Self-Executing

A smart contract shares many similarities to an actual world contract. A smart contract is a digital version of a standard paper legal contract. Digital smart contracts, such as the ones on the Ethereum block, have preset parameters and conditions written into a small computer program called a smart contract. When these defined conditions are met, the smart contract self-executes with no human or 3rd party intervention required. This type of contract is “self-executing” since the execution automatically occurs.