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<a accesskey="3" href="page.php?w=smart_contract&amp;p=2">3.Next</a>
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<p>A <b>smart contract</b> is a <a href="page.php?w=computer_program">computer program</a> or a <a href="page.php?w=Transaction_Protocol_Data_Unit">transaction protocol</a> that is intended to automatically execute, control or document events and actions according to the terms of a <a href="page.php?w=contract">contract</a> or an agreement. The objectives of smart contracts are the reduction of need for trusted intermediators, arbitration costs, and fraud losses, as well as the reduction of malicious and accidental exceptions. Smart contracts are</p><p>
<a accesskey="3" href="page.php?w=smart_contract&amp;p=2">3.Next</a>
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