Smart Contracts Part I: A Review of the Health Care Industry at Large

When you zero in on the health care industry, it seems easy to pick out the flaws and the gaps that exist for patients, doctors, nurses, and other health care staff. It seems like every other day, the news is highlighting some problem, shortage, or failure that has occurred as a result of someone being overworked, a hospital being understaffed, or a patient lacking the resources and access to those resources they need to get healthy. Everyone knows someone who is waiting for treatment of some kind all over the world. What sounds like a gross generalization can be verified by talking to a few people on the streets about their experiences with the health care system. This isn’t an attack on the health care system; it’s a beacon for change.

While blockchain technology and smart contracts have been part of our vocabulary for some time now, they have only recently started to gather the kind of momentum that cannot only fill gaps in an industry such as health care, but it can change the industry entirely.

What is a Smart Contract?

Smart contracts are legally binding digital contracts that verify transactions between one person and another to conduct a service or provide a product. The opportunities for using smart contracts continue to grow and SCI has recognized the potential of smart contracts to help facilitate the transactions within the SCI Application that will connect patients and stem cell specialists.

The Exchange of Information in the Current Health Care System

The exchange of information in the current health care system limits the movement of information by those who are responsible for it; namely, the physicians who are responsible for the patients they treat. SCI aims to put that control in the hands of the patients. The SCI Application is a flexible application that will enable patients to choose the best stem cell provider for him or her. By providing information, SCI can assign the best fitting provider for the user. We should add the ability to talk to Stem cell specialist 24/7 day a week

Smart Contracts and the Health Care System of the Future

What smart contracts can do, in situations like this, is break down the barriers for patients who are seeking help for medical conditions and more. What’s more though, is that smart contracts allow the transfer of sensitive information through blockchain technology by providing a secure link to and from the source of the information: the patient. There are numerous opportunities to bridge the gaps that exist here; however, to go forward, an understanding of where we’ve been must be complete. You change a system you don’t understand. At SCI, we’ve taken nothing for granted when it comes how smart contracts are going to connect the dots for patients and doctors around the world.

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