What is a smart contract and list some of its applications?

Smart contracts are self-executing contracts which contain the terms and conditions of an agreement between the peers

Some of the applications are:

Transportations: Shipment of goods can be easily tracked using smart contracts

Protecting copyrighted content: Smart contracts can protect ownership rights such as music or books

Insurance: Smart contracts can identify false claims and prevent forgeries

Employment contract: Smart contracts can be helpful to facilitate wage payments