China's Largest Blockchain Initiative Adopts DAML as Smart Contract Language

China’s largest Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term infrastructure initiative, also known as the Blockchain Services Network (BSN), has announced its choice of a unified Smart Contract Smart Contract A smart contract is a piece of software that automatically executes a pre-determined set of actions when a certain set of criteria or met. One of the key tenets of smart contracts is their ability to perform credible transactions without third parties and are self-executing, with their conditions written into the lines of code that form themAdditionally, these transactions are both trackable and irreversible. For example, a smart contract could be used to give royalty payouts to a musical artist A smart contract is a piece of software that automatically executes a pre-determined set of actions when a certain set of criteria or met. One of the key tenets of smart contracts is their ability to perform credible transactions without third parties and are self-executing, with their conditions written into the lines of code that form themAdditionally, these transactions are both trackable and irreversible. For example, a smart contract could be used to give royalty payouts to a musical artist Read this Term programming language, dubbed 'Digital Asset Modeling Language', or DAML. The language was developed by Digital Asset, an American blockchain startup.

Support for DAML will be integrated into Red Date Technology, a large tech company that was also involved in the development of the smart contract programming language.

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Earlier this year, Bloomberg also described Red Date as the company at “the heart of China's first state-backed blockchain initiative, envisioned as a one-stop hub for developers to build decentralized applications (dapps) for everything from money transactions to drug-delivery tracing.”

DAML Will Enable the Creation and Implementation of Interoperable Decentralized Applications, or 'dApps'

Therefore, DAML will play a very important role in the future of China’s blockchain infrastructure: according to CoinTelegraph, Red Date announced on September 14th that DAML will henceforth be the 'exclusive standard' for developing decentralized applications, or DApps, on top of the BSN.

The decision to adopt a unified language will enable the interoperability of decentralized applications built on the BSN; developers will only have to write their applications in a single language.

Red Date Technology CEO, Yifan He said in a statement that “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.”

The development of the first DAML-based project on the BSN network is already underway. Red Date Technology and Digital Asset are aiming to complete this project by the end of November; the pilot will involve the deployment of a DAML-based app that will operate on both IBM’s Hyperledger Fabric and WeBank’s FISCO BCOS.

Large-scale blockchain adoption in China could eventually pave the way toward blockchain adoption globally. Digital Asset co-founder and CEO, Yuval Rooz said that indeed, building infrastructure that is capable of connecting across blockchains is “key to global adoption.”

“There are multiple blockchain platforms available and more coming to market,” he said. “[...] BSN already has incredible traction with more than 130 nodes in production across China. By integrating with DAML, the BSN will have one unified language for applications and a cutting-edge interoperability protocol to further enable this vision.”