Smart contracts are self-executing programs stored on a blockchain that automatically enforce the terms of an agreement when predefined conditions are met. They are the foundation of DeFi, NFTs, and decentralised autonomous organisations.
1994
Nick Szabo conceptualises self-executing contracts in code
2013
Vitalik Buterin proposes Ethereum as a smart contract platform
2015
Ethereum mainnet enables practical smart contracts
2016
DAO hack: $60M stolen via reentrancy bug in smart contract
2023
Smart contract value locked in DeFi exceeds $50B
Automated agreements, DeFi protocols, NFT minting, DAO governance, tokenisation
💡 Did You Know
Nick Szabo conceived of smart contracts in 1994 — over two decades before Ethereum made them practical at scale
⚠ Controversies & Red Flags
Smart contract code is immutable once deployed, meaning bugs can never be patched. The 2016 DAO hack exploited this — $60M was stolen.