The healthcare industry is still struggling to address its cybersecurity issues as 31 data breaches were reported in February 2019, exposing data from more than 2 million people. However, the emergence of artificial intelligence (AI) may provide tools to reduce cyber risk.
Smart contracts, which are computer protocols intended to digitally facilitate, verify or enforce the negotiation or performance of a contract have the potential to radically change the way in which parties interact by allowing the safe performance of transactions without the need for a third party intermediary using blockchain technology.
DLT is a decentralised ledger of transactions with identical copies maintained on multiple independent computer systems. This means the transaction ledger is maintained simultaneously across a network of unrelated computers or servers called “nodes”, like a spreadsheet that is duplicated thousands of times across a network of computers.
On February 11th, blockchain advocates, digital health enthusiasts, and patients received positive news from the Center for Medicare and Medicaid Services (“CMS”) and the Office of the National Coordinator for Health Information Technology (“ONC”) regarding patient data sharing. These rules, taken together, seek to make data more liquid, which can promote patient access, continuity of care, research, collaboration across the industry and several other activities that previously faced challenges within a health care system built on data silos.
The Tax Institute has warned of uncertain tax implications for refunds and compensation payouts resulting from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Hall & Wilcox Special Counsel John Bassilios was part of the recent Australian Blockchain Mission to Shanghai and Taipei. He shares his key takeaways from the mission, which was organised by Austrade and the Australian Digital Commerce Association.
In ASIC’s recently released Corporate Plan for 2018-2022, it has once again highlighted its intention to closely monitor ICOs and cryptocurrency in Australia.
In the tech world, blockchain technology appears to be the panacea to all problems. As blockchain technology becomes increasingly popular, many industries are trying to determine the best way to use the new phenomenon. Healthcare is no different in this quest. Health care is an optimal candidate to benefit from development of innovative ways to solve its impending issues using transformational technology. Blockchain could be the technology that helps to alleviate some of health care’s problems, such as the incredibly fragmented delivery of care and the painstakingly slow reaction to technological advances.
The emergence of cryptocurrencies into the mainstream discussion of financial investment has seen an increasing number of our clients considering whether cryptocurrencies, such as Bitcoin, may be acquired by their self-managed super fund (SMSF).
On 30 April the Government announced that it has commenced the 2018 review of the Terrorism Insurance Act 2003 (Cth) (TIA), and released its terms of reference.