Smart Contract

A smart contract is a self-executing contract with the terms directly written into code. It automatically enforces and executes the rules and regulations of an agreement between parties.
Hosted on blockchain technology, it ensures transparency, security, trustless execution, and immutability without intermediaries. Once predetermined conditions are met, actions like transferring funds or assets happen automatically.
Essentially, it's a programmable contract that operates on "if-then" statements coded into the blockchain.