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A smart contract is a computer program or transaction protocol designed to automatically execute, control, or record actions according to predefined contractual terms. On decentralized platforms such as blockchains, it can manage digital assets, enforce rules through code, and document transactions without relying entirely on a central administrator. Smart contracts are widely associated with cryptocurrencies, especially Ethereum, and support applications such as decentralized finance and non-fungible tokens. The main objectives of smart contracts are to reduce dependence on trusted intermediaries, lower arbitration and transaction costs, limit fraud, and minimize malicious or accidental exceptions. However, a smart contract is not automatically a legally binding agreement; it is distinct from a smart legal contract, which combines machine-readable code with the legal elements required for enforceability. Once deployed on many blockchains, smart contracts are difficult or impossible to modify, so security vulnerabilities and coding errors can have serious consequences.
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