A Comprehensive Look at the Different Uses of Smart Contracts Technology on the Healthureum Platform

Project Healthureum makes use of smart contracts on its blockchain technology. Blockchain-based smart contracts allow for the automatic implementation of the terms of multiparty agreements. Without the use of blockchain, which is a shared database, the use of smart contracts would be impossible as it is difficult for parties to such an agreement to maintain separate databases and be able to auto-execute contracts. However, with the blockchain shared database, the smart contracts auto-execute and all the parties on the network can verify the outcome in real-time without the need for third-party interventions. This not only reduces the risks of error and manipulation but also increase the speed of transactions.
Smart contracts have various uses, ranging from validating payments to streamlining processes that are spread across multiple databases and ERP systems. The following are the different uses of smart contract technology on the Healthureum platform:
Facilitate Payments
Smart contracts are used on the Healthureum platform to facilitate the deployment of Healthureum tokens (HHEM) to pay for services or fees procured on the platform. Smart contracts between medical practitioners and patients or between researchers and their funders are programmed to automatically execute themselves once all the agreed upon requirements of the contract are met. This makes payments on the platform to be fast and secure as they are protected using cryptography. Smart contracts get rid of the need for third-party intervention which makes the process more secure by eliminating human error and reducing fraud cases. The use of cryptography also helps to secure the transactions from being breached by hackers.
Increase Transparency of Supply Chain
Smart contracts help to improve transparency and accountability in the supply chain by enabling real-time verification for every step in the supply chain. Smart contracts allow for the recording of each step as a product moves from the manufacturer to the distributors up to the consumers. This can be essential in combating the counterfeit drug market which is estimated by Deloitte to be worth to be worth $200 billion annually and causes more than 100,000 deaths annually. The smart contracts can trace the manufactured drugs along the supply chain through use of hash codes that are assigned to each drug. When the drugs are discovered to be counterfeit, they can quickly trace it back to the manufacturer. The smart contract also facilitates quick verification of the suppliers as the blockchain maintains a record of all approved suppliers on the blockchain and the smart contract can easily verify which ones meet the threshold of approved suppliers.
Improving Insurance Claim Payments
The accusation of fraud practices plagues the insurance industry by frequently overbilling patients and delaying the processing of claim payments. Through the use of smart contract, Project Healthureum can significantly reduce these cases on its blockchain technology platform. Since the blockchain maintains a digital ledger of all the medical records and transactions of a patient, claim assessments can easily be verified through the use of timestamps. This eliminates the unnecessary delays that patients experience while awaiting the processing of their insurance claims. Smart contracts can then be used to auto-execute the payments of insurance claims to patients immediately all the terms of the contract are settled. This would eliminate the need for human intervention, getting rid of cases of overbilling and drastically reducing the number of fraud cases in the insurance industry.
Increase Transparency in Clinical Trials
Clinical trials need increased patient privacy, transparency and security of data to ensure the success of the trials by encouraging more participation in them. The smart contract can improve the process of clinical trials by increasing patient privacy protocols. Smart contracts allow patients to set parameters over who can access their data and whether to make their identity known or operate anonymously. Smart contracts also employ the use of privacy-preserving computation to improve data sharing between research and medical institutions. This enhances cross-institutional visibility into the process enabling the results of clinical trials to be verifiable and accurate through increased collaboration.
Increases Transparency in Research Projects
Research projects have been bogged down with accusations of using research funds for other purposes other than their intended use. Through the use of smart contracts, Project Healthureum can eliminate these risks. Smart contracts can be used to automatically make payments only once all the agreed upon requirements of the research project are met. This would help to eliminate cases of mismanagement of funds. They can also facilitate the sharing of research data by improving the patient consent management process which helps to protect patient privacy.
In Conclusion
The smart contract has an array of uses on the Healthureum platform that goes beyond just handling financial transactions. More information visit https://www.healthureum.io/

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