Tencent Integrating DAML for China’s national Blockchain-Based Service Network

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Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • China’s first digital challenger bank, WeBank is integrating with an open-source smart contract programming language DAML for its associated blockchain FISCO BCOS.
  • Established in 2016, DAML is built to serve financial institutions to model and implement agreements with the use of distributed ledger technology (DLT).
  • BCOS was nominated as the technology infrastructure for China’s Blockchain Service Network (BSN).

China’s first digital challenger bank, WeBank is integrating with an open-source smart contract programming language DAML for its associated blockchain FISCO BCOS.

WeBank over the integration

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On April 16, Tencent’s digital bank WeBank revealed the integration of the Digital Asset Modeling Language (DAML)  that was open-sourced last year by its creator, software firm Digital Asset. This will support it to deliver innovative blockchain solutions across finance, supply chain, as well as other sectors in China and globally.

Established in 2016, DAML is built to serve financial institutions to model and implement agreements with the use of distributed ledger technology (DLT). Being as an expressive language, DAML is designed for its best usage in private execution environments, unlike the open ones.

Moreover, BCOS is a blockchain platform build by Financial Blockchain Shenzhen Consortium (FISCO). The members of FISCO include WeBank, Huawei and Shenzhen Securities Communication, Tencent Cloud with its network currently holds around 10,000 individual developers and over 500 corporate members globally.

BCOS was nominated as the technology infrastructure for BSN

The BCOS has been particularly structured to meet with the regulatory necessities and service demands of the financial services ecosystem and supports Zero-Knowledge Proofs.

BCOS was nominated as the technology infrastructure for China’s Blockchain Service Network (BSN). This will offer a variety of state-controlled public services countrywide with the sectors including telecoms and energy management.

After six months of rolling out with its testing, BSN is expected to introduce this month. The venture is a mutual effort of Chinese state policy think tank, state-run companies, and the State In­for­ma­tion Cen­ter.

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