智能合约能够完全颠覆现有商业逻辑。目前，区块链技术和加密货币引起了广泛讨论，然而在区块链上可自动执行的智能合约却时常被忽视或甚至被误解。
Smart contracts can completely subvert existing business logic. At present, block chain technology and encrypted currency are widely discussed, yet smart contracts that can be automatically executed on block chains are often ignored or even misunderstood.
互联网彻底颠覆了人们处理信息和互联互通的方式，同样地，智能合约也将从根本上改变个人和组织达成协议和履行约定的方式。
The Internet has completely subverted the way people handle information and connectivity, and, similarly, intelligent contracts will fundamentally change the way individuals and organizations agree and fulfil their commitments.
强大可靠的智能合约被大规模应用将会是保障社会平稳运行的基石。我们生活中的各项事务（包括工作、娱乐、金融协议、交易条款等）都依赖于各方履行承诺才能顺利开展。合约制定地越滴水不漏，合作就会越顺利进行。因此，由于智能合约更安全且确定性更高，它能提高社会的公平性，并且更加以社区为中心。
Large-scale applications of strong and reliable smart contracts will be the cornerstone of ensuring the smooth functioning of society. Everything in our lives, including jobs, entertainment, financial agreements, trade terms, etc., depends on the fulfilment of commitments.
本文中会讨论智能合约与传统合约的区别，以及智能合约如何在根本上产生社会变革。
This paper discusses the difference between smart contracts and traditional ones, and how smart contracts bring about fundamental social change.
什么是智能合约？
What's a smart contract?
智能合约是具有高确定性、防篡改且可靠的数字化协议，在去中心化的区块链上运行。
Smart contracts are highly determinative, tamper-proof and reliable digitized agreements that operate on decentralized block chains.
智能合约相对标准化的传统合约有两大优势。
There are two main advantages to intellectual contracts that are relatively standardized in traditional contracts.
首先，智能合约中的记录是可信且可共享的。由于智能合约的内容非常安全，合约各方甚至无须备份，这将对现代企业带来很大价值，因为现代企业中通常存在多个部门，这些部门由于缺少单一可信的记录而导致工作流程产生冲突。
First, the records in smart contracts are credible and shared. Because the contents of smart contracts are very secure, parties do not even have to back up, which would be of great value to modern businesses, which often have multiple sectors that conflict with work processes due to a lack of a single credible record.
其次，智能合约具有高度确定性。传统合约有些时候由于错误或合约某一方不愿意履约而无法按约定执行。而智能合约所运行的环境决定其可以严格按照约定条款执行，而无须在每一个环节都进行审批。如果事先设定的条件被满足，合约中的关键参数将自动执行。
In other words, smart contracts are highly certain. Traditional contracts sometimes cannot be executed as agreed because of mistakes or the unwillingness of one of the parties to perform.
智能合约在后台是如何运行的？
How does a smart contract run in the backstage?
如今，大多数交易所都需要一个可信第三方来应对交易某一方因无法履约而带来的对手方风险。直接与陌生人进行交易可能会存在巨大风险，而且效率也会极其低下。交易双方在履约时都会产生顾虑，因为无法保障对手方也会同样履约。因此许多企业在其商业模式中都会提供一个可信的价值交换中介，其中包括Uber（Uber将司机和乘客配对）、eBay（eBay连接卖家与买家）、以及纳斯达克（连接金融产品的买方与卖方）。
Most exchanges today require a credible third party to deal with counter-party risks posed by the inability of a party to a transaction to perform. Direct dealings with strangers can be risky and inefficient.
区块链的去中心化架构去除了交易中的中间人，并保障了交易双方的信任。区块链以更加开放可靠且安全的协议替代了可信第三方，双方都信任该协议，但都无法影响或控制协议。区块链以去中心化的计算机网络替代了中心化的服务器，运行同样的软件，在共享账簿中处理并记录网络中的交易。分布式计算保障了账簿的准确性，而去中心化的网络则保障了账簿的安全性。
The block chain is decentralized to remove middlemen from transactions and to safeguard the trust of both parties. The block chain replaces a credible third party with a more open and secure agreement, which both parties trust, but cannot influence or control. The block chain replaces a centralized server with a decentralised computer network, runs the same software, processes and records transactions in the network in a shared ledger. The distribution calculation guarantees the accuracy of the books, while the decentralized network guarantees the security of the books.
