This is the third post in a series on blockchain technology, where I give a non-technical introduction. In the first post I focus on agreement, and in the second post I explain how blockchains work. Smart contracts are an important part of the enthusiasm surrounding blockchain technology, so in this post I will explain what a smart contract is. But first, let’s quickly recap of the magic analogy I use in my previous post to explain a blockchain. A public blockchain can be imagined in the foll...