Abstract
With the vigorous development of blockchain technology represented by Bitcoin, blockchain technology has gradually surpassed the era of programmable currency and entered the era of smart contracts. Smart contracts are event- driven and stateful. With the in-depth development of blockchain technology, smart contracts use protocols and user interfaces to complete all steps of the contract process, allowing users to implement personalized code logic on the blockchain. Contract technology has the characteristics of decentralization, autonomy, observability, verifiability, and information sharing. It can effectively build programmable finance and programmable society, and is widely used in digital payment, financial asset disposal, multi-signature contracts, cloud computing, Internet of Things, sharing economy and other fields. First, it explains the basic concepts, full life cycle, basic classification, basic structure, key technologies, development status and main technology platforms of smart contracts; then discusses the application scenarios and development issues of smart contract technology, aiming to provide smart contract technology. The research and development provides reference.
Highlights
Blockchain is the basic supporting technology of Bitcoin
With the vigorous development of blockchain technology represented by Bitcoin, blockchain technology has gradually surpassed the era of programmable currency and entered the era of smart contracts
As far as the current development is concerned, smart contracts based on blockchain technology can be roughly divided into three categories: 1) “Chaincode”, which is commonly referred to as on-chain code, such as financial activities from exchanging data to exchanging code; 2)” “Smart legal contracts” include rights and obligations arising from different aspects and are legally enforceable
Summary
Blockchain is the basic supporting technology of Bitcoin. In September, the Chinese government included blockchain technology in the “Thirteenth Five-Year. Since 2016, the smart contract technology represented by Ethereum [6] has become a hot spot of concern from all walks of life, and has attracted widespread attention from government departments, financial institutions, and technology companies. The concept of “smart contract” (smart contract) was born in 1995 and was first proposed by cryptographer Szabo [8]. He pointed out that “smart contracts promote the execution of contracts through the use of protocols and user interfaces.”. The content of this article has 6 aspects: 1) A brief introduction to the underlying technical basis of smart contracts-blockchain technology, and an overview of the definition, full life cycle, advantages and classification of smart contracts; 2) Concise summary of the basic structure of smart contracts, Key technologies; 3) Briefly introduced the main technology platform of smart contracts; 4) Summarized the existing problems of smart contracts; 5) Summary and outlook
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