智能合约是区块链上一个脚本语言，在脚本中加入if/then条件，让区块链上的交易能够镜像模拟出现实世界中的合约。比如，如果资产价格在某个日期达到某个价位，则执行向对手方付款的操作。智能合约开发者能够按照具体要求编写合约条款。
Smart contracts are a script language on the block chain, with an if/then condition added to the script that allows transactions on the block chain to mirror contracts in the real world. For example, if the asset price reaches a certain price on a given date, the payment to the counterparty is done.
然后将if/then条件参数与智能合约的外部API挂钩。比如，智能合约的数据输入可以是一项资产在某个具体时间点的市场价格，而数据输出可以是智能合约触发的真实世界中的操作。数据输出涵盖内容广泛，其中包括支付、数据传输、账户余额更新、访问权限等。
For example, data entry into a smart contract can be an asset’s market price at a given point in time, while data output can be an operation in a real world triggered by a smart contract. Data output covers a wide range of issues, including payments, data transmission, account balance updates, access rights, etc.
对于这样的智能合约来说，Chainlink就是一个去中心化的网络，利用预言机可靠地将智能合约连接到防篡改的API。一旦去中心化的区块链和预言机结合在一起，智能合约就能够在整个合约执行过程中实现高度的确定性和防篡改性。
For such smart contracts, Chainlink is a decentralised network that reliably connects smart contracts to anti-fouling APIs using prophecies. Once decentralised block chains and prophecies are combined, smart contracts can achieve a high degree of certainty and anti-fouling throughout the implementation of the contracts.
智能合约拥有什么价值？
What's the value of smart contracts?
传统合约是基于概率的，而智能合约则拥有确定性。一旦放上区块链，智能合约就会严格按照代码执行。由于智能合约是自动执行的，因此合约双方都无法改变条款或违背约定。一个合约是否拥有确定性也决定了其付款是否能得到保障。如今市场竞争激烈，企业如果能够保障其按约定付款，将会大幅提高在客户和供应商中的竞争地位。实际上，确定性合约背后的支撑理论是博弈论，而博弈论也决定了智能合约会更加可靠且带来更多利润。
Traditional contracts are based on probability, while smart contracts have certainty. Once placed in a block chain, smart contracts are executed strictly by code. Because smart contracts are self-executing, both parties cannot change terms or break agreements.
在充满概率的世界中，许多公司都有意或无意地不履行合约。为了解决无法履约所带来的纠纷，公司会雇佣一大批律师、会计和客服起草合约、跟踪付款并且处理对手方投诉。智能合约可以最大程度地缓解或完全根除此类问题，原因如下：
In a world of probability, many companies deliberately or unwittingly fail to fulfil their contracts. To resolve disputes arising from failure to perform, companies employ a large number of lawyers, accountants, and customers to draft contracts, track payments and deal with complaints from their counterparts.
自动执行：智能合约利用去中心化的网络架构，自动执行合约后端流程，包括托管、维护、触发和结算。一旦合约代码完成并发送至区块链，合约就会严格按照代码执行，人为无法干预。因此，在合约整个生命周期中，公司相关的运营费用会大幅下降。
Auto-execution: Smart contracts automatically execute back-end processes, including hosting, maintenance, triggering and settlement, using decentralised network structures. Once the contract code is completed and sent to block chains, the contract is executed strictly in accordance with the code, and human intervention is impossible. Therefore, the company’s associated operating costs are significantly reduced throughout the life cycle of the contract.
可靠性：智能合约拥有高度自治的特性，因此可靠性大大高于通过中介展开交易。由于不存在中间人，因此也无法贿赂中间人或对其展开攻击，另外也不会存在服务器停机问题。由于智能合约没有妥协机制，无法逃避合约义务，因此天然具有防篡改性和安全性。
Reliability: Smart contracts are highly autonomous, so they are much more reliable than trading through intermediaries. Since there are no middlemen, they cannot bribe middlemen or attack them, nor will there be server downtimes.
