Tencent Utilizes DAML Smart Contract Language for China’s Blockchain Platform April 20, 2020 April 20, 2020 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsApril 20, 2020 by Kelly Cromley

Tencent Utilizes DAML Smart Contract Language for China’s Blockchain Platform

WeBank, which is a digital bank based out of Tencent, is embedding the DAML smart contract language on the chain that will underpin China’s national blockchain powered Service Network.

WeBank is studying the process of embedding the DAML smart contract language for its alliance blockchain FISCO BCOS, the chain that will braceup China’s country wide Blockchain-powered Service Network (BSN).

Four days before, WeBank stated that embedding of the Digital Asset Modeling Language (DAML), developed and open sourced last year by tech company Digital Asset, would assist in delivering pathbreaking blockchain solutions in the field of logistics, finance and other sectors in China and other countries.

Developed four years back, DAML is eloquent language structured for financial organizations to create prototype and implement contracts utilizing distributed ledger technology (DLT).

Digital asset has supposedly structured the language for best possible use in private implementation scenarios, instead of open ones.

As mentioned, BCOS is an open-source and tokenless blockchain developed by the Financial Blockchain Shenzhen Consortium (FISCO), which was founded by WeBank, Huawei,

Tencent Cloud and Shenzhen Securities Communication and its ecosystem now includes more than 10,000 individual coders and over 500 corporate members across the globe.

BCOS chain, which is a permissioned platform, has been custom built to comply with the regulatory guidelines and service requirements of the fintech sector and backs privacy-safeguarding technology such as Zero-Knowledge Proofs.

Last year, it was chosen as the tech framework for China’s BSN, which will facilitate numerous state-controlled public services across the country in industries such as energy administration and telecom.

The BSN is anticipated to be rolled out in April, almost six months after it underwent trial. The venture is a joint project between the Chinese state guideline committee of experts, the State In­for­ma­tion Cen­ter, and state-run enterprises.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.