Design of smart contract on blockchain

1. With the breakthrough of blockchain technology, the smart contract has a chance of rebirth. The smart contract based on blockchain technology can not only give play to the advantages of smart contract in cost efficiency, but also avoid the interference of malicious behavior on the normal execution of the contract. The smart contract is written into the blockchain in digital form, and the characteristics of blockchain technology ensure that the whole process of storage, reading and execution is transparent, traceable and unchangeable; At the same time, the strong security consensus mechanism does not need the intervention of three parties: a set of state machine system is constructed by the consensus algorithm of the blockchain, so that the intelligent contract can run efficiently.

2. Chongqing jinwowo analyzes the role of smart contract in blockchain technology as follows:
three characteristics of smart contract in blockchain can be summed up:
1) decentralization. It doesn't rely on the centralized server and runs automatically through the network nodes
2) good trust mechanism. The crisis of trust is greatly reced, and it is not necessary to consider whether the participation is trustworthy
3) high degree of autonomy. Once the condition is triggered, the contract will be executed automatically without interference

3. It's a state transition code
for example, my account a has 100 yuan. After running contract B, it became 80 yuan. The contract is to change the status of 100 to 80. The contract itself is also an account, and external time (transaction, event) can trigger state transition.

4. Is smart contract used to explain blockchain

5. According to the analysis of jinwowo group, the problems faced by the smart contract based on blockchain are as follows:
1-security problem: one of the key problems is security and trust. The smart contract system is designed to be an environment without trust, which means that the mistakes can not be corrected
2 - Privacy: one of the challenges of effective use of blockchain is to provide thorough transparency
3 - unexpected scenario problem: smart contract sounds very good, but how to correctly and appropriately handle the contract execution in unexpected scenarios is a problem.

6. In short, a group digs bitcoin on the computer, which is equivalent to a big mine.

7. Take the Feiluo supply chain of fun chain technology as an example. It brings together suppliers (financing demanders), core enterprises, funders, third-party organizations and other participants, covering accounts receivable, credit insurance, asset securitization, digital warehouse receipt, logistics supply chain, green energy and other scene services. It digitizes accounts receivable, digital warehouse receipt and other assets through credit insurance It can build a bridge for the high-quality asset side and the capital side to solve the financing problems of small and medium-sized enterprises.

8. Chongqing jinwowo: smart contract has the advantages of transparency and credibility, automatic execution and compulsory performance
the important reason is that for a long time, there is no environment to support trusted code running, so automatic enforcement cannot be realized. For the first time, blockchain has made the concept of smart contract a reality.

9. Chongqing jinwowo network analysis: the function of smart contract refers to the combination of electronic contract and blockchain technology. The contract terms are recorded in computer language rather than legal language. When a pre programmed condition is triggered, the smart contract executes the corresponding contract terms.