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Smart contract is an electronic algorithm intended for the automation of the contract execution process in the blockchain. Originally, smart contracts technology was created by Nick Szabo in 1996. Smart contracts blockchain was put into practice in Ethereum.
Smart contracts were first proposed in the early 1990s by computer scientist, lawyer and cryptographer Nick Szabo, who coined the term.   With the present implementations, based on blockchains ,  "smart contract" is mostly used more specifically in the sense of general purpose computation that takes place on a blockchain or distributed ledger.
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.
Fintech Block Chain Market Research Report the report is complete with an elaborate research undertaken by prominent analysts.