A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network. The code typically controls the execution, enforcement, and management of the agreement, ensuring that transactions are traceable, transparent, and irreversible. Smart contracts aim to automate and streamline contractual processes, removing the need for intermediaries and enhancing security and efficiency in various applications, such as finance, supply chain management, and decentralized applications (DApps).