The technology that facilitates the execution of smart contracts on blockchains is called distributed ledger technology (DLT). This technology provides a decentralized and immutable framework for recording transactions and agreements. Smart contracts are self-executing contracts with the terms directly written into code, enabling automated enforcement and execution. By utilizing DLT, these contracts operate without the need for intermediaries, increasing efficiency and reducing costs. The implementation of smart contracts on blockchains has transformative implications for industries like finance, supply chain, and real estate.