For this to be viable, a payment method was needed to implement it. However, this method did not appear until 2009 with the so-called Bitcoins.
But Bitcoin only had in mind that its purpose was to be a financial tool, i.e. cryptocurrency.
On the other hand, the technology that Bitcoins work with, that is, Blockchains, did make the operation of this contract possible. With the creation of Ethereum, the execution of this new mechanism became a reality.
Being in a decentralized system, these smart contracts are not under canadian hospitals email list the control of any of the parties involved in the agreement . For this reason, the conditions can be programmed, they cannot be modified by being placed on the Blockchain and, finally, they must be signed by the parties for greater security of the commitment.
The fundamental objectives of Smart Contracts are:
Being able to count on a security system that is much greater than that of a traditional contract.
Cost reduction.
Save the time that this type of interaction normally entails.
Avoiding fraud is one of the great benefits of this new contract system.
Uses
Just as the Internet was once an unimaginable thing and is now used in almost every area of life, so are Smart Contracts; more and better ways of using them will be discovered all the time.
The following lines provide a summary of all the uses that are given to these smart contracts today.
Health Services
Electronic medical records: These smart contracts will allow doctors and providers to have easy access to patients' medical records, once the parties have reached an agreement.
Access to health information of the population: many health research organizations will be able to access personal data of patients to whom, through the contract, micropayments will be made.
Health status tracking: Actions taken on patients regarding their health can be tracked through the Internet of Things, while contracts generate rewards that are based on facts.
Financial Services
Cancellation of coupons and bonds: These contracts automatically calculate and cancel the coupons, and return the money in bonds.
Loans: If the money is not cancelled within the agreed time, the smart contract would execute the withdrawal of the collateral.
Settlement of transactions: the contract calculates the amounts and pays them all automatically.
