This paper provides an overview of blockchain technology and smart contracts and explains how they enable multiple parties to deploy and execute code in a trusted manner on a common platform. It introduces the concepts of bank-side programmability and how it is enabled by allowing clients to deploy their logic, in the form of programmable instructions, in the bank’s environment. Through contrasting bank-side programmability with client-side programmability, the paper examines potential benefits and trade-offs, and highlights the design considerations of implementing programmability in payments.
In collaboration with: Onyx by JP Morgan