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What is Smart Contract?
A smart contract is self-executing code stored on a blockchain that automatically enforces the terms of an agreement when conditions are met — no intermediary needed.
Full Explanation
A smart contract is a program stored on a blockchain that automatically executes predefined actions when specific conditions are met. Created on platforms like Ethereum (using Solidity), they enable trustless, transparent agreements. Examples: a DeFi protocol's smart contract automatically lends your crypto and pays interest; an NFT smart contract handles ownership transfers. Smart contracts are immutable once deployed (can't be changed), which makes auditing critical. Bugs in smart contracts have led to billions in losses (The DAO hack, Wormhole bridge exploit).
Example
When you swap tokens on Uniswap, a smart contract automatically handles the trade, calculates the price, and transfers tokens — no human intervention needed.
Related Terms
Last updated: 2026-03-21
