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A smart contract or intelligent contract is a computer program that automatically executes agreements established between two or more parties, making certain actions happen as a consequence of the fulfillment of a series of specific conditions:

that is, when an already programmed “x” condition occurs. previously, the smart contract automatically executes the corresponding clause.

The configuration of smart contracts could be simplified in a structure that would work like this: “if this, then that”. In short, they are contracts that automatically and autonomously enforce themselves. Automated execution is, consequently, the added value of smart contracts. “Smart contract” is a term that can generate some confusion: it is not a smart contract per se, but automatic in its execution – the contract is not smart, because one of the parties programs the smart contract, establishing the conditions and terms of it in advance. Nor with intelligent ones because they cannot understand natural language (such as contractual terms) or verify if an event necessary for execution has materialized: for this, oracles are necessary. An oracle can be one or more people, groups or programs that feed the relevant information to the software, for example, in case a natural disaster has occurred (to release an insurance premium) or if a certain product has been delivered ( to release the payment).