Definition
There are many definitions of smart contracts. An online search reveals many definitions. However, while the definitions provided online at various sources are correct and useful, in my opinion, they are not complete. It is crucial to properly and completely define what a smart contract is. The following is my attempt to provide a comprehensive generalized definition of a smart contract:
A smart contract is a secure and unstoppable computer program representing an agreement that is automatically executable and enforceable.
Dissecting this definition reveals that a smart contract is, fundamentally, a computer program that is written in a language that a computer or target machine can understand. Also, it encompasses agreements between parties in the form of business logic. Another fundamental idea is that smart contracts are automatically executed according to the instruction that is coded in, for example, when certain conditions satisfy. They are enforceable...
