A smart contract is a self-executing contract written in the code of a specific blockchain. It can be triggered and automatically executed in its entirety or partially as soon as a particular event happens. Such triggers are all indicated in the conditions of the contract that are publicly available on the ledger. This way, any participant of the network may check smart contract conditions but cannot edit them freely.
Smart contracts can be useful in various industries, such as financial market, real estate, insurance, healthcare, supply chains, trading, etc. They are autonomous, trustless, and always accurate.