A smart contract is a computer program or a transaction protocol that is intended to **automatically execute, control or document events and actions** according to the terms of a contract or an agreement. The objectives of smart contracts are the **reduction of need for trusted intermediators, arbitration costs, and fraud losses**, as well as the reduction of malicious and accidental exceptions. Smart contracts are commonly associated with cryptocurrencies, and the smart contracts introduced by Ethereum are generally considered a fundamental building block for **decentralized finance** (DeFi) and **non-fungible token** (NFT) applications.[6][7]
https://en.m.wikipedia.org/wiki/Smart_contract
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