Most succinctly defined as 'programmable money' smart contracts were conceived long before blockchain

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Parties set a quantity to be transferred from one destination to another, agreeing to this definition as represented in a time-locked, coded order. Much like inter-bank transfers between clients, such a contract may entail that [A] will in one hour move value [V] to [A2]

Minimally dependent on identity validation, destination and source the specified fungible resource is allocated until such time of completion [21] As opposed to an employee’s potential error[s] in execution, the smart epithet comes from say a computerized {AV → A2 = A2V}

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Demarcated by identified participants, authorized smart contracts can be thought to enact synchronized transfers. These can be done on blockchain networks, perhaps say accountable using Bitcoin [22]

Programmed transactions containing increasingly complex timing triggers, inter-party relations and layered authorization structures as well as multiple variables are in development by numerous organizations [23] Nevertheless, cryptocurrency’s use is fundamentally and continuously performed via smart contract

Denoting merely forms of digitally facilitated escrow [24] cryptocurrency exchanges and smart contracts can theoretically function without "risk of censorship, moderation or theft"

[25]

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Adding some thoughts from the World Economic Forum "Smart contracts are programmatic functions executed when certain specified conditions are fulfilled. These self-enforceable protocols written in code are powered by asset or transaction registries on a decentralized ledger, thus removing the chance of any corruption in the registry information. These contracts eliminate the chances of non-performance of the contract by either party, so no legal mechanism is required to enforce the contract.

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