Attempts to resolve governance issues with blockchain technology are becoming more frequent these days; however, practical implementation examples are scarce in this regard. Recently launched blockchain platform DayLight is another ambitious project exploring new paths in this area, and hopefully it could arrive at something bigger.
According to the project description, DayLight is a unified international blockchain platform implementing four basic functions needed for efficient translation of most types of government and business activities into blockchain technology.
The four functions are:
- financial system;
- register structure;
- smart contract algorithm; and
- mechanism for formation and execution of smart laws.
The financial system secures transactions (in the currency of a country) between the accounts of individuals and organizations, which should be entered in blockchain registers.
Smart contracts automatically implement transaction algorithm with involvement of register objects and with the possibility of carrying out transactions in