Following the rapid rise of blockchain technology, smart contracts have emerged as a powerful tool meant to change the way agreements are carried out. Smart contracts can be looked at as self operating agreements that allow predetermined actions to happen when certain conditions are fulfilled, eliminating the need to trust any of the parties involved. In addition, they increase transparency while also increasing the efficiency of operations through reduced need of middlemen. While the potential is huge, along with understanding the benefits this technology brings, one must also acknowledge the responsibility that comes when using it. In order to understand some of the most common weaknesses in smart contracts, one needs to grasp what they are and how they work. Smart contracts are, in fact, pieces of code that run on blockchain networks, automatically performing specific tasks when certain conditions are met. These conditions could be triggered by outside events, interactions from users, or the passage of time. This is where vulnerabilities might occur, potentially causing unintended results. While the fact that smart contracts can’t be changed after they’re set up helps with honesty and trust, it also presents problems. Finding a code mistake after the contract is deployed and in use might become a very complicated problem to solve. That is why it is paramount to be sure that a smart contract is secure and error free before its deployment. Being aware of the most frequent security dangers can help developers identify and avoid programming approaches that might leave the contracts vulnerable to attacks. In the upcoming sections, the paper will delve into various security hazards, instances of how weaknesses can surface, and tactics or precautionary measures that can be employed to tackle them.