Smart Contracts are a tangible expression of the term '
Code is Law'. By coding prerequisite conditions into an algorithmic contract, one can essentially create a self-executing contract, eliminating the need for a middleman and automating the process of trust.
It is a
common feature of blockchain and cryptocurrency protocols.
I tried to
scam a customer for his money before the GPS logistics
system verified delivery of the goods, but the pesky
smart contract prevented me from touching their funds!