The Role of Smart Contracts and Blockchain Technology in Healthcare and Other Use Cases
Tanupriya Choudhury, Abhirup Khanna, Prasenjit Chatterjee, Jung‐Sup Um, Abhishek Bhattacharya · 2023
The smart contract is a Blockchain-based technology that overcomes the limitation experienced in traditional contracts. This chapter explains the concept of a smart contract and its role in different sectors in detail. It begins with the introduction of smart contracts, moving forward to its challenges, the real-time companies using smart contracts, with some past historic attacks. Smart contracts enable a strict path for data security and confidentiality. They use Blockchain-based cryptographic protection to maintain the confidentiality and integrity of data. The newly emerged second generation of Blockchain, known as Ethereum, was evolved to ideate assets that would add more benefits to Blockchain technology. Ethereum holds specifically two accounts, one is an externally owned account and the other is a contract account. A significant challenge in the healthcare sector is to confirm the authenticity of medical devices. Smart contracts are developed on the Ethereum platform.