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The contracts aren't administered or validated by a centralized party. It's trustless. The blockchain creates the shared immutability that enables decentralized trust. While bitcoin is a decentralized asset app, ethereum is a decentralized app app. The ETH token is just one component.
Yeah. What I described is one teeny teeny section of what this thing is theoretically capable of. Some of it is kind of legally questionable, because theoretically you can contract for anything, and it's probably going to be possible to do so anonymously.