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Smart contract technology based on artificial intelligence background is gradually becoming a brand-new path to improve the efficiency of economic transactions due to its unique advantages. This paper initially explores the impact of smart contract technology on economic transaction efficiency through empirical analysis of models and data. The credit mechanism is introduced as an intermediate variable to analyze its mediating effect in the process of improving economic transaction efficiency by smart contract technology. The optimization of Fabric transaction mechanism is realized by using the improved credit model, which further exerts the role of smart contract technology in enhancing economic transaction efficiency. The principal component analysis is used to calculate the comprehensive score of economic transaction efficiency before and after the optimization of smart contract trading mechanism to show the effect of the development of smart contract technology on the improvement of economic transaction efficiency. This paper concludes that the development of smart contract technology will significantly and positively promote the improvement of economic transaction efficiency through benchmark regression analysis, mediation effect test and other methods. After the optimization of smart contract transaction mechanism, the comprehensive score of economic transaction efficiency produces significant improvement compared with the pre-optimization period, in which the average value of the comprehensive score of transaction efficiency in Guangdong, Jiangsu, Shanghai, and Beijing is improved by 20.18%, 24.52%, 33.77%, and 35.54%, respectively. It further indicates that smart contract technology is an effective path to improve economic transaction efficiency.