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Smart contracts are a relatively new concept due to the impossibilty of a decentralized and unsupervised self executing contract prior to the creation of public blockchains. Unlike traditional contracts that relies on its participant's good faith to act on or enforced by a witness or notary, Smart contracts will execute its predetermined function as soon as its contract conditions are met. Just as cryptocurrencies made counterparty risk obsolete, smart contract removes the risk of contract defaults because it will execute autonomously and transparently.
