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Smart Contract

    Smart contracts are computer programs that facilitate self-execution and self-enforcement of digital contracts and agreements without third-party intermediaries (such as a bank, broker, or notary). Smart contracts use blockchain technology to be transparent, irreversible, and tamper-proof. Parties negotiate an agreement (i.e., for a transaction) and create a “smart contract” outlining the conditions of that agreement. The contract self-monitors agreement conditions, triggering appropriate actions automatically in accordance with the contract.