Blockchain provides us with two key competitive advantages over off-chain organisations. Firstly, through the decentralisation of data storage, we can live up to our core values of privacy and security for small business information. Bright Network hands control back to the small business over their information - each data access request is explicitly authorised by the business.
Through the BRT token, we can also incentivise small businesses to claim and populate their data vaults, and we can control the monetisation by financial services providers as that data is used to provide loans and other services.
We are developing Bright Network to be smart contract platform agnostic, however our choice of platform at this time is Ethereum.
Ethereum has been chosen as an initial solution due to its maturity across multiple dimensions; technology, governance, user experience and developer productivity. It is the smart contract platform with the most active community, the most users and user experience focused projects, the largest knowledge base, and has proven its resilience and thought leadership in times of duress.
Finally regarding scalability, although Ethereum has been challenged in terms of reaching the transaction throughput required for mainstream adoption, we will strategically employ scaling approaches where necessary, such as side-chains. We will also benefit from platform-wide scaling projects like sharding as they develop.
We will be monitoring the smart contract platform landscape as other competitor platforms mature, and evaluate whether such projects reach the maturity and value alignment required by Bright in the future.