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A smart contract is a computer protocol that allows to digitally verify, or enforce a transaction or transmission of data. I made a video on smart contracts here.
The reason they are called smart contracts, is because they do not need another person, a third party, to make sure that the contract is enforced.
The biggest problem with normal contracts is when one party decides they do not want to respect the contract, they need to hire a lawyer or a third party to make sure that the contract gets enforced.
This is not necessary with smart contracts as everything needed is programmed into the code.
Since these smart contracts are then deployed on the blockchain technology, they are trackable and immutable.
This opens up a new era of computer programming, digital ownership, and a new form of currency. All thanks to the smart contract capabilities of the Ethereum blockchain.
As you might see already, Ethereum is shaping the future of many industries.
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