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What is a smart contract on a blockchain?

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Quick answer

A smart contract is a program stored on a blockchain. NIST defines it as a collection of code and data, deployed with cryptographically signed transactions, that the network's nodes run. Every node must get the same result, and the result is recorded on the chain. Smart contracts can automate things like token issuance or escrow. The OECD notes that making sure the code is correct and resolving disputes remain open challenges.

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Answer

Definition from the NIST glossary [4]. Policy context from the OECD .

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Sources

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  3. governmentGlossary: permissionless — NIST Computer Security Resource Center · accessed Sep 22, 2026 · Evidence page
  4. governmentGlossary: smart contract — NIST Computer Security Resource Center · accessed Sep 22, 2026 · Evidence page
  5. officialBlock Chain — Bitcoin Developer Guide — Bitcoin Project (developer.bitcoin.org) · accessed Nov 10, 2026 · Evidence page
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  7. otherStuart Haber — Wikipedia · accessed Nov 10, 2026 · Evidence page
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  9. officialProof-of-stake (PoS) — ethereum.org · accessed Nov 10, 2026 · Evidence page
  10. officialBlocks — ethereum.org · accessed Nov 10, 2026 · Evidence page
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  12. academicBitcoin electricity consumption: an improved assessment — Cambridge Judge Business School, University of Cambridge · accessed Nov 10, 2026 · Evidence page