Potential of smart contracts in blockchain

economictimes.indiatimes.com:

smart contracts, via, blockchains like Ethereum, and others, have brought a new twist into that logic.Smart contracts: DefinedAlthough the term has always been considered coined by and a part of blockchain technology, the term Smart Contracts was coined, some 20 years ago, by a cryptographer named Nick Szabo. The purpose of coinage was to introduce “highly evolved” practices of contract law and related business practices in, and in conjunction with the design of electronic commerce protocols between strangers on the Internet. In blockchain technology however, a Smart Contract is essentially a computer protocol that can self-execute, self-enforce, self-verify, and self-constraint during the performance of an automated contract. Though rapidly evolving, classic smart contract implementation examples include the ICOs and Crypto Kitties. Aside from its legal impact and perhaps a replacement with legal contracts, smart contracts can certainly lessen the burden and the complexity of writing a new contract. Instead one can include these as terms of a smart contract between two parties automatically.

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In additional to being executable codes that run on top of the blockchain to facilitate, execute, and enforce an agreement between untrustworthy parties without the involvement of a trusted third-party, smart contracts have certain advantages over traditional contracts:Automated certaintySince the smart contracts