Smart Contracts: Medical Insurance Contract for Patient

Abstract

Smart contract is an automated process which follows the protocols decided by the concerned authorities. The concerned parties use terms and conditions and make decisions based on a set of conditions and make it a rulebook at the time of implementation. The rulebook contains the code that is stored and processed using blockchain technology over the distributed ledger. Any changes are also reflected in the recorded distributed ledger. The medical insurance contract is also part of the smart contract where a patient claims the reimbursement from the working organization or third party. Medical insurance with smart contracts for patients forms the backbone of modern insurance technology. Blockchain-based tools have been used by different authorities in formalizing relationships to achieve their objectives. Although, medical insurance with smart contracts guarantees the performance of an outcome. Various developments have taken place during its implementation.