading.
The smart contract 16 for electronic bond trading performs crossing processing for groups of electronic bonds (or NFTs approved as such) of the same issue, treating a group of electronic bonds (or NFTs approved as such) having characteristics of specified factors (rating, interest rate, type, redemption date, etc.) as a single issue.
The smart contract 20 for converting electronic claims into STOs generates an STO consisting of a group of electronic claims (or NFTs approved as such) on a per-issue basis that are purchased via crossing processing by the smart contract 16 for electronic claim trading at a securities company 90 or the like.
The generated STOs are broken down into smaller lots and sold and traded to individual investors and the like via a securities market trading system (not shown) that uses blockchain.
Each electronic claim constituting the STO is redeemed when it reaches maturity. The securities company 90 etc. then places a buy order for the electronic claim corresponding to the redeemed electronic claim via the smart contract for accepting electronic claim buy order conditions 18, purchases the electronic claim via a crossing process by the smart contract for electronic claim trading 16, replenishes the electronic claims constituting the STO, and maintains the STO.
When the redemption date arrives, the NFT redemption smart contract 17 invalidates the electronic claim (or the NFT approved as such), and causes the payment amount at the time of redemption of the electronic claim (or the NFT approved as such) sent to the address of the payment amount receiving smart contract 12 to be sent to the address of the owner of the electronic claim (or the NFT approved as such). At this time, the NFT redemption smart contract 17 applies the concept of deferred insurance, compensates for the payment amount to be paid by the debtor 50 for all defaulted electronic claims (or the NFT approved as such) using the insurance premiums for all electronic claims (or the NFT approved as such), and returns a part of the amount obtained by deducting the amount spent on compensating for the default from the insurance premiums for the electronic claim (or the NFT approved as such) that is not in default to the debtor 50 of the electronic claim (or the NFT approved as such).

In addition, the creditor 30 can also transfer the electronic claim (or the approved NFT) to the factoring company at a discount in advance. In that case, the smart contract 16 for electronic claim transactions performs crossing processing between the selling order and buying order of the factoring.
In addition, the smart contract 16 for electronic bond trading also performs crossing processing between buy orders and sell orders for subordinated bonds, for example.
The smart contract 20 for converting electronic claims into STOs can also generate STOs using factoring, subordinated bonds, etc., in addition to electronic claims purchased via the smart contract 16 for trading electronic claims.

Regarding cases where financial institutions such as factoring companies and banks resell electronic claims after purchasing them, there are also cases where the purchased electronic claims are resold as is. In such cases, the crossing process by the smart contract for electronic claim trading 16 is performed in substantially the same manner as the crossing process by the smart contract for electronic claim trading 16 when selling electronic claims before they are purchased, since the issue does not change.
However, electronic claims have the characteristic that the purchaser bears risks such as default. For this reason, after a factoring company, bank, or other such financial institution 70 purchases an electronic claim, it is also possible to generate the purchased issue of electronic claim as a different issue of electronic claim (the default risk of the purchased issue of claim that is the basis of this different issue of electronic claim is borne by the factoring company, bank, or other such financial institution 70) (create an NFT of a different issue, apply for electronic claim approval for the created NFT of the different issue, and obtain approval as an electronic claim).
In this case, the electronic claims of a different issue have almost no default risk because the factoring company, bank, or other financial institution 70 of the original purchased issue of the claim bears the default risk. Since the electronic claims conform to the standards of general claims handled by the factoring company, bank, or other financial institution 70, the ratings will improve, but the interest rate will be lower.
The crossing process by the smart contract 16 for electronic claim transactions for a different type of electronic claim to be issued by a financial institution 70 such as a factoring company or a bank is carried out in a manner substantially similar to the crossing process by the smart contract 16 for electronic claim transactions when selling an electronic claim before it is purchased.
In addition, for normal (not resold) electronic claims, it may be possible to attach deferred insurance at the stage of STO conversion by the electronic claim STO conversion smart contract 20, and generate a guaranteed STO.
Deferred payment insurance is used when adding a guarantee option to low-rated electronic receivables.

In addition, the record of the owner of the electronic claim, which was recorded during the process of NFTs being approved as electronic claims, will be rewritten when the claim is resold.
When a financial institution 70 such as a factoring company or a bank generates a different type of electronic claim based on an electronic claim purchased through resale, the financial institution 70 such as the factoring company or the bank generates a financial product token that serves as the basis for the new electronic claim.
For example, if the name of a financial product token is X0001 (X is a unique number of a financial institution 70 such as a factoring company or bank), the electronic receivable belonging to that token will have X0001 recorded in the collateral column that records the token within the blockchain (linked and automatically managed).

