"Smart Contracts"

The term “smart contracts” was coined by Nick Szabo, a legal scholar and cryptographer, in 1994 in an article where he outlined the core concepts and the potential that smart contracts would bring.  About two decades later, this concept was incorporated into blockchain technology through its implementation in Ethereum. This concept has revolutionized the industry since it has provided another framework for trust to be established in the blockchain as it guarantees the automated execution of specific instructions.  Smart contract integration into the blockchain removes the need for external third parties to enforce the execution of the contract, increases the speed of execution since everything is automated, and allows for transparency among the parties involved.  The implications for the application of smart contracts in the blockchain space are seemingly limitless.

 Excerpt from Smart Contracts

Read the article where Nick Szabo first mentions the term "smart contracts": 

Link to Smart Contracts article (You will be redirected to an external site)