BCHLX (our cryptocurrency tokens/coins) utilizes smart contracts which work by following simple “if/when…then…” statements that are utilized based on data added to the BCHLX blockchain. BCHLX internally executes the actions when predetermined conditions such as a buy or sell or analysis on a health assessment has been met and verified as pending or completed. These actions could include the subsequent releasing funds to the appropriate parties, determining medical necessity or sending notifications. The blockchain is then updated when the transaction or task is completed. That means the transaction cannot be changed as BCHLX provides a method for adding and logging transactions on the blockchain and only parties who have been granted permission can see the results.
Within the BCHLX blockchain smart contract, there can be as many stipulations as needed to satisfy the participants that the task will be completed satisfactorily. These tasks may include the completion of an assessment pertaining to medical necessity. To establish the terms, participants must determine how transactions and their data are represented on the blockchain, agree on the “if/when...then…” rules that govern those transactions, explore all possible exceptions, and define a framework of how the data is used as it pertains to the BCHLX and the various transaction types.