Similarly, when the smart contract 20 for converting electronic claims into STOs is converted into an STO, the STO number is entered in the collateral column of the purchased electronic claim (or the token approved as such).
Furthermore, until the STO is redeemed or a process such as collateral replacement is performed, the entry in the collateral column of the electronic claim (or the token recognized as such) will not be deleted, and the security right set on the electronic claim will remain.
In addition, it is preferable that the STO management smart contract 23, which has the function of managing STOs, confirms that an electronic claim equal to the amount of the issued STOs has been set (secured as collateral), and if new electronic claims are not replenished in conjunction with the redemption of the electronic claims, a specified alert is notified and made public to the token issuer (token generation company), the association organization that manages the tokens, automatic information disclosure means for the general public, etc.
Basically, the STO management smart contract 23 automatically replenishes the redeemed electronic bonds with new purchased electronic bonds. For this reason, no errors that would cause an alarm to be notified or made public will occur, but it is preferable to implement this as a function in the case where the replenishment of the redeemed electronic bonds is not automated.

Credit Service Providing System Using Electronic Bond Trading System FIG. 26 is a block diagram conceptually showing the configuration of a credit service providing system 1 using the electronic bond trading system of FIG.
The credit service providing system 1 in FIG. 26 has substantially the same configuration as the electronic claim trading system 1 in FIG. 1, but the NFT issuer 30 is specified as a financial institution such as a credit company, and the debtor 50 is specified as a credit card user.
In addition, as shown in FIG. 27, the function of the smart contract 11 for generating NFT is specified as a function of generating an NFT, which is a digital contract using a blockchain based on a credit receivable from a financial institution 30 such as a credit company for the amount to be paid by the credit card user 50 to a seller (sales store, sales company) 60, and which specifies the amount to be paid based on the contract (type of assets to be paid, principal, and interest as insurance premium against the risk of default) and the address of the smart contract 12 for receiving the amount to be paid based on the contract, based on the function of (11-1) shown in FIG. 2.
The other configurations and effects are substantially the same as those of the electronic bond trading system 1 shown in FIGS.

According to the electronic claim trading system 1 of this embodiment, (at the NFT issuer 30) there is a smart contract for generating NFTs that have a function of generating an NFT in which the payment amount based on the contract (the type of assets to be paid, the principal, and interest as an insurance premium for the risk of default) and the address of the smart contract to which the payment amount based on the contract is to be paid are specified as a digital contract using a blockchain, and there is an electronic claim approval application smart contract 21 that has a function of applying for approval of the NFT generated by the smart contract for generating NFTs 11 as an electronic claim, and an electronic claim approval institution 40 that applies for approval of the digital amount in the NFT generated by the smart contract for generating NFTs 11. The electronic claim approval smart contract 13 has a function of recording the number of the electronic claim approval institution 40, the management number, and the stock code in the NFT that has been confirmed to be valid and approving it as an electronic claim. Since it is an NFT type contract using a blockchain, it is possible to prove that it is a genuine contract approved by the two companies through key approval between the two companies, which simplifies the review for approval of the electronic claim. Unlike the current procedure performed by the electronic claim recording institution, confirmation is not required from both the creditor 30 and the debtor 50. Furthermore, unlike electronic recorded claims, the NFT approved as an electronic claim can be used without either the creditor 30 or the debtor 50 registering an application for use. In addition, since it is an NFT type contract using a blockchain, it is easy to check whether or not a security has been set for the electronic claim through security management in the blockchain. If no security has been set, the holder's electronic claim can be transferred. In addition, with existing paper-based claims, management (i.e., confirmation of the reliability of claims) is troublesome in terms of third-party requirements such as double pledge problems, but blockchain data (NFT, etc.) has a single data source and cannot be tampered with, so by utilizing this technology, the risk of double pledge is eliminated. Therefore, when a claim is converted into an STO, the STO bears the risk of the claim itself, but the risk (none) of the claim itself is made clear by the blockchain data, so the risk of the STO can be reduced. In addition, the data recording method by the blockchain using smart contracts is the core of the system, making it possible to trade 24 hours a day and streamlining processing, which increases the cost advantage. Unlike existing electronically recorded claims, the high fees for converting claims to electronic claims can be significantly reduced, and not only claims for large cases but also claims for small cases can be converted to electronic claims while absorbing the costs. Furthermore, since a series of operations are systematized, the time required to convert claims to electronic claims can be shortened.

In addition, according to the electronic claim trading system 1 of this embodiment, the NFT redemption smart contract 17 is configured to have the function of returning a portion of the difference (insurance premiums not used to cover the default amount) between the total amount of insurance premiums for all electronic claims (NFTs approved as such) and the amount (insurance cost) spent on all electronic claims (NFTs approved as such) that have defaulted at the time of redemption, to the debtors of each electronic claim (NFTs approved as such) that have not defaulted, when the redemption date of the electronic claim (NFTs approved as such) arrives, thereby making it possible to reduce the interest rate of NFTs approved as electronic claims by the claim issuer (NFT issuer) 30.

