Smart contracts are computer programs that live on the Ethereum blockchain. They execute only when triggered by a transaction issued by a user. Smart contracts make Ethereum very flexible in terms of functionality. These programs act as building blocks for decentralized software and organizations.
Have you ever used a product that changed its terms of service? Or removed a feature you thought was useful? Once a smart contract is published to Ethereum, it stays online and running as long as Ethereum exists. Not even the creator can take it offline. Since smart contracts are automated, they do not discriminate against any user and are always available.
Common examples of smart contracts include lending applications, decentralized exchanges, insurance, quadratic financing, social networks, and non-fungible tokens - basically everything you can think of.
