Digital Asset Modeling Language

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Digital Asset Modeling Language ("DAML")
Appeared in 2016
Developer Digital Asset Holdings
Stable release 2019
License Open-source
Website daml.com
*

Digital Asset Modeling Language ("DAML") is an Open-source programming language designed for writing distributed applications. [1] It serves as a computer language that aids in modeling agreements between financial institutions and/or individuals and it runs on the leading blockchain platforms.[2][3]

History

Digital Asset Modeling Language (DAML) was developed by a technology firm called Elevence and was published by Digital Asset Holdings after it acquired Elevence in 2016.[4]

On April 4, 2019, Digital Asset Holdings released the Digital Asset Modeling Language and made it available under open source licensing.[5][6]

In same April 2019, Digital Asset collaborated with the International Swaps and Derivatives Association ("ISDA") to support the ISDA common domain model's adoption by providing DAML as a smart contract language.[7] The collaboration was aimed at producing an open source library and reference app.[7]

On April 11, 2019, Digital Asset partnered with VMware to deploy DAML in the first instance of compatibility with a third-party blockchain.[8] Digital Asset also initiated the integration of DAML into Hyperledger's Sawtooth on April 16, 2019.[9][10]This led to the first integration of DAML with one of Hyperledger consortium’s ledger platforms.[10]

Operational model

Open source

DAML runs as an open source platform that employs language-agnostic APIs and standard protocols making it easy to integrate with current technology stacks.[11]

Working procedure

DAML separates business logic from systems code, giving the user a lead way to model and execute the interactions at the heart of an enterprise.[12][13]

Usage

DAML was designed specifically for use in multi-party smart contracts. It is used for modelling multi-party business workflows on traditional databases or with enterprise-scale distributed ledger technology (DLT).[14]

DAML can be used to solve complex business problems across internal and external business endeavors.[15]

Benefits

DAML gives the user the freedom to make selections based on current needs.[16][17]

DAML gives the user the room to explore, learn and test on a small scale, and at a suitable speed.[18] Its built-in scenarios helps the user to visualize and test workflows in real time while offering instant feedback towards identifying errors and solving them.[19]

DAML powers real life business solutions across a wide range of industries such as Capital markets, Healthcare, Supply Chain, Insurance and many more.[20]

See also

References

  1. Ben Jessel,"Digital Asset Steps Up A Gear In Enterprise Blockchai". forbes.com. 19 February 2020. https://www.forbes.com/sites/benjessel/2020/02/19/digital-asset-steps-up-a-gear-in-enterprise-blockchain/#32850fd87f9a. Retrieved 20 February 2020. 
  2. Nicky Morris,"Digital Asset open sources smