Everybody I ask has a different definition of a “smart contract”; Here’s mine. I hear more and more people talking about “smart contracts” these days. But when you push them to define the term, the concept often dissolves in their hands. This isn’t a new observation: Peter Todd made a similar point after sitting through a session at a workshop we both attended last year. Indeed, I was almost certainly one of the many who failed to impress him that day :)

http://gendal.me/2015/02/10/a-simple-model-for-smart-contracts/