2.2 Ethereum (ETH) Smart Contracts
The blockchain allows us to eliminate intermediaries, but the promises and trust boundaries between contributing parties often require what is called a smart contract39. Smart contracts are contracts that can be completed automatically without human interaction. Smart contracts allow anyone to exchange money, property, or shares in an easy and transparent way, without the need for a middleman40. The need for a middleman is eliminated through the use of computerized transaction protocols that implement the terms of a contract. These contractual clauses are converted into code and integrated into hardware or software so that the code gets implemented by itself (without trusted intermediaries). Figure 5 shows how smart contracts enable commodities to be transacted across a supply chain without needing third party intervention41.