Digital Bank partners with blockchain companies to create the next generation of financial smart contracts ecosystem.

Recently, a well-known Digital Bank announced that it will collaborate with a Distributed Ledger technology company. These two companies have developed influential Open Source projects in the Blockchain field: a smart contracts engine and a underlying Consortium Blockchain platform.

Since this underlying Consortium Blockchain platform became fully Open Source in 2017, it has attracted tens of thousands of individual developers and over 500 institutional enterprises after two years of development, with more than 60 applications implemented in various fields. By the end of 2019, it also became the first domestic Consortium Blockchain underlying platform adopted by a national-level Blockchain infrastructure project.

The partner is a technology-driven enterprise established in 2014, focusing on building cross-organizational platforms for asset, transaction, and workflow processing for enterprise clients. In recent years, its products have gained support and usage from several well-known financial institutions and consulting firms.

The open-source ecosystem developed by the company can be used to build distributed applications based on full-stack smart contracts on distributed ledgers, cryptographic, and traditional databases. At its core is a functional programming language specifically designed to describe composable distributed business workflows. Through integration with various platforms, the system enables developers of all kinds to more quickly create secure, complex, compatible, operational, and reliable applications and deploy them onto various types of ledgers.

The co-founder and CEO of this technology company stated: "We are excited to collaborate with a leading global digital bank to integrate our products into its dominant open source consortium blockchain platform. As a key driver behind the community of this platform, this bank is leading the development of the next generation of distributed applications in China and other regions."

The Vice President and CIO of the Digital Bank also stated: "Considering the extensive application of this smart contract engine in the financial sector, we are pleased to collaborate with this technology company in the field of open source smart contract engines. This will provide strong support for us to explore next-generation blockchain solutions in finance, supply chain, and other industries."

This smart contracts engine is a domain-specific language that can build collaborative relationships among participants and define their rights and responsibilities. This will enable developers of the Consortium Blockchain platform to quickly and accurately accomplish the following tasks:

1. Simulate various asset classes, from commodities and debt instruments to complex financial derivatives.

2. Concisely simulate real contract relationships, with applications covering digital insurance policies and claims processing, as well as logistics and supply chain coordination.

3. Track the change status in a way that protects privacy and confidential data, monitoring the status of the rights and obligations of each party in a multi-party workflow as they change over time.