In addition, according to the electronic claim trading system 1 of this embodiment, the electronic claim sell order placing smart contract 15 has a function of placing sell orders for electronic claims (or NFTs approved as such) at limit prices (a payment amount based on the contract that specifies the type of assets to be paid, the principal, and an interest rate as an insurance premium for the risk of default), and for orders for electronic claims (or NFTs approved as such), a group of electronic claims (or NFTs approved as such) having characteristics of specified factors (ratings, interest rates, type, redemption date, etc.) is treated as one issue, and electronic claims of the same issue are placed at a limit price. and an electronic claim transaction smart contract 16 having a function of performing crossing processing for a group of child claims (NFTs approved as such), where the electronic claim transaction smart contract 16 has a function of executing a contract when there is a corresponding order for a buyer of an electronic claim (NFTs approved as such) against a limit price sell order for the electronic claim (NFTs approved as such) placed by the electronic claim sell order placing smart contract 15, and automatically clearing and settling the buyer's purchase amount and the electronic claim (NFTs approved as such), making it easier to convert the electronic claim into an STO. Also, the seller of the electronic claim (NFTs approved as such) can instantly convert the electronic claim into cash through crossing processing.
Furthermore, according to the electronic claim trading system 1 of this embodiment, if electronic claim trading is automated using a blockchain and a smart contract that implements trading, clearing, and settlement functions, it will eliminate the need for procedures that require going through a bank counter, as is currently the case with electronically recorded claims.
According to the electronic claim trading system 1 of this embodiment, the electronic claim is converted into an STO by configuring the electronic claim STO conversion smart contract 20, which has the function of generating an STO consisting of a group of electronic claims (NFTs approved as such) on an issue basis, purchased at a securities company 90 or the like through a crossing process by the electronic claim trading smart contract 16. At this time, the interest rate on the NFT approved as the electronic claim is reduced, which improves the profitability of selling the STO in small lots. Also, the STO purchaser can earn interest.
In addition, because the information on the electronic claims that form the basis of the STO is recorded on the blockchain, it is possible to check the content of the claims that make up the STO going back to the time of the contracts made by individual companies, thereby improving the transparency of the asset composition when the STO is generated.

In addition, according to the electronic claim trading system 1 of this embodiment, when performing crossing processing for an order for an electronic claim (or an NFT approved as such) by the electronic claim trading smart contract 16, the system is further configured to include a smart contract 18 for accepting designation of purchase order conditions for electronic claims, which has the function of accepting designation of interest rates and amounts (equivalent to monetary amounts) for issues as a group of electronic claims (or an NFT approved as such) having similar characteristics within a predetermined range for factors such as rating, interest rate as insurance premium against risk of default, type, and redemption date as order conditions for the buyer of the electronic claim (or an NFT approved as such), thereby making it possible to further materialize the crossing processing.

In addition, according to the electronic claim trading system 1 of this embodiment, the smart contract 16 for electronic claim trading has a function of executing a sell order at a limit price for an electronic claim (or an NFT approved as such) belonging to a brand of electronic claims (or an NFT approved as such) that have similar characteristics within a predetermined range in terms of factors such as rating, interest rate as insurance premium against risk of default, type, maturity date, etc., ordered by the smart contract 15 for placing an electronic claim sell order, when the sell order satisfies the order conditions on the buyer's side, and allocating an electronic claim (or an NFT approved as such) belonging to that brand to match it with a buy order on the buyer's side, thereby making it possible to further realize crossing processing. The smart contract 16 for electronic claim transactions has a function to accept the setting from the seller of the conversion ratio (the exchange ratio between the standard product to be traded and the deliverable product used for actual delivery) based on the differences in characteristics (ratings, interest rate as insurance premium against default risk, type, redemption date, etc.) unique to each electronic claim (or NFT approved as such) belonging to the issue of the sell order, and a function to adjust liquidity (such as adjusting the discount rate based on interest rate) based on the conversion ratio that has been accepted and set. Therefore, even if the factors have different characteristics, it is easy to execute and settle NFTs approved as electronic claims by crossing.

In addition, according to the electronic claim trading system 1 of this embodiment, the system is further configured to include a smart contract 19 for electronic claim issue registration, which has the function of registering a group of electronic claims (or NFTs approved as such) with similar characteristics within a predetermined range in terms of factors such as rating, interest rate as insurance premium against risk of default, type, and redemption date as issues with a single issue code in the electronic claim approval institution 40 as issues to be handled in crossing processing by the smart contract 16 for electronic claim trading, so that issues to be handled in crossing processing can be determined.

In addition, according to the electronic bond trading system 1 of this embodiment, the smart contract 19 for registering electronic bond issues is configured to have the function of converting each factor, such as rating, interest rate as insurance premium against risk of default, type, redemption date, etc., into a single-digit value using a predetermined factor corresponding value conversion table, and generating a multi-digit issue code, so that electronic bonds (or NFTs approved as such) with similar characteristics in terms of factors can be grouped together, and the grouped electronic bonds (or NFTs approved as such) can be efficiently processed to form a single issue.

