Smart contracts serve as a significant component of blockchain technology-based solutions. They are self-executing business contracts that run on a blockchain. Blockchain developers translate lines of code as a business agreement on a blockchain like Ethereum or Hyperledger between two or more parties. A smart contract can reside on either a permissioned, private, or public blockchain network. Due to being powered by the emerging technology, the execution of transactions among anonymous parties by smart contracts does not require a central entity, legal authority, or external compliance mechanism. Blockchain also makes smart contracts transactions traceable, permanent, and trusted. Essentially, smart contract development provides a business a straightforward and hassle-free way to trade money or anything of value while eliminating any intermediary.