In our previous article we spoke about how the inception of a Consumer-centric mode of transacting has begun in India. In continuation, we talk about the tools that can bring this inception into the flesh.
Technology must allow various businesses to come together and create compound products for a consumer or for a group of consumers. The businesses may or may not know each other well. This brings the challenge of making their systems talk to each other. In today's time this would entail a lengthy process of formalizing the product. This is one of the most important factors why businesses don't often try to create better collaborative products.
The technology must also ensure all the parties involved can trust each other. The execution of the commercial contract cannot be influenced or subverted once all the parties agree to execute it. Auditability and provenance is another aspect that is a must for such a system. So far this has been accomplished by a trusted third party. A trusted third party may work effectively to enforce the terms of the contract but it also adds to the cost of the service provided.
Smart contracts on the blockchain on the other hand, are self-executing programs that constitute the terms of the contract and their execution flow. Blockchain along with India stack - the possibilities are endless. At Bitgram, we are building a Hybrid blockchain protocol that allows various businesses to drastically cut costs while working with their collaborating partners to serve a consumer together. Bitgram also makes inter-blockchain communication easy via a standard message protocol - the SuperIdentity. We are totally devoted to uphold the consumer-centric vision sparked alive by the India stack. The Bitgram protocol also architects intelligent data anonymization and data privacy for a commercial contract to be transparent and yet not exposing business-sensitive or personal data. We are committed to a world where Data sovereignty is the norm and the consumer is the king.