Are Smart Contracts smart?

For today’s Monday Minutes, Tom touches on smart contracts and how they relate to blockchain. A smart contract is a way to enter into a transaction without having a physical contract. He likens it to a vending machine, where you put money into a chain of events, such as blockchain, and you immediately get out your part of the transaction. Blockchain, an example being Bitcoin stores data and creates a marketplace. Tom gives examples of how this type of interaction can be used in real life scenarios.