WeBank, the digital bank owned and operated by Chinese multinational conglomerate Tencent, is working on the possibility of infusing the Digital Asset Modeling Language (DAML) smart contract language for its FISCO BCOS.
In a recent announcement, WeBank said that Digital Asset’s DAML would significantly help FISCO BCOS offer attractive blockchain solutions to its users. WeBank hopes that this will improve several sectors, especially the supply chain, in China and other countries as well.
The BCOS is a blockchain framework created by the Financial Blockchain Shenzhen Consortium (FISCO). The chain will power China’s national blockchain service, the Blockchain-Based Service Network (BSN). The BCOS was chosen last year as the blockchain platform to support the BSN as well as a few other services in other sectors such as energy and telecoms.
All members of FISCO including Tencent Cloud, Huawei, the Shenzhen Securities Communication, WeBank and hundreds of other institutions, intend to launch the BSN by April 25.
The BSN will serve as the much-needed encouragement that many micro-, small-, and medium-sized enterprises need to create blockchain solutions for their businesses. It reduces the cost of launching a regular blockchain network to between $280 and $425, from the average price of about $14,000.
DAML was created back in 2016, aimed at helping financial institutions get onboard with distributed ledger technology (DLT).
Image Credits: Pixabay
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