Smart contracts have been a paradigm shift in the realm of business.In the present epoch,smart contracts are a hot potato.Their influence is escalating by leaps and bounds and it is desideratum for the development also.There is paroxysm of interest in cryptocurrency and smart contracts run on ethereum in every nook and corner and it is snowballing on quotidian basis.Firstly,in this research paper,smart contracts and rationale for trusting them is thrashed out.Secondly,this paper expounds the etherum and its cryptocurrency ether.This digital currency has made a leap from an academic concept to virtual reality and is inspiring legion of followers.It has become a de-facto.Thirdly, smart contracts have brobdingnagian gamut of potential application scenarios including both financial as well as non-financial services.Penultimately,this paper delineates the benefits of smart contracts.Lastly,it explicates the challenges thwarting adoption of smart contracts and current scenario of smart contracts in India.This research paper is targeted at providing direction for further research and also,it will serve as a reference for future research papers.