Smart contract enables organizations, government bodies, and individuals to exchange monetary values, shares, and bonds for which specific value is associated. The smart contract is a clear and easy way to avoid a conflict between both the parties, without any intervention of a middle man. Moreover, smart contracts are being majorly adopted across various industries such as BFSI and construction among others for financial agreement, insurance breaches, property law and etc. Moreover in smart contract, after fulfilment of contracts, the asset in the contract which is in the form of digital or crypto-currencies is transferred to the predefined party. In the smart contract, the risk of fraud is minimal and it eliminates the cumbersome paperwork and middle party services. Smart contracts can positively impact government as well as commercial industries by atomizing the contract enforcement which will decrease the cost of operations. All these factors are expected to drive growth of the global smart contract market positively.