How smart contracts will work – Finance

Below is a transcription of the video.

Stephen Wolfram: I think one of the most interesting ideas that blockchain is the idea of ​​computing contracts. You know, usually when you establish a contract, this is what is written, well, almost English, but in fact it is legal, because it must be a little more accurate than English. And that says, you know, this partY is comingbefore do it and this partY is an going to do it. What if we can write this contract in code? What if we could write a computational contract that is not written in legal, but written in some language of computational intelligence, which in fact can be simply computerized, if we decide, and also understood by people? Well, our Wolfram language, which I have been developing over the past 32 years, is a kind of ideal language in which you can describe things about the world that you want to talk about in contracts.

This idea of ​​writing computing contracts is not a new idea. I mean, for example, Gottfried Leibniz, back in the late 1600s, he very definitely had this idea. in fact, this was his reason for trying to invent a heap of what is now a computational concept, whether he wanted to turn all legal arguments into questions of pure logic that could potentially be resolved by the machine. Well, he was too 300 years old. Now I think that now is the right time to do such things, and therefore we are very well positioned with our technology to actually set up computing contracts that can describe how things should happen in the world so that computers can run. And so some of these things will be pure types of symbolic logical things.

Some of these things are more like automated human judgment. They are more like the things you can do with machine learning, where they say you know: “We’ll consider this class A peach if it has this characteristic in relation to this classifier of machine vision.” So this is one thing that interests us. One more thing, which is in some sense more straightforward, when you are going to create a smart contract or a computing contract, I see the type of computing contracts as a kind of generalization traditional, let's put something on blockchain smart contract idea. But as soon as these contracts relate to real things in the world, they need to know something about what really happened in the world.

And therefore, the idea is good, we need some kind of clever oracle that can be associated with a contract, which may not be just what says: “Well, this piece of cryptocurrency was transferred from this address to this address but you know, yesterday it was raining. ” And therefore, from the point of view of knowledge of the world with our glass of technologies Wolfram Alpha, we simply have a unique system that has several thousand domains, something like computable knowledge about the world. For completely different reasons, we created such a thing that allows you to simply ask the computer about the fact of the world and return it in a computable form. And this is exactly what you need, if you want to know, a smart contract that referred to something in the world must be executed, must go anyway.

And so we dealt with a fairly wide range of people involved in cryptocurrency, in that they, in some way, were connected with the real world for such things as smart contracts.

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