In addition, according to the electronic claim trading system 1 of this embodiment, the system is further configured to include an electronic claim disclosure means 22 that discloses the contract details of the electronic claim registered at the electronic claim approval institution 40 by the smart contract 19 for registering electronic claim issues, so that useful information can be provided to a buyer (STO generator (securities company) 90) who wishes to purchase an electronic claim (or an NFT approved as such) to constitute an STO prior to the transaction.

In addition, according to the electronic claim trading system 1 of this embodiment, the smart contract 16 for electronic claim trading is further configured to have a function of performing crossing processing at different times for each stock, so that when creating an order book, in order to maximize contracts, it becomes easier to secure processing time for a third party to adjust liquidity for a stock where the sell orders of the NFT issuer 30 approved as an electronic claim are insufficient relative to the buy orders of the STO generator (securities company) 90, and crossing processing can be performed efficiently.

In addition, according to the electronic claim trading system 1 of this embodiment, the smart contract 16 for electronic claim trading simultaneously processes the crossing of each stock, and if the crossing conditions (interest rate limit) do not match between stocks, the smart contract 16 monitors the selling status of each stock, and if it is determined that the positions can be adjusted between the selling stocks, it further has the function of waiting for the liquidity adjuster to generate a stock for liquidity adjustment and guiding it to a contract. Therefore, when the selling order on the side of the NFT issuer 30 approved as an electronic claim falls short of the buying order on the side of the STO generator (securities company) 90, crossing processing can be performed quickly for stocks that do not require liquidity adjustment by a third party, and the overall crossing processing can be performed more efficiently.

In addition, according to the electronic bond trading system 1 of this embodiment, a predetermined digit among the multiple digits that make up the stock code functions as a crossing operation condition digit that controls the operation of the crossing process, and when the electronic bond trading smart contract 16 has a value other than a predetermined value corresponding to "no crossing process operation condition specified" set in the crossing operation condition digit of the stock code of the stock of the buy order, the smart contract recognizes the stock code as a conditional stock code, and is further configured to have a function of controlling not to perform the crossing process when the value set in the crossing operation condition digit of the stock code of the sell order stock corresponding to the stock of the buy order does not match, so that in electronic bond trading, the operation of the crossing process can be controlled according to a predetermined factor of the stock.

In addition, according to the electronic claim trading system 1 of this embodiment, when the electronic claim trading smart contract 16 receives a conversion ratio setting from the seller, it is further configured to have the function of performing crossing processing by setting the crossing operation condition digit in the stock code of the sell order stock on the seller side converted using the conversion ratio to a predetermined value equivalent to "no crossing processing operation condition specified." Therefore, even if the stock of the sell order on the NFT issuer 30 side that has been approved as an electronic claim falls under conditional characteristics for the operation of crossing processing, regardless of whether the stock of the buy order on the STO generator (securities company) 90 side has conditional characteristics for the operation of crossing processing, liquidity can be smoothly adjusted by setting the conversion ratio.

In addition, according to the electronic claim trading system 1 of this embodiment, it further has an STO management smart contract 23 that has the function of managing the STO, and the STO management smart contract 23 has the function of confirming that an electronic claim of the same amount as the amount of the issued STO has been set (secured as collateral), and when a portion of the electronic claims constituting the issued STO is redeemed, automatically replenishing the new electronic claims in response to the redemption of the electronic claims, thereby reducing the workload of the STO generator (securities company) 90 for maintaining the STO.

In addition, according to the electronic claim trading system 1 of this embodiment, the STO management smart contract 23 is further configured to have a function of notifying the token issuer, etc. of a specified alarm when some of the electronic claims constituting the issued STO are redeemed and new electronic claims are not replenished in response to the redemption of the electronic claims. Therefore, even if some of the electronic claims constituting the STO are redeemed and automatic replenishment of the redeemed electronic claims is not possible for some reason, the STO generator (securities company) 90 can take measures to maintain the STO (replenish electronic claims), and problems such as a shortage of electronic claims constituting the STO can be avoided in advance.

In addition, according to the credit service provision system 1 using the electronic claim transaction system of this embodiment, the NFT generating smart contract 11 is configured to generate an NFT as a digital contract using blockchain based on a claim for advance payment in which a financial institution 30 such as a credit company has advanced the amount to be paid by the credit card user 50 to the seller (sales store, sales company) 60, specifying the amount to be paid based on the contract (type of asset to be paid, principal, and interest as insurance premium against risk of default) and the address of the payment amount receiving smart contract 12 to which the amount to be paid based on the contract is to be paid. This reduces the liquidation risk of the advance payment for the financial institution 30 such as a credit company, and reduces the fees to prepare for the liquidation risk of the advance payment.

