In simple words, smart contract is a virtual contract that is encoded in a blockchain network.
In much specific lingo, smart contracts are a piece of software which store the rules by which the terms of an agreement is to be negotiated.
The concept of smart contract was introduced in 1994 by Nick Szabo and gained popularity in latter half of the 21st century.
The contractual clauses in a smart contract may be partially or self executing or at times be both.
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