The term “Blockchain" has been a buzzword for a while. Everyone has heard of blockchain, but few use it outside of cryptocurrency trading and speculation. Usually, people talk about “creating trust where there is none” when referring to blockchain. You may also hear things along the line of, blockchain
This, in turn, means that every additional percentage of unnecessary fees and commissions deprives a company of either profit or marketing budgets, or, even worse, it forces the company to reduce their staff. This obviously has a negative effect on the labour market situation, since, according to research, about 90% of all employed citizens in Canada work at SMEs.
We must also mention document circulation expanses. Despite digitalization, in much of the world, document circulation is still very conservative due to the lack of a single digital document circulation standard among businesses
Blockchain offers the world currency transactions and smart contracts without any of the middlemen and therefore, without the fees that are paid to these middlemen. Despite the fact that the blockchain itself offers transaction fees that in some situations, can be higher than the fees of the traditional solutions (i.e. when you buy coffee with Bitcoin), in most business cases, blockchain solutions because of their usability, speed and costs are a much better solution not only for their technical features, but due to the fact there are no middlemen interests associated with the blockchain fees.
However, all current blockchain development is focused on banks, large corporations and governments. Trust is an important issue within these entities, but savings aren’t the matter of life and death in most cases. А blockchain for banks, corporations, and governments is just an innovation, that may or may not succeed in the main stream. Moreover, many major market players prefer to use “private” blockchains, whose use will never allow mass adaptation of disturbed ledgers as a technology.
To meet these 3 issues, we’ve developed the Gravity Business Framework, which includes three architectures:
The technical architecture. This is a set of components and modules based on the Gravity Protocol. Typical smart contracts (and in the future, turing complete smart contracts) are based on them.
The legal architecture. Our solution is called “The Extended Solution” and it is based on the Ricardian contracts which we wrote about earlier.
The financial architecture. This is the system of stable coins and gateways, that allows businesses to avoid the huge expenses of financial middlemen (banks and payment systems), all the while, not necessarily being aware that they are working with a blockchain and cryptocurrency.