Blockchain offers extensive possibilities for the healthcare industry, including management of patient records, pharmaceuticals and payments.
DLT and blockchains are a decentralized, peer-to-peer networked database that stores, verifies, monitors and authenticates a ledger of assets and transactions without a third-party intermediary. The best-known use to date has been in Bitcoin, but mainstream businesses are employing distributed ledgers for various other purposes.
For example, healthcare API company PokitDok recently worked with Intel to create DokChain, a blockchain network for the healthcare industry. DokChain records administrative aspects of patient care and connects health insurers and payers to enable data exchange.
Healthcare counsel must prepare to advise clients who are creating or participating in a blockchain and smart contracts. Counsel will need an understanding of the technology as well as the legal ramifications of blockchain and smart contracts.