Similar to paper contracts, smart contracts define operating rules between parties, but a key differentiator is that they can also systematically enforce those rules.

These computer programs stored on the blockchain also verify when required conditions are met and execute the mutually agreed upon terms, automatically. Entire processes, workflows and transactions can be automated and parties to the contract are able to interact without a “middle man.”

For healthcare, smart contracts may be able to deliver payment to a provider as soon as a patient’s approved procedure is complete.

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