Business transactions and financial agreements have been transformed with the development of blockchain technology. Perhaps one of the most significant technologies in this field is the development of smart contracts. These types of contracts automate procedures and are revolutionizing the age-old practice of trade by bringing automation, security, and efficiency to the process like never before. Whereas traditional contracts rely on third parties such as lawyers, banks, or intermediaries to validate and implement contracts, smart contracts eliminate this dependency since parties may communicate directly with each other via blockchain networks.