A smart contract is a computer code that can be placed on the blockchain to facilitate, validate or negotiate a contract. Smart contracts operate under a set of conditions that users agree to. When these conditions are met, the terms of the agreement are automatically executed. For example, suppose a potential tenant would want to rent an apartment using a smart contract. The landlord agrees to give the tenant the door code of the apartment as soon as the tenant pays the deposit. Both the tenant and the landlord will send the relevant parts of the deal to the smart contract and keep the door code for the deposit payment on the date this contract commences and change it automatically. If the host does not provide the door code by the rental date, the smart contract will return the security deposit. The introduction of the smart contract will eliminate traditional fees and processes related to third parties such as notaries, mediators or lawyers involved in the process.