A Comparative Study of Smart Contracts-Based Blockchain

Introduction

Blockchain is the technology that has recently sparked widespread attention in academia and industry. Blockchain, a distributed software system, allows for the execution of transactions without the need for a trustworthy third party (Mohanta, Panda, & Jena, 2018). As a result, corporate operations can be accomplished in a cost-effective and timely manner. Moreover, blockchain immutability confirms distributed confidence as it is nearly difficult to modify with any transactions kept in blockchains as well as entirely past transactions are independently certifiable (Fauziah, Latifah, Omar, Khoirunisa, & Millah, 2020).

Smart contracts, which were first proposed by Nick Szabo in the 1990s (Macrinici, Cartofeanu, & Gao, 2018), are made possible by blockchain technology. A smart contract's computer program-based clauses will take effect automatically when certain conditions are satisfied. Smart contracts made consisting of transactions are basically saved, copied, and modified in distributed blockchains. Traditional contracts, on the other hand, call for centralised fulfilment by a trusted third party, which adds time and cost to the execution process (Amir Latif et al., 2020). The notion of a “peer-to-peer market” will become a reality thanks to the integration of blockchain technology and smart contracts.

In fact, a key element of any blockchain-based application is the smart contract which refers to an agreement concluded between the numerous stakeholders engaged in the structured framework (Chang et al., 2019). A smart contract is a computer protocol that follows to predetermined rules, protocols, and boundaries set by all network users. For instance, the terms and limitations negotiated by each party involved in the process are all included in the smart contract covering banking transactions and financial reasons (Treleaven et al., 2017). Because traditional contracts are created through writing or other actions, they are generally believed to be time- and resource-consuming. On the other hand, smart contracts are digital programmes that run on computers and only self-execute when certain conditions are met. Medical systems make it possible for a range of stakeholders to collaborate effectively and extend medical services (Ahram et al., 2017). As a consequence, it will be crucial to establish appropriate rules for smart contracts in the healthcare industry, and the agreement of all relevant stakeholders will be necessary. The patient and other network stakeholders must provide personal information and sign a contract indicating their acceptance of the terms in the healthcare blockchain in order for the requirement to be established in the smart contract. For instance, which hospitals may store and exchange patient data, which physicians may access and edit the data, and what categories of data are accessible to both laboratories and pharmacies.

Figure 1 shows a smart contract application in a blockchain-based healthcare system with many service providers (Khatoon, 2020). The coding procedure of the smart contract begins by verifying the data contained in the transaction. It checks the appointment status, patient, healthcare provider, and pharmacy data. If all the data matches what is in the contract, then the contract is considered valid and the procedure continues.