Smart contracts
Smart contracts are blockchain programs in which specific inputs trigger corresponding outputs. This makes them self-executing, meaning they allow agreements to be made between anonymous parties without the need for intermediaries.
By Geoffrey Lyons
Published on Aug 2, 2024
Last modified on Feb 26, 2026
Smart contracts are blockchain programs in which specific inputs trigger corresponding outputs. This makes them self-executing, meaning they allow agreements to be made between anonymous parties without the need for intermediaries.
Smart contracts use simple “if / then” logic. For example, a smart contract could be made to process home loan applications: IF an application meets certain conditions THEN the home loan is automatically approved or denied. The entire process can be carried out without the need for anyone to process paperwork, which can be expensive and prone to human error.
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