A well-known Digital Bank partners with a Blockchain technology company to explore a new ecosystem of smart contracts.

Recently, it has been reported that a well-known Digital Bank plans to collaborate with a Distributed Ledger technology provider. Both companies have developed a smart contracts engine and an underlying Blockchain platform, which are prominent Open Source projects in the Blockchain field.

Since its complete Open Source in 2017, this underlying platform 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 chain underlying platform introduced by the national Blockchain service network.

On the other hand, the technology company founded in 2014 focuses on building a cross-enterprise asset, transaction, and workflow processing platform for corporate clients. In recent years, its products have garnered support and adoption from several industry giants, including the Australian Securities Exchange, the Hong Kong Stock Exchange, and some well-known consulting firms.

The smart contracts ecosystem developed by this technology company can be used to build full-stack smart contract applications on Distributed Ledger, cryptocurrency, and traditional databases. At its core is a functional programming language specifically designed to describe composable distributed business workflows. Through integration with different platforms, this system enables developers from various enterprises to more quickly develop secure, complex, compatible, operable, and reliable applications, and deploy them onto various types of ledgers.

The co-founder and CEO of the tech company stated: "We are excited to collaborate with this leading Digital Bank to adapt our smart contracts system to their predominantly developed Open Source alliance Blockchain platform. As a key initiator and promoter of the platform community, this bank is leading the development of a new generation of Distributed Ledger applications in China and other regions."

The Vice President and Chief Information Officer of the Digital Bank also stated: "Considering the wide application of this smart contracts system in the financial industry, we are very pleased to collaborate with this technology company on research in the open source smart contracts engine field. This will provide strong support for us to explore next-generation Blockchain solutions in finance, supply chain, and other industries."

This smart contracts system is a domain-specific language that can establish collaborative relationships and responsibilities among participants. This will enable developers to quickly and accurately implement the following functions:

1. Simulate various types of assets, from commodities and debt instruments to complex financial derivatives.

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

3. Track changes in status to protect privacy and confidential data, tracking the changes in rights and obligations of various parties in multi-party workflows over time.