A smart contract is a self-executing contract with the term of the agreement between buyer and seller directly, and it is written into lines of code, which controls the execution, making the transactions trackable and irreversible.
Smart contracts permit trusted transactions and agreements to be carried out among disparate, anonymous parties without the need for a central authority, legal system, or external enforcement mechanism etc.
Frankenfield, J. (2021, March 25). Smart Contracts: . Investopedia.