Chain code deployment:
It is deployed into a network of Hyperledger fabric peer nodes that enables interaction with that network’s shared ledger. Whenever you ‘invoke’ a transaction on the network, you are calling a function in chaincode that reads and writes values to the ledger. The only peers to execute chaincode are the endorsing peers, rest only validates during the commit time whenever the transaction satisfies endorsement policy. And in order to be peer to be able to endorse the transaction proposal someone (admin) has to install the chaincode on it. There is a type of chaincode called System chaincode that runs within the peer process rather than in an isolated container like normal chaincode. Therefore, system chaincode is built into the peer executable.
Smart contract deployment:
It is deployed into a network of Ethereum peer nodes that has EVM installed in it.Whenever you ‘invoke’ a smart contract on the network, every node has to verify the results of a transaction which invokes a smart contract and therefore at least every full node will execute the code.