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====== 6.11.4 Smart Contracts ======
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6.11.4 Smart Contracts
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The OMG members recommend the Federal Reserve use [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:r:rtd_e | Research Development Test & Evaluation (RDT&E) Funding ]] in developing and perfecting [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:s:smart_contract&s[]=smart&s[]=contracts | Smart Contracts]]. Currently, the //de facto// standard for Smart Contracts is the [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:e:ethereum |  Ethereum]] language called [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:s:solidity | Solidity]]. See the [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.b_stds:defact:ethereum:ethereum_solidity:start | Ethereum Solidity Language Specification]]. However, there are shortcomings in the language which could either be updated or replaced with a more comprehensive language and may not even be procedural in nature. For example, the graphically based [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.b_stds:tech:omg:bpmn | Business Process Model And Notation (BPMN)]]. Another possibility would be to develop a standardized, [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:p:pim | Platform-Independent Model]] for a Smart Contract [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:a:api | Application Programming Interface (API)]] which could have multiple [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:p:psm | Platform Specific Models]] developed from the PIM.

<figure PIM_PSM>
{{  cbdc:04_doc:90_recommend:screen_shot_2022-05-09_at_3.39.27_pm.png?600  |}}
<caption>Creating a Platform Indepenent Model (PIM) and transforming it into various Platform Specific Models (PSMs)</caption>
</figure>



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