How to use the smart contract of blockchain technology?

　　First of all, let's follow the person in charge of the blockchain technology research and development team of China Enterprise Tongbao to understand what a smart contract is. In fact, a smart contract is a contract that uses computer language to replace legal language to record the terms. Smart contracts can be executed automatically by a computing system. If the blockchain is a database, smart contracts are the application layer that enables the application of blockchain technology to reality. Contracts in the traditional sense are generally not directly related to the computer code that enforces the content of the contract. Paper contracts are archived in most cases, while software enforces contract terms written in computer code. Potential benefits of smart contracts include reduced costs in contracting, execution, and regulation; therefore, for many contracts associated with low-value transactions, this is a significant reduction in labor costs.

 

　　Then we have a question: how to use smart contracts? The following is a chestnut given to us by the person in charge of the blockchain technology research and development team of China Enterprise Tongbao:

 

　　If the central bank can issue legal currency through the blockchain, it can also use smart contract technology to embed code into the behavior of legal currency issuance, and this part of legal currency can be called "programmable currency". For example, if the central bank designates a certain part of the funds to be distributed to agriculture-related accounts, then the corresponding program can be written into this part of the funds, and the designated part of the funds can only be entered into the agricultural-related accounts, then this part of the funds can be used under any circumstances. It is also unlikely to be diverted to other accounts. If most currencies become "programmable money", then we can imagine that the financial environment they make up becomes "programmable finance".