WHAT IS SGAT ? SGAT is a new stand-alone smart-contracts environment remote from the blockchain but certified by it. SGAT is developing an ecosystem composed of two layers: a new high-performance public blockchain focused on privacy and a web application offering a simple, intuitive and user-friendly interface for custom smart-contracts.
SGAT smart-contracts certify enforceability, meaning that two individuals entering in a SGAT smart-contract does legally bind their contractual relationship. The written version of the contract is actually issued when the smart-contract is put in place and a unique contract reference is generated. The written contract is however stored in private servers (off-chain) but the reference and the issuance of the smart-contract is recorded in SGAT blockchain. Likewise, every transaction triggered by the said smart-contract is recorded on SGAT blockchain and linked with the same reference.
Additionally, with the smart-contract reference, anyone can consult the written contract through SGAT smart-contract database which will be accessible through SGAT web application. What makes it very interesting is the fact that the people that have entered in the smart-contract will have the possibility to choose the degree of transparency (disclosure) of the said contract. It means that they will be able to decide which clauses, characteristics or content they want to be disclosed or not. Furthermore, a degree of transparency (represented in % of the whole content of the contract) will be in any case assigned to the smart-contract so that anyone consulting this smart-contract will know how much it is disclosed.
We believe that this can add a game changer which will have a healthy impact for the industries. People will be able to assess the degree of transparency of a company or a counterparty. Knowing that it is the crisis of confidence and defiance towards companies – at the turn of 2007-2008 crisis – that gave birth to blockchain technology as we know it, we might finally see the realization of what blockchain aspires to : that to bring trust, sharing and transparency.
Hope this further narrows our visions and what we are building !