Digital Asset, Red Date Technology Partner For China’s Blockchain Services NetworkSeptember 14, 2020
Blockchain startup Digital Asset has signed an agreement with Hong Kong-based company Red Date Technology to integrate DAML smart contract technology with Blockchain Services Network (BSN), a global infrastructure backed by the State Information Center of China (SIC).
Digital Asset builds products based on distributed ledger technology (DLT) for regulated financial institutions. Its platform allows participants to share a single source of truth which provides continuous data integrity. The platform includes Digital Asset Modeling Language (DAML), a next-generation smart contract language. DAML is used to create smart contracts, or computer programs that automate business processes and digitally verify and enforce agreements between two or more entities.
Founded in September 2014, Red Date Technology is one of the four founding members of the BSN, which provides businesses deploying decentralized applications with a low cost deployment tool across multiple different protocols. It is the architect of the BSN and is responsible of BSN’s R&D and daily operation and maintenance. Prior to playing a vital role in BSN, Red Date has been a top-tier technology provider for building smart cities in China for years along with China Mobile and China UnionPay.
As a part of the agreement, DAML will be the exclusive standard for developing decentralized applications (dApps) built on the BSN. The companies will begin with a rapid pilot demonstrating the deployment of a DAML application interoperating across two ledgers – Hyperledger Fabric and WeBank’s FISCO BCOS – as well as integration into the core BSN architecture, targeted for completion by November 2020. Following the pilot, general availability for developers building with DAML on BSN is anticipated in 2021.
“Adding DAML will enable interoperability of applications regardless of the underlying blockchain technology used,” the release stated. “Today, each blockchain platform has its own smart contract language and framework for building applications. This leads to applications that have to be written specifically for each protocol, and so are unable to interoperate. DAML and the BSN will allow developers to write their smart contracts once, deploy to their preferred platform, and interoperate with any other application on a BSN network.”
Zhiguang Shan, State Information Center and Chairman of the BSN Development Association. said that BSN is the largest blockchain infrastructure initiative in China, adding that since its inception, their goal has been to break down blockchain silos and create an ecosystem that is open, interoperable and accessible to all.
“It is an exciting time for blockchain in China and we are pleased to bring Digital Asset’s DAML technology into the platform to drive our community forward,” said Shan.
Yifan He, CEO of Red Date, said that they created the BSN to provide a cost-effective, one-stop-shop for developers to build and deploy distributed applications on a blockchain of their choice.
“Today, each blockchain protocol has its own built-in smart contract language, but that makes it difficult for developers, who need to learn many different technologies to get started, and must rewrite their application entirely if they want to deploy to a different blockchain,” He said. “By selecting DAML as the exclusive smart contract language of the BSN itself, our developers will gain the choice of using one unifying smart contract language seamlessly and interoperably across every blockchain.”
Yuval Rooz, Co-founder and CEO, Digital Asset, stated that the creation of a low cost and interoperable tool to unify multiple blockchain platforms is key to global adoption.
“BSN already has incredible traction with more than 130 nodes in production across China,” Rooz said. “By integrating with DAML, the BSN will have one unified language for applications and a cutting-edge interoperability protocol to further enable this vision.”
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