Hi Talha,
As a software professional with over 35 years experience, I can tell you for certain that this is a software error and not a hardware problem. You've either got some kind of corruption in your operating system or there's an app that's performing an illegal operation.
Either way, the solution is the same; put the phone in DFU mode (google it if need be) and do a full restore. The DFU restore is the most complete rewrite of the operating system possible and will almost certainly fix the error you're seeing.
If you have backed up your phone and are planning on restoring the backup afterwards, be aware that it's possible to back up a bad app then have the restore put that bad data back onto your phone, ending up right back where you were. If you can, I'd suggest just using the phone for a while without restoring it to verify that the error is indeed gone. Assuming it is, you can then proceed to reinstall your apps one at a time, giving it some time between each one to make sure the reboots don't start up again.
I'd like to tag in the esteemed Alisha ( @flannelist ) and see if they have anything to add, being our resident expert on panic logs.