-Smart contracts were first defined by scientist Nick Szabo as computerized transaction protocols that execute terms of a contract.

-Smart contracts are legally binding and enforceable as any contract although they have not been yet been adjudicated in every jurisdiction

-programs stored on a blockchain that run when predetermined conditions are met.

-agreements are executed on condition, so that all participants can be immediately certain of the outcome, without any intermediary’s involvement or time loss.

-Conditions are immutable and are written into a Blockchain; they cannot be changed by either party and all outcomes are recorded and represented on the Blockchain as single point of truth