The Impact of Internet Finance on Futures Markets in the Era of Big Data: An Empirical Study on the Differential Effects of Blockchain Technology Implementation Before and After Its Adoption by the Shanghai Futures Exchange

¹ School of Economics and Management, Xidian University, Xi’an, China
² Wuxi Foreign Language School, Wuxi, China

^* Corresponding author: This email address is being protected from spambots. You need JavaScript enabled to view it.

Abstract

With the advancement of technology and digital development, science and technology have become the embodiment of productive forces. The Shanghai Futures Exchange (SHFE) has deeply integrated technology with financial trading. Relying on advanced technological means such as big data and artificial intelligence, it has continuously enhanced its international competitiveness and influence. Therefore, this paper studies the application of blockchain technology in the online futures trading platform under the continuous development of Internet finance in the era of big data. Combining big data, Internet finance, blockchain principles, and the online futures trading market, this paper aims to explore the different impacts of investors’ position - holding ratios on the intraday volatility of the futures market before and after the application of blockchain technology using the DID analysis method. Finally, it is verified that the application of blockchain technology significantly reduces the intraday volatility of the futures market, that is, the coefficient of the core explanatory variable Treat×Post is significantly negative. This proves that the application of blockchain has a significant negative net effect on the intraday volatility of the futures market.