At times, the term "smart contract" can be misleading, for there are several types of smart contracts in existence. The most primitive type of a smart contract can be seen as a vending machine where you can submit transactions based on simple process automation. The vending machine offers X number of items and, after your selection, it returns the price of the asset, accepts your coins, returns any change, and finally hands over the item you bought. The vending machine completes the transaction on its own, without the help of a third party or a system. It delivers the item only after the necessary terms of the transaction are met, for example, after receiving a sufficient amount of money. In this example, the ...
Examples of smart contracts
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