Bitcoin Forum

This is another type built on blockchain technology. Smart contracts is considered to be a smart contract, equivalent to a legal contract recorded on Blockchain technology.

This smart agreement allows the two parties to trade, purchase and conduct related activities without any intermediation.

a multisig allows more than one person to authorise a transaction

a smart contract can do other things to, such as lock funds for a certain length of time, (CLTV) or allow funds to be charged back to another party(CSV)

there are other features popping up as smart contracts in many alts, but bitcoin does not have really much smart contract utility yet

There are several things that count as smart contracts.
They can be complex or simple - depends on what is needed.
The design is pretty flexible because it’s just a bunch of
Rules(terms), just like in a contract, except they're written
in computer code.

However, instead of that contract being on paper and some
3rd party having to keep it somewhere, the contract itself
is stored on the Blockchain, and can actually be programmed
to execute certain actions once the contract is fulfilled, like
send money to a seller once a Product arrives at a
certain property, etc.

Smart contracts help you exchange money, property, shares, or anything of value in a transparent, conflict-free way while avoiding the services of a middleman.

The best way to describe smart contracts is to compare the technology to a vending machine. Ordinarily, you would go to a lawyer or a notary, pay them, and wait while you get the document. With smart contracts, you simply drop a bitcoin into the vending machine (i.e. ledger), and your escrow, driver’s license, or whatever drops into your account. More so, smart contracts not only define the rules and penalties around an agreement in the same way that a traditional contract does, but also automatically enforce those obligations.

Sources from : https://blockgeeks.com/guides/smart-contracts/

Please don't just copy and paste other people's texts, at least not without giving credit. Your exact words appear at https://blockgeeks.com/guides/smart-contracts/.

The information you can find on https://byteball.org helps to understand it I think.
Or https://wiki.byteball.org/smart-contract
 https://medium.com/byteball/making-p2p-great-again-episode-iv-p2p-insurance-cbbd1e59d527

While there are obvious benefits to smart contracts, the downside is all changes are permanent, which makes them tamper-resistant but also means that they can’t be reversed if something goes awry. And unfortunately, there have been some large cases of people lose money in unanticipated ways.

Intelligent contract program is more than just a computer program can be automated, it's more like a system of participants, can be to think of it as an absolute reliable people, he is responsible for temporary custody of your assets, and in strict accordance with the agreed-upon rules perform actions in advance.

Smart contracts help you exchange money, property, shares, or anything of value in a transparent, conflict-free way while avoiding the services of a middleman.

The best way to describe smart contracts is to compare the technology to a vending machine. Ordinarily, you would go to a lawyer or a notary, pay them, and wait while you get the document. With smart contracts, you simply drop a bitcoin into the vending machine (i.e. ledger), and your escrow, driver’s license, or whatever drops into your account. More so, smart contracts not only define the rules and penalties around an agreement in the same way that a traditional contract does, but also automatically enforce those obligations.

Hi,

it's a computer program that controls the transfer of digital currencies and/or assets between parties under certain conditions. Think of a traditional contract: there are one or more parties involved, multiple rounds of negotiating and constant drafting and re-drafting of stipulations. The end goal is an agreement where the parties commit to performing some sort of act in exchange for something of value. However, many times we see contracts being the source of legal disputes due to a variety of reasons--mainly some sort of miscommunication. Therein lies the  emergence of smart contracts! They are "smart," you could say, because they automatically enforce the agreed upon action between parties (through code), and more importantly facilitate these business arrangements without the formality and the tedious practices associated with the traditional route.

Check out the link below if you want a much better explanation. They juxtapose the technology behind smart contracts with that of a vending machine transaction ;D

https://blockgeeks.com/guides/smart-contracts/

Hope this helps!