Definition ∞ Programmable contracts, commonly known as smart contracts, are self-executing agreements with the terms directly written into lines of code. These contracts run on a blockchain, automatically executing actions when predefined conditions are met without the need for intermediaries. They enable automation, transparency, and immutability in agreements. Their utility spans various applications, from finance to supply chain management.
Context ∞ Programmable contracts are a foundational technology driving innovation in decentralized finance and other blockchain applications. Concerns sometimes relate to the security of the underlying code, as vulnerabilities can lead to significant financial losses. Legal and regulatory frameworks are evolving to address the enforceability and implications of these automated agreements.
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