The capabilities of smart contracts for supporting and enhancing business processes in distributed-decentralized environments have affected the technological transformation of numerous industries. Designing and developing blockchain-based solutions requires model checking and verification of the components of the system such as smart contracts, for well-behave, correct execution and fulfilling of the business process requirements. Certainly, there are concerns about the execution of smart contracts in such distributed environments. This study shows the research results about model checking of smart contracts, performing a deep analysis of current approaches on modeling and verifying smart contracts and reviewing available tools for such practices. Modeling and verifying smart contracts are addressed at the levels of programming and run time execution.