Therefore, according to this embodiment, even if only the debtor or creditor, or an individual who is not a business owner, can easily use electronic claims, creditors can convert claims into cash early, the cost of issuing electronic claims is reduced, STOs are easily converted, profitability is improved through small-scale sales of STOs, STO purchasers can earn interest, and 24-hour transactions and a significant reduction in fees for converting to electronic claims can expand the scope of companies that can use electronic claims to small-scale businesses that have not been able to benefit from using existing electronically recorded claims, significantly expanding the scope of electronic claims utilization. Furthermore, an electronic claim transaction system and a credit service provision system using the same can be obtained that can reduce the liquidation risk of advance payments for financial institutions such as credit companies and reduce the fees required to prepare for the risk of advance payments.

The electronic claim trading system and the credit service provision system using the same of the present invention have been described above using embodiments, but the electronic claim trading system and the credit service provision system using the same of the present invention are not limited to the configurations described in the above embodiments, and can be configured in any form within the scope of the claims of the present invention.

Further, the electronic bond trading system of the present invention will be explained in more detail below.
The electronic claim trading system of the present invention is configured to utilize blockchain data management in order to streamline the crossing process for converting electronic claims into STOs.
In addition, the electronic claim trading system of the present invention may be configured to be able to convert electronic claims that have approved NFT-format contracts using blockchain into STOs via online transaction processing, not only for electronic claims that do not use blockchain when the contract is initially concluded, but also for electronic claims that arise when such claims are recorded by the current electronic claim recording institution.
However, the electronic debt trading system of the present invention is configured to incorporate processing using a blockchain from the very beginning of the contract conclusion in order to make the electronic debt conversion process more efficient and reduce errors.

For example, when Company A and Company B enter into a specific contract, the contract will be managed using blockchain from the very beginning.
A series of processes related to the conclusion of the contract is carried out by a smart contract (smart contract 11 for generating NFTs) for concluding the contract.
There will be one contract, which will be a blockchain contract in the form of an NFT.
NFT-style blockchain contracts can be managed in a variety of ways.
For example, the simplest method is for both parties to approve the contract data written in Word. Currently, there are services such as DocuSign (https://www.docusign.jp/) that allow users to electronically sign a contract using the registered email address of the company as the approval axis. The electronically signed contract data is managed in the cloud.
In the electronic debt trading system of the present invention, the same functions as those described above are performed using a blockchain, the contract data is electronically signed (approved with the private keys of both companies), and the contract data is recorded on the blockchain.
The above processing is performed by a smart contract (smart contract 11 for generating NFTs).

The management objects of the smart contract (smart contract 11 for generating NFTs) are as follows:
The contract data is recorded using the private keys of the two companies. The access rights to the contract data are set separately.
Based on the contract data, delivery note data (sometimes one, sometimes issued periodically, depending on the contents of the contract data) is issued. The delivery note data is also approved by both companies' private keys and recorded on the blockchain. Once the delivery note data is recorded and the delivery process is completed, the process moves on to issuing the invoice data that is paired with the delivery note data.
In this way, in the electronic debt trading system of the present invention, traceability (tracking of specified tasks) processing is managed by the smart contract (smart contract 11 for generating NFTs) (note that the tasks to be tracked are set when the contract is concluded).
Once the invoice data has been approved, the invoice data can be processed to become an electronic claim (application for approval as an electronic claim, approval as an electronic claim).

In addition, the invoice (claim right) data can be used as collateral even if it is not made into an electronic claim. If an application for approval as an electronic claim is made via smart contract 21 for electronic claim approval, and collateral is set for the invoice (claim right) data, the application for approval as an electronic claim for the invoice (claim right) data will be rejected via smart contract 13 for electronic claim approval.
When the smart contract for electronic claim approval 13 is reviewing whether or not an electronic claim is approved, tasks such as scrutinizing the contents of the contract data at the time of the initial conclusion arise. The review is performed by checking whether or not there are risk items such as exception processing in the contract data. If risk items are found in the contract data, it will be difficult to approve it as an electronic claim.
In addition, it is possible for a factoring company to purchase invoice (claim data) that has been rejected for approval as an electronic claim, rather than invoice (claim data) that has been approved as an electronic claim by the electronic claim approval agency 40, and it is also possible for the factoring company to create a claim that is similar to an electronic claim (a type in which the factoring company bears the default risk) based on the purchased claim data.
It is also possible for a financial institution 70 such as a bank to approve and record the claim related to the procedure for application for approval as an electronic claim using a private key, and then the approval as an electronic claim can be approved and recorded by the electronic claim approval agency 40 using a private key.
If neither the bank or other financial institution 70 nor the electronic claim approval institution 40 approves the electronic claim, the reason for refusal is recorded.

