The underlying blockchain gives us (1) a unit of value that can be used to create incentives and penalties, and (2) a toolkit with which we can design conditional logic in the form of» (coindesk.com)
The underlying blockchain gives us (1) a unit of value that can be used to create incentives and penalties, and (2) a toolkit with which we can design conditional logic in the form of «smart contract code.» (coindesk.com)
In addition, Smart Contracts are capable of processing conditional logic, and with it, the Blockchain is used as an escrow system. (inc.com)