A smart contract is a self-executing contract with the terms of the agreement between any given participants on a transaction. The contract and its terms are written into lines of code. Its lifecycle is transparent to all participants. Each smart contract can be iterated on a single golden source of truth and natively integrate with multiple participants and applications.
Golden Source of Truth
A golden source of truth is any given public or private database, storing transactional and contract data, which is trustworthy for all participants.
This can be a distributed ledger or a blockchain, or a traditional on-prem or cloud database.
Non-repudiation is achieved by combining the self-executing nature of smart contracts and the trust provided by its underlying golden sources of truth.
In this sense, trust can be defined as the ability of a data source, and of its underlying infrastructure, to ensure data confidentiality, integrity, and availability throughout the smart contracts’ lifecycle.