Smart Contract
Also called: smart contracts, on-chain code
A smart contract is code deployed to a blockchain that executes automatically when its conditions are met, with no one able to stop or amend it. That immutability is the feature and the flaw: a bug cannot be patched in place, and hundreds of millions of dollars have been drained through contract flaws. 'Code is law' is a design philosophy, not a legal fact, as courts have repeatedly reminded participants.