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They are very similar to traditional contracts but with an important twist: while traditional contracts are binding by law, if you signed them, they still require someone to enforce them, a notary a lawyer or the police at the extreme case, smart contracts self execute base on predetermined conditions (can be time, reaching a certain amount, or other) and they are saved on the Blockchain so again you don't need a notary to know they are unaltered.
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Very well explained!
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