The DAML smart contract language is getting more popular.
BNP Paribas’ securities arm has partnered with Digital Asset to develop a number of real-time trade and settlement applications using DAML-based smart contracts, the firm announced on Sept. 15.
The new DAML-driven apps will connect BNP Paribas Securities Services with major global stock exchanges like the Australian Securities Exchange (ASX) and the Hong Kong Exchange (HKEX).
The apps will provide market participants in the Asia Pacific with real-time access to ASX and HKEX’s upcoming blockchain-based trading and settlement platforms. BNP Paribas will specifically connect to the ASX’s blockchain-powered equity transaction platform known as the Clearing House Electronic Subregister System, or CHESS.
Alongside connecting various blockchain-based platforms, the new DAML apps will be also available to clients in markets that have not integrated distributed ledger technology, the announcement notes.
One of the apps comprises a smart elections service for corporate actions. Due in 2021, the app is designed to provide instant access to all the corporate action chain data like dividend reinvestment or purchase offer decisions. It is expected to reduce processing times and improve operational efficiency, as well as enable investors to make decisions based on the most relevant market data.
Introduced in April 2016, DAML stands for Digital Asset Modeling Language and represents an expressive language designed for financial institutions to model and execute agreements through DLT and smart contracts.
Both the ASX and HKEX have emerged as partners of Digital Assets. In 2019, the ASX and Digital Asset signed a Memorandum of Understanding stating that the stock exchange will support DAML as part of its CHESS blockchain registry. As reported, ASX’s CHESS system is coming in 2021.
In October 2018, HKEX partnered with Digital Asset to accelerate post-trade processes and reduce settlement risks.
The DAML smart contract language is seeing increased implementation within major global blockchain initiatives. On Sept. 14, China’s national blockchain project, the Blockchain Services Network, announced DAML support to develop decentralized applications on its platform. In early September, Singapore’s major investment holding company, Singapore Exchange, issued its first digital bond powered by DAML.
Source: , CoinTelegraph
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