Place/Date: Moscow, Russia - November 20th, 2016 at 5:07 pm UTC · 3 min read
Contact: eGaaS, Source: eGaaS
Electronic Government as a Service (eGaaS), an international blockchain platform for organizing the economic, state and social activities for citizens and their communities based on smart law and smart contracts has entered the testing phase. The platform is designed to make the migration of government and community functions to blockchain easier. eGaaS does it by implementing four basic functions — financial system, registry structure, smart contract algorithm and smart law formation & execution mechanism.
The features of eGaaS are sufficient to efficiently transfer most types of government, legislative and business activities onto blockchain. The platform is the first of its kind to implement a mechanism to frame and execute smart laws. These smart laws are algorithms describing the rules and conditions regulating the execution of state laws. The credibility of smart laws is confirmed by the representatives of legislative bodies using digital signatures. Smart laws are responsible for regulating the creation and execution of smart contracts. They automatically regulate the relationship between individuals and organizations in all areas of state activity, ranging from civil registration to tax remissions.
Being a blockchain platform with the mechanism for creation and execution of smart contracts and smart laws, eGaaS can be used even before governments come onboard. eGaaS can be successfully used to create a variety of financial, business and social applications such as payment systems, stock exchanges, insurance and credit organizations, accounting and management systems for all fields — from commerce to medicine. The eGaaS platform is a handy tool for organizing communities’ activities. It makes allowance for creating rules of relations between their members and conduct voting.
eGaaS emphasizes that the common international blockchain is not a political or publicity stunt, but a technical and economic necessity. Blockchain can be a reliable and effective tool only if all the data used in preparing smart contracts, including state laws, are located in the same information space. A modern global economy requires that such a space should be global in nature.
By combining the financial system, registry structure, smart contract and smart law mechanisms into a common blockchain platform, eGaaS serves as an efficient toolfor the government, legislative bodies, business, and citizens, which can be used to manage any activity. It eliminates the need for multiple intermediaries, regulatory authorities, and document circulation.
eGaaS is an international blockchain platform implementing four basic functions needed for efficient transfer of most types of government, legislative bodies and business activities onto blockchain.
Disclaimer eGaaS is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.