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" ... A smart contract is one in which every resource involved can be uniquely identified via some kind of conceptual identifier in a persistable machine-readable manner. Such resources can include entities, of course - this actor, this movie, this vehicle, this property and so forth - but it also can include specific statements or provisions within the contract itself. One way of thinking about this is that even with a generic (or template) provision, the provision for that contract only applies to those specific parties that signed the contract. For those familiar with programming, the distinction here is between a class (the template) and an instance (the template with names filled in). ... "