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A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts can reduce the need for third parties in many industries such as banking, insurance, and real estate. Smart contracts are self-executing contracts that are programmed to record when specific conditions within the contract are met. These smart contracts will automatically execute and enforce the terms of their agreement when said conditions have been met. There are two types of smart contracts: 1) Public Smart Contracts - This type of smart contract is publicly accessible by anyone with internet access. They can be created by anyone without any special permissions. 2) Private Smart Contracts - This type of smart contract is not publicly accessible and can only be accessed by those who have permission to do so from the person who created it.