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(Copyright (c) 1994 by Nick Szabo)

"A smart contract is a computerized transaction protocol that executes the terms of a contract."

With objectives:

"The general objectives of smart contract design are to satisfy common contractual conditions (such as payment terms, liens, confidentiality, and even enforcement), minimize exceptions both malicious and accidental, and minimize the need for trusted intermediaries. Related economic goals include lowering fraud loss, arbitration and enforcement costs, and other transaction costs[1]."

and from Wikipedia: