eGaaS implements four basic functions needed for efficient transfer of most types of government, legislative bodies and business activities into Blockchain technology:
- financial system
- registry structure
- smart contract algorithm
- smart law formation and execution mechanism
In eGaaS – for the first time – a mechanism is implemented for formation and execution of smart laws. Smart laws are algorithms describing the rules and conditions regulating the execution of state laws. The credibility of smart laws is confirmed by the digital signatures of representatives of legislative bodies.
Smart laws regulate the creation and execution of smart contracts. They automatically regulate the relationship between individuals and organizations in all areas of state activity – from civil registration to tax remissions.
eGaaS is technically a Blockchain platform with the mechanism for creation and execution of smart contracts and smart laws. Therefore, even before the governments’ joining to it, it 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 in all fields, from commerce to medicine.
The eGaaS platform is a handy tool for the organization of a communities’ activities. It allows to set the rules of relations between their members and conduct voting.
It should be emphasized 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 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 tool for 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.