A smart contract is a technology that enables the execution of business rules in a transparent and automated manner. It is typically implemented using blockchain technology, which provides a decentralized and tamper-proof infrastructure for running and validating the contract.

- Definition of a Smart Contract
A smart contract is a self-executing contract with the terms of the agreement directly written into lines of code. These contracts are stored and executed on a blockchain network, ensuring transparency, immutability, and security. The code of the contract defines the rules and conditions that all parties involved must adhere to.

- Business Rules Embedded in Blockchain
The correct answer option 'A' states that a smart contract is business rules implied by the contract embedded in a blockchain. This refers to the fact that the terms and conditions of the contract are coded into the blockchain, making them self-enforcing and unalterable. The blockchain acts as a decentralized ledger, ensuring that all participants can verify and validate the execution of the contract.

- Features of Smart Contracts
Smart contracts have several key features that make them unique and valuable in various industries:

1. Automation: Smart contracts eliminate the need for intermediaries or third parties to enforce contract terms. The code itself automatically executes the agreed-upon actions when predefined conditions are met.

2. Transparency: Since smart contracts are stored on a blockchain, all participants have access to the same version of the contract. This transparency ensures that there is no ambiguity or misunderstanding regarding the terms and conditions.

3. Efficiency: Smart contracts streamline the contract execution process by automating tasks and removing manual intervention. This improves efficiency and reduces the time and costs associated with traditional contract management.

4. Security: The decentralized nature of blockchain technology ensures that smart contracts are secure and tamper-proof. Once a contract is deployed on the blockchain, it becomes nearly impossible to modify or manipulate its terms.

- Conclusion
In conclusion, a smart contract is a technology that enables the execution of business rules in a transparent and automated manner. It is implemented using blockchain technology, which embeds the contract's terms and conditions in the blockchain itself. Smart contracts offer automation, transparency, efficiency, and security, making them a valuable tool in various industries.