; smart contract Such section is further amended— (A) by redesignating paragraphs (12) and (13) as paragraphs (14) and (15), respectively; (B) by redesignating paragraphs (1) through (11) as paragraphs (2) through (12), respectively; (C) by inserting before paragraph (2) (as so redesignated) the following: (1) Blockchain The term blockchain means software that uses a distributed digital ledger of cryptographically signed transactions that are grouped into blocks, each of which— (A) is cryptographically linked to the previous block after validation and undergoing a consensus decision; and (B) when added as a new block, makes any older blocks more difficult to modify and is replicated across all copies of the ledger within the relevant network, with any conflicts in such blocks resolved automatically using established rules. ; and (D) by inserting after paragraph (12) (as so redesignated) the following: (13) Smart contract The term smart contract means a computer program that reflects an agreement, in whole or in part, between two or more parties to execute transactions automatically based on the occurrence of agreed-upon events. .