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What is a smart contract on a blockchain?

Published Sep 18, 2026Updated Sep 19, 2026Last verified Sep 18, 2026Requests recorded in this site’s own server logs, with the crawler identity checked by reverse DNS or IP range.Google9First collected Sep 18, 2026Recent requestsGoogleSep 20, 2026GoogleSep 20, 2026GoogleSep 20, 2026GoogleSep 20, 2026GoogleSep 20, 2026GoogleSep 20, 2026GoogleSep 20, 2026GoogleSep 19, 2026GoogleSep 18, 2026
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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 .

Sources

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  2. governmentGlossary: permissioned — NIST Computer Security Resource Center · accessed Sep 19, 2026 · Evidence page
  3. governmentGlossary: permissionless — NIST Computer Security Resource Center · accessed Sep 19, 2026 · Evidence page
  4. governmentGlossary: smart contract — NIST Computer Security Resource Center · accessed Sep 19, 2026 · Evidence page
  5. officialBlock Chain — Bitcoin Developer Guide — Bitcoin Project (developer.bitcoin.org) · accessed Sep 19, 2026 · Evidence page
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  7. otherStuart Haber — Wikipedia · accessed Sep 19, 2026 · Evidence page
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  12. academicBitcoin electricity consumption: an improved assessment — Cambridge Judge Business School, University of Cambridge · accessed Sep 19, 2026 · Evidence page