If an electronic claim is approved, the electronic claim becomes the property of the electronic claim approval applicant. If an approved electronic claim is resold via a smart contract (electronic claim sell order smart contract 15) and a buyer is found in the crossing process, cash can be received at gross DVP.
In this case, it is possible to select and specify two options: to trade at a discounted price taking into account the assumed interest rate for the maturity date, or to trade in the form of an interest rate.
For example, the limit price can be selected to be the price (a sell order instruction of 98.75 yen for a delivery of 100 yen, with 100 yen paid on the maturity date) or the interest rate. For the seller of electronic bonds, it is preferable to present the offer at a discounted price if early liquidation is desired.
If a sell order is not executed, the seller can change the limit price conditions.
On the other hand, it is assumed that the buyer, who will be the STO generator 90, will desire transactions based on interest rates.
For this reason, the electronic bond trading system of the present invention is configured so that, at the time of trading, the discount on the price of the electronic bond is converted into an interest rate, and the interest rate is used in the crossing process between the electronic bond and the STO.

When an electronic claim is redeemed, the equivalent of the payment is converted into a settlement stablecoin or similar and deposited in the address of the electronic claim owner.
In detail, when the smart contract (NFT redemption smart contract 17) that manages the redemption of the electronic claim redeems the electronic claim, the settlement stable coin linked to the claim recipient's bank account is moved to the management address of the smart contract (payment amount receiving smart contract 12). After that, the smart contract (payment amount sending smart contract 14) sends the settlement stable coin to the address of the owner of the electronic claim.
If a payment of a settlement stablecoin is not processed on the maturity date, it will be treated as a dishonored note, and legal procedures separate from system processing (such as rules for dealing with dishonored notes, in the sense that rights that serve as collateral for electronic claims will be seized) will be recorded on the blockchain.

In addition, when electronic claims are converted into STOs via the smart contract 20 for converting electronic claims into STOs, the stock code and quantity of the electronic claims that make up the STO are recorded in the blockchain.
In addition, when an NFT is converted into an electronic claim via the smart contract for electronic claim approval 13, the stock code is recorded in the blockchain as stock master information via the smart contract for electronic claim issue registration 19, and the registered stock information can be referenced, and at the same time, the stock information is also disclosed on the web via the electronic claim disclosure means 22.

Further, the significance and effects of the electronic bond trading system of the present invention will be explained.
After the Lehman Shock, major financial institutions in Japan, such as banks, shifted their main business to bad debt collection, and personnel capable of analyzing corporate risks and conducting rating-type screening in lending and other operations were laid off, while new personnel were hired without the know-how required for lending and other operations. During this process, the government's ultra-low interest rate policy changed the focus from debt collection to lending, but major financial institutions, such as banks, do not have personnel capable of lending for the reasons mentioned above, and are therefore unable to cope with the increased supply of funds.
The electronic debt trading system of the present invention makes it possible to carry out loan operations that have become difficult to handle by mechanizing rating operations through centralized management of data such as corporate risk analysis and ratings in operations such as loans (which can be handled manually with little knowledge) and standardized rating analysis (even checking the reliability of the data to be analyzed and making corrections), and furthermore, in order to eliminate risks in loans, the source of funds for the loans is STOs, making it possible to provide interest-bearing securities to investors who are finding it difficult to manage their investments due to the low interest rates of STOs.
And by integrating the entire business process into a system, the company is able to offer investors favorable interest rates.
In the electronic claim trading system of the present invention, it is possible to implement the above-mentioned CDS-like processing on the STO generator side as well in order to prevent investors from suffering disadvantages in the event that a hidden risk different from the risks originally assumed occurs or is confirmed in the conversion to electronic claims. Also, it is preferable to automatically revise the rating of the risk source in the event that a hidden risk occurs.

Further, a supplementary explanation will be given regarding the peculiarities of the electronic bond in the electronic bond trading system of the present invention.
The electronic claims in the electronic claim trading system of the present invention are not only evaluated based on the "collateral and guarantees" provided by financial institutions such as banks, but also involve securities-like elements that provide a qualitative rating, including future prospects.
It is difficult for financial institutions such as banks to evaluate the ratings. Therefore, in the electronic bond trading system of the present invention, it is preferable to configure the system so that the basic information data of a company that is the basis for the rating evaluation, including items applied by the company, quantitative items evaluated by financial institutions such as banks, and qualitative items evaluated by securities companies, are shared via the blockchain. By sharing this shared data via the blockchain and updating it regularly, the accuracy of the data can be improved.

The electronic bond trading system of the present invention and the credit service provision system using the same are useful in fields where it is necessary to trade bonds.

1. Electronic bond trading system (and credit service provision system using the same)
11 Smart contract for generating NFT 12 Smart contract for accepting payment amount 13 Smart contract for electronic claim approval 14 Smart contract for sending payment amount 15 Smart contract for placing electronic claim sell order 16 Smart contract for electronic claim trading 17 Smart contract for NFT redemption 18 Smart contract for accepting electronic claim buy order condition designation 19 Smart contract for electronic claim issue registration 20 Smart contract for electronic claim STO conversion 21 Smart contract for electronic claim approval application 22 Electronic claim disclosure means 23 Smart contract for STO management 30 Creditor or NFT issuer (financial institution such as credit company)
40 Electronic claim approval organization 50 Debtor (Credit card user (consumer))
60 Seller (dealer, sales company)
70 Banks and other financial institutions 90 STO generators (securities companies)

Claims (13)

An electronic claim trading system that is constructed with at least one distributed ledger in a blockchain or other distributed ledger technology for managing transactions between all types of digital assets, such as tokens (a general term for value defined digitally in a blockchain or other distributed ledger technology), digital currency, tokens and digital currency, or between tokens or between digital currencies, and is equipped with a smart contract for performing a predetermined process using the digital assets managed in the distributed ledger,
(At the NFT issuer) an NFT generation smart contract that has a function of generating an NFT as a digital contract using a blockchain, in which the amount of payment based on the contract (the type of asset to be paid, the principal, and interest as an insurance premium against the risk of default) and the address of the smart contract to which the amount of payment based on the contract is to be paid are specified;
a payment amount receiving smart contract having a payment destination address for the payment amount based on the contract and having a function of receiving the payment amount from the debtor based on the contract;
A smart contract for electronic claim approval application that has the function of applying for approval of the NFT generated by the smart contract for generating NFT as an electronic claim (defined as a general term for tokenized claims including electronically recorded claims. This also applies to claims with broad characteristics that fall under structured finance. The same applies below.);
an electronic claim approval smart contract having a function of reviewing the contents of the digital contract in the NFT generated by the NFT generation smart contract at an electronic claim approval institution, recording the number of the electronic claim approval institution, the management number, and the stock code in the NFT whose validity has been confirmed, and approving it as an electronic claim;
A payment amount sending smart contract having a function of sending the payment amount sent to the address of the payment amount receiving smart contract to the address of the owner of the electronic claim (or the NFT recognized as such);
A smart contract for placing sell orders for electronic claims (or NFTs approved as such) that has the function of placing sell orders at limit prices (specifying the type of assets to be paid, the principal, and the interest rate as an insurance premium against the risk of default as the payment amount based on the contract);
A smart contract for electronic bond transactions that has a function of performing crossing processing for a group of electronic bonds (or NFTs approved as such) of the same issue, with respect to orders for electronic bonds (or NFTs approved as such), treating a group of electronic bonds (or NFTs approved as such) having characteristics of predetermined factors such as rating, interest rate, type, and redemption date as one issue;
A smart contract for electronic claim STO generation that has a function of generating an STO (defined as including not only the concept of electronic record transfer rights but also the concept of digital securities; the same applies below) consisting of a group of electronic claims (or NFTs approved as such) by issue purchased through a crossing process by the smart contract for electronic claim trading in a securities company as an STO generator;
A smart contract for redeeming an NFT, which has a function of redeeming an electronic claim (or an approved NFT) when the redemption date arrives;
having
The smart contract for generating NFTs has a function of accepting the setting of a principal amount and an interest rate as an insurance premium against the risk of default as a payment amount based on a contract when generating NFTs,
The smart contract for electronic claim approval has a function of accepting (from an NFT issuer) an instruction for approval of an NFT generated by the smart contract for generating an NFT as an electronic claim, and a function of notifying an electronic claim approval institution of the application for electronic claim approval for the NFT,
The NFT redemption smart contract has a function of invalidating the electronic claim (or the NFT approved as such) when the redemption date of the electronic claim (or the NFT approved as such) arrives, and having the payment amount at the time of redemption of the electronic claim (or the NFT approved as such) sent to the address of the payment amount receiving smart contract be sent to the address of the owner of the electronic claim (or the NFT approved as such), to the payment amount sending smart contract; and a function of compensating for the payment amount to be paid by the debtor of all defaulted electronic claims (or the NFT approved as such) using the insurance premiums for all electronic claims (or the NFT approved as such) when the redemption date of the electronic claim (or the NFT approved as such) arrives, and returning a part of the amount obtained by deducting the amount spent on compensating for the default from the insurance premiums for the electronic claim (or the NFT approved as such) that is not in default to the debtor of the electronic claim (or the NFT approved as such),
The smart contract for electronic claim trading is an electronic claim trading system characterized by having a function of executing a sell order at a limit price of an electronic claim (or an NFT approved as such) when there is a corresponding order from a buyer, and automatically clearing and settling the buyer's purchase amount and the electronic claim (or an NFT approved as such) when the sell order is placed by the smart contract for placing an electronic claim sell order, The electronic claim trading system according to claim 1, further comprising a smart contract for accepting designation of conditions for an electronic claim purchase order, the smart contract having the function of accepting, as order conditions for the buyer of the electronic claim (or NFT approved as such), the designation of interest rates and quantities (equivalent to monetary amounts) for issues as a group of electronic claims (or NFT approved as such) having similar characteristics within a predetermined range for factors such as rating, interest rate as insurance premium against risk of default, type, and redemption date, when crossing processing is performed for an order for an electronic claim (or NFT approved as such) by the smart contract for electronic claim trading. The smart contract for electronic claim trading has a function of executing a sell order at a limit price for an electronic claim (or an NFT approved as such) belonging to a brand of electronic claims (or an NFT approved as such) that has similar characteristics within a predetermined range for factors such as rating, interest rate as an insurance premium against the risk of default, type, and maturity date, which is ordered by the smart contract for placing an electronic claim sell order, when the sell order satisfies the order conditions on the buyer's side, and allocating an electronic claim (or an NFT approved as such) belonging to the brand to match it with a buy order on the buyer's side;
A function to accept settings from the seller of the conversion ratio (the exchange rate between the standard product to be traded and the deliverable product used for actual delivery) based on the differences in the characteristics (ratings, interest rates as insurance premiums against the risk of default, type, maturity date) unique to each electronic claim (or NFT recognized as such ) belonging to the issue of the sell order;
A function to adjust the discount rate based on the interest rate based on the conversion ratio that has been set.
3. The electronic bond trading system according to claim 2, further comprising: The electronic claim trading system according to claim 1, further comprising a smart contract for electronic claim issue registration that has the function of registering, in an electronic claim approval organization, a group of electronic claims (or NFTs approved as such) having similar characteristics within a predetermined range with respect to factors such as rating, interest rate as insurance premium against risk of default, type, and redemption date as issues handled in crossing processing by the smart contract for electronic claim trading, as issues with a single issue code. The electronic bond trading system according to claim 4, characterized in that the smart contract for registering electronic bond issues has a function of converting each factor, namely rating, interest rate as insurance premium against risk of default, type, and redemption date, into a single-digit value using a predetermined factor corresponding value conversion table, and generating a multi-digit issue code. The electronic claim trading system according to claim 4, further comprising an electronic claim disclosure means for disclosing the contract details of the electronic claim registered at the electronic claim approval organization by the smart contract for registering the electronic claim issue. 2. The electronic bond trading system according to claim 1 , wherein the smart contract for electronic bond trading further has a function of performing crossing processing at different times for each issue. The electronic bond trading system according to claim 1, characterized in that the smart contract for electronic bond trading further has a function of simultaneously processing the crossing of each issue, and when the crossing conditions (interest rate limit prices) do not match between issues, monitoring the selling status of each issue, and when it is determined that the positions can be adjusted between the selling issues, waiting for the generation of issues for liquidity adjustment by the liquidity adjuster, and then guiding to the contract. a predetermined digit among the plurality of digits constituting the stock code functions as a crossing operation condition digit for controlling the operation of a crossing process;
The electronic bond trading system according to claim 1, characterized in that the smart contract for electronic bond trading further has a function of controlling so as not to perform crossing processing when a value other than a predetermined value corresponding to "no specified crossing processing operation condition" is set in the crossing operation condition digit of the stock code of the stock of the buy order, recognizing the stock code as a conditional stock code, and when the value set in the crossing operation condition digit of the stock code of the sell order corresponding to the stock of the buy order does not match. The electronic bond trading system according to claim 9, further comprising a function for performing crossing processing by setting the crossing operation condition digit in the stock code of the stock of the sell order of the seller, which is converted using the conversion ratio, to a predetermined value equivalent to "no crossing operation condition specified" when the smart contract for electronic bond trading accepts the setting of the conversion ratio from the seller. Further, the smart contract has a function of managing the STO,
The smart contract for managing the STO is:
The electronic claim trading system as described in claim 1, characterized in that it has a function of confirming that electronic claims of the same amount as the amount of the issued STO have been set (secured as collateral), and when a portion of the electronic claims constituting the issued STO has been redeemed, automatically replenishing the electronic claims with new electronic claims in conjunction with the redemption of those electronic claims. The electronic claim trading system according to claim 11, characterized in that the smart contract for managing the STO further has a function of notifying a token issuer of a specified alarm when a portion of the electronic claims constituting an issued STO are redeemed and new electronic claims are not replenished in conjunction with the redemption of the electronic claims. A credit service providing system using the electronic bond transaction system according to any one of claims 1 to 12,
The credit service provision system uses an electronic debt trading system, characterized in that the smart contract for generating NFT generates an NFT as a digital contract using blockchain based on a debt for an advance payment made by a financial institution, represented by a credit company, to a seller (sales store, sales company) of a credit card user, specifying the amount to be paid based on the contract (the type of asset to be paid, the principal, and interest as an insurance premium against the risk of default) and the address of the smart contract for receiving the payment amount to which the amount to be paid based on the contract should be paid.

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