What are smart contracts?

Imagine a world where stacks of paper are no longer needed when you draw up a contract — any contract. Buying a new house, signing an employment contract, getting a new bank account — so many contracts, so little time. A smart contract negates the need for a middleman, sort of like the way Uber and Airbnb have taken away the intermediaries in their respective industries. Once mass adoption occurs, smart contracts will change the way we do admin-intensive tasks forever.