Blockchain Applications in Healthcare

2Role of Smart Contracts in Blockchain

Blockchain offers several advantages, including decentralization, persistence, anonymity and auditability. Cryptocurrency, banking sectors, risk assessment, the Internet of Things (IoT) and individual and public services are all examples of Blockchain applications. Because of the rapid expansion of cryptocurrencies, as well as its fundamental Blockchain technology, frameworks such as Hyperledger and Ethereum have emerged to enable a wide range of smart contracts. Smart contracts are computational systems designed to digitally ease, validate or control the implementation of new contracts. Smart contracts have a variety of applications in different domains, including investment banking economic models and the IoT, among others. This chapter covers the introduction to Blockchain technology along with its characteristics and types. It provides detailed information about smart contracts, their working, platforms, programming languages and application areas. It also covers the applications of Blockchain technology in different domains and concludes with the challenges in implementing smart contracts.

2.1. Introduction to Blockchain

Recently, cryptocurrency has piqued the interest of both practitioners and academicians. Bitcoin is generally referred to as the original cryptocurrency. With the capital market surpassing $10 billion in 2016, accomplishment has been achieved (CoinDesk 2016a). The Blockchain is Bitcoin’s central mechanism. Blockchain ...