How smart contracts can improve efficiency in healthcare
Smart contracts are self-executing lines of code that run atop blockchains and are triggered once a set of predetermined conditions are met. They are used to automate the execution of online agreements without the involvement of third parties. Today, they are used across many industries, including the healthcare industry.
The healthcare sector stands to benefit a lot from the widespread implementation of these self-executing programs, especially when it comes to streamlining arduous manual processes, automating bureaucratic procedures and alleviating issues caused by human error.
Today, many healthcare institutions rely on highly centralized conventional management systems to handle sensitive tasks such as record keeping, transactions and correspondences. While some traditional systems can undertake some of the tasks exceptionally well, many of them are prone to failure due to limited interoperability, susceptibility to data corruption and lack of transparency.
The good news is that smart contracts can solve many of these problems.
Smart contracts can be programmed to perform a wide range of tasks. They can, for example, be programmed to record payment information on the blockchain once a transaction is made while ensuring that only entities with permissioned access can view the details.
In the healthcare industry, companies can use smart contracts to send out staff salaries, record patient information and notify insurance companies about pending medical bills.
Smart contract programs are usually deployed in compatible runtime environments. On the Ethereum blockchain, for example,smart contract codes are executed via the Ethereum Virtual Machine, which supports the installation of decentralized applications, including smart
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