A smart contract is a small computer script that executes on a blockchain. In simple term we can say , a smart contract is set of rules which are executed when certain condition occurs. Smart contracts is the core part of development for blockchain. In Smart  Contract , we do not need any third party to transfer assets between two parties. For example seller can sell his house,car or any asset to buyer directly without help of any broker by using smart contract.

Benefits of Smart Contracts :

• All assets are secure as these are encrypted and transferred with set of autonomous rules.
• One can transfer any asset to other without any third party.
• Transactions are secure.
• Transactions are fast.
• Transactions are transparent.