The name of the programmed contract that automatically executes on a blockchain is called a smart contract. Smart contracts are self-executing programs stored on a blockchain that automatically carry out the terms of an agreement once predetermined conditions are met. They operate based on "if/when...then..." logic written into code and execute without the need for intermediaries or centralized authorities
. Smart contracts are immutable once deployed, meaning they cannot be altered, and they run in a decentralized manner on blockchain networks such as Ethereum, where they are typically written in programming languages like Solidity
. They enable trusted transactions and agreements between parties by automating contract enforcement in a transparent, secure, and tamper-proof way
