10The Role of Smart Contracts and Blockchain Technology in Healthcare and Other Use Cases

Newly emerging technologies have encouraged every sector to adopt these technologies to increase their productivity. The traditional techniques have been replaced by digital techniques to overcome the limitations faced by the people. One of the emerging technologies is Blockchain technology, which offers multiple benefits to business enterprises. 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. The research begins with the introduction of smart contracts, moving forward to its challenges, the real-time companies using smart contracts, with some past historic attacks. Overall, this chapter’s research consists of deeper knowledge about smart contracts, their platform and real-time applications.

10.1. Introduction

The evolution of technologies has unboxed tremendously easier and simpler applications. These applications have turned the traditional approaches into smarter ones. A similar example is a Blockchain-based technology known as “smart contracts” (Rouhani and Deters 2018). Emerging technologies have reduced the effort needed and saved a lot of time. The term smart contract came into existence to overcome the limitations faced in traditional contracts. A traditional contract is defined as a bunch of agreed-upon terms ...

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