Smart contracts are:

1. _Automated agreements_: Executing automatically when conditions are met.

2. _Tamper-proof_: Stored on a blockchain, making them immutable.

3. _Decentralized_: Not controlled by a single entity.

4. _Programmable_: Contain predefined rules and conditions.

5. _Self-verifying_: Automatically verify conditions and execute accordingly.

6. _Irreversible_: Once executed, transactions are permanent.

7. _Transparent_: All parties have access to the contract and its execution.

8. _Efficient_: Reduce intermediaries, increasing speed and reducing costs.

9. _Secure_: Cryptographic algorithms ensure integrity and security.

10. _Flexible_: Can be used for various applications, from simple to complex.

Smart contracts enable the automation of various processes, increasing efficiency, security, and transparency, and have the potential to revolutionize industries such as supply chain management, insurance, and finance.