Smart contract

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Smart contract(Q7544035) is an idea originally proposed by Finney. It is a kind of machine-executable contract that is guaranteed by some technical means to ensure the contract is executed according to some publicly acceptable interpretation. There are three kinds of related contracts:

  1. Smart Contract[1] [2]
  2. Ricardian Contract
  3. Social Contract

An Example

Contract is a legally-binding document that allows at least two parties to settle on certain written agreements.


Logic Model (Smart Contract) Template:LogicModel 06 13, 2022
Abstract Specification
Context Smart Contract is a piece of program that would guarantee transparency and non-corruptibility of its execution logic. For scalable deployment, blockchain technologies and infrastructures are often required to guarantee data security.
Goal Manage human readable contract description, source code of the Smart Contracts, and execution trace data all in a unifying system, namely PKC.
Success Criteria
  1. Assign timestamps to all data assets using blockchain infrastructures.
  2. Make at least 3 copies of data backups.
  3. Allow 1 hour cycle time to backup all data.
Concrete Implementation
Given Inputs When Process is executed... Then, we get Outputs
  1. A set of stakeholders that are identified through Externally Owned Accounts.
  2. An interface to create Smart Contracts.
  3. An interface to enter data to each of the created Smart Contracts.
  1. A running instance of PKC that hosts all execution of the Smart Contracts.
  2. An Ethereum-based blockchain to support the time-stamping services.
  1. A growing list of Smart Contracts viewable through web browsers
  2. A web browser-based navigation user interface to view the execution trace of each contract
  3. A growing history of data assets.
Boundary/Safety Conditions of Smart Contract
  1. The running instance of PKC fails completely.
  2. The supporting blockchain fails.

Implementation Language

Smart contracts can be implemented using shared memory computers, such as Ethereum, which implements a programming language called Solidity.

  1. ↑ Buterin, Vitalik (2014). "Ethereum: A Next-Generation Smart Contract and Decentralized Application Platform" (PDF). local page: ETHEREUM FOUNDATION. 
  2. ↑ Wood, Gavin (April 7, 2022). "ETHEREUM: A SECURE DECENTRALISED GENERALISED TRANSACTION LEDGER" (PDF) (Berlin Version 934279c ed.). local page: ETHEREUM FOUNDATION. 
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