高效性：与通过第三方执行的数字化协议相比，智能合约极其高效。合约双方都无须手动输入数据然后等待另一方处理，也无须中间人处理交易。智能合约可以消除人为错误和交易对手方之间的纠纷，因此能加快合约端到端的执行速度。
Efficientness: Smart contracts are extremely efficient compared to digital agreements executed through third parties. Both parties do not need to manually enter data and wait for the other party to handle the transaction, nor do they need an intermediary to handle the transaction.
哪些行业最适合应用智能合约？
Which industries are best suited to apply smart contracts?
正如Chainlink白皮书所述，智能合约最初最适合应用在三个领域，即保险、金融衍生品以及贸易融资。在这三个行业中，信任至关重要，而信任正是智能合约解决的问题。
As Chainlink’s White Paper states, smart contracts are initially best suited to three areas, namely insurance, financial derivatives, and trade finance. In these three sectors, trust is essential, and trust is precisely what smart contracts solve.
保险：
Insurance:
保险产品让人们可以从事原本会规避的高风险经济活动。但是由于保险系统中缺乏信任，人们甚至不会想到去买保险。在新兴行业和地域市场中，保险理赔结果充满了变数，有时候就算理赔人出具充分的证据也不一定能如愿获得赔偿。另外，理赔本身也耗时耗力，财险理赔管理成本高达运营成本的24%。
Insurance products allow people to engage in high-risk economic activities that would otherwise have been avoided. But because of the lack of trust in the insurance system, people do not even want to buy insurance.
智能合约将重塑保险公司与客户之间的信任关系，用去中心化的网络和自动化执行替代过程中的人为干预。区块链能够真实可靠地记录所有理赔，避免同一次事故重复申请理赔。智能合约还可基于外部数据自动触发付款。
Smart contracts will reshape the relationship of trust between insurance companies and customers, using decentralised networks and artificial interventions in automating replacements.
比如，许多工业设备都安装了物联网传感器。传感器可检测到设备故障，并自动触发保险合约，合约自动执行并直接向企业保险客户付款。企业则可以立刻购买新设备，尽可能保障业务延续。证明事件发生的数据可以传输至合约中，因此合约便可严格按照约定执行，并自动支付赔偿金。保险公司和客户都可以信任来自预言机的防篡改数据，并自动执行防篡改的智能合约。
For example, many industrial equipment has been equipped with a material-networked sensor. Sensors detect equipment failures and automatically trigger insurance contracts, which are automatically enforced and paid directly to the company’s insurance clients.
智能合约还可以用来自动计算保费折扣，比如基于生物指标计算健康险折扣，或基于车辆行驶数据计算车险折扣。复杂的保费模型需要更多时间开发，而旅游险等简单的保费模型已经被开发出来了（比如安盛开发的Fizzy）。
Smart contracts can also be used to calculate premium discounts automatically, for example for health insurance based on bioindicators, or for car insurance based on vehicle driving data. Complex premium models take more time to develop, while simple premium models such as tourism insurance have been developed (e.g. Fizzy, developed by Ansein).
金融衍生品：
金融衍生品行业也可以利用智能合约建立信任。衍生品市场规模极其庞大，预计在10万亿到千万亿美元之间。金融衍生品行业价值高但信任水平低，交易各方可能会延迟付款或直接不付款。此外，衍生品行业还存在效率低下的问题，导致成本升高，比如托管、清算、对账、手工输入数据、资料重复等。
The financial derivatives sector can also use smart contracts to build confidence. The derivatives market is so large that it is expected to be between $10 trillion and $1 trillion. The high value but low level of trust in the financial derivatives industry may delay payment or direct non-payment by the parties to the transaction.
智能合约能保障按时付款并将合约大多数后端处理自动化。同时它还消除了中介和人工流程，简化了运营。实际上，如果金融衍生品能广泛使用智能合约，某次金融危机有可能不会发生。由于公司无法延迟付款或不付款，因此可以更好地管理风险。
Smart contracts guarantee timely payment and automate most of the back-end processing of contracts. At the same time, they simplify operations by eliminating intermediaries and manual processes.
智能合约预计能将个人贷款成本降低480-960美元，并将美国和欧洲的个人贷款成本总共降低30-110亿美元。如果我们在2008年拥有智能合约，那么就会实现更大程度的信息透明，并降低次贷危机带来的影响。
Smart contracts are expected to reduce individual lending costs by $480-960, and to reduce individual lending costs in the United States and Europe by a total of $3-110 billion. If we had smart contracts in 2008, we would achieve greater transparency in information and reduce the impact of the subprime crisis.
2008年之前，人们会从多家银行申请房屋抵押贷款，购买许多套房产。所有类型的金融机构（银行、对冲基金和金融企业）都将几百万份贷款打包、切分然后作为投资产品重新出售。这些贷款既不透明也无真实可靠的记录。
All types of financial institutions (banks, hedge funds and financial enterprises) package millions of loans, cut them and sell them back as investment products. These loans are neither transparent nor reliable.
如果当时使用智能合约，每个贷款申请者都会有一个单独的记录，随时可供读取。每一份抵押贷款打包成的证券产品都会被其他智能合约做上标记，智能合约中包含几百万份小型合约，可轻松访问读取。贷款专员可以详细评估这个安全、公开且真实的记录，以判断申请者是否符合贷款条件。
If a smart contract is used, each loan applicant will have a separate record that is readily accessible.
如果在2008年金融危机前就应用了智能合约，那么金融机构是否还会滥用信贷违约互换（CDS）衍生品呢？这个问题值得深思。
If smart contracts were applied before the 2008 financial crisis, would financial institutions also abuse credit default swaps (CDS) derivatives?
贸易融资：
Trade finance:
最后，贸易融资行业由于系统架构老旧过时，也存在效率低下、错误率高的问题。大多数协议仍然以纸质版合约的形式存在，因此流程极其缓慢而且很可能出现人为错误。使用区块链可以帮助各方实现信息互通，智能合约可以基于数据输入（如提单或海关数据）自动触发付款。金融机构如果能使用去中心化的预言机网络获得更加可靠的数据，不仅能够更快使用智能合约付款，还能够重新计算针对新客户的贷款额度。
Finally, the trade finance industry suffers from inefficiencies and high rates of error due to outdated systems. Most agreements still exist in the form of paper-based contracts, so that the process is extremely slow and likely to result in human error.
下一步是什么？
What's next?
智能合约将为无数行业带来翻天覆地的改变，其中包括身份管理、银行/支付、稳定币、供应链、房地产/产权记录、赌博、知识产权和医疗保健记录等。
Smart contracts will bring about dramatic changes in numerous industries, including identity management, banking/payment, currency stabilization, supply chains, real estate/property records, gambling, intellectual property rights and health-care records.
虽然智能合约的开发仍然在初期阶段，但是其实际价值显而易见。现实世界中竞争激烈，因此所有企业都会追求成本更低利益更高的合约。关键问题并不是这些企业“是否会”应用智能合约，而是“何时”会应用。通常，在新技术刚出现时，可能会有一两家公司全力以赴打造几个成功的应用场景，然后整个市场都会效仿，以在竞争中保持优势。
While the development of smart contracts is still in its early stages, their real value is obvious. In the real world, competition is strong, so all firms will pursue more cost-effective contracts. The key issue is not whether these firms “ &rdquao; applied smart contracts; & & & & & & quo; will apply. Usually, when new technologies emerge, one or two companies may try to create several successful applications, and then the entire market will follow suit in order to maintain a competitive advantage.
Chainlink团队相信智能合约成为行业标准只是时间问题而已。然而，如果智能合约成为主要的数字化合约形式，必须在整个过程中做到去中心化、防篡改和可靠。因此，Chainlink开发了一个去中心化的预言机系统，以无须信任的方式将智能合约与外部API连接，这是智能合约在各个成熟行业中取得成功的必要条件。
The Chainlink team believes that it is only a matter of time before smart contracts become industry standards. However, if smart contracts become the main form of digital contracts, they must be decentralized, tamper-proof, and reliable throughout the process.
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