I asked ChatGPT: ELI5: What's a Smart Contract in a Blockchain Context?

Answer:

A smart contract is like a digital "if-then" agreement that runs automatically on a blockchain. Imagine it as a computer program that checks whether certain conditions are met, then does something without needing a middleman.

For example, let’s say you bet your friend $10 on who will win a game. You can set up a smart contract that automatically sends the $10 to the winner based on the game's result. Once the game ends and the result is known, the contract automatically follows through—no trust or referee needed!