Imagine for a moment a system of healthcare in which medical professionals would get immediate payment following office visits or treatments. Imagine how much more easily a patient would feel if they could acquire preapproval for an MRI within minutes rather than hours, days, or weeks. In the event of a medical emergency when traveling internationally, how important is it to have fast access to one’s medical records? Using a concept known as smart contracts makes any of these possibilities a reality.

There is no doubt that Blockchain technology has fundamentally altered the economy as a whole. Technology, with its immutability, transparency, anonymity, decentralization, and security, has significantly changed how business is conducted. However, removing the need for intermediaries from transactions is one aspect that has contributed to the widespread adoption of blockchain technology. This technology, which takes the form of smart contracts and, more specifically, smart contracts built on the Ethereum blockchain, reduces the likelihood of any process conflicts, saves time, and makes the process cheaper, faster, and more efficient. Although there is the possibility that smart contract developers could be beneficial to any industry, the healthcare sector stands to gain the most from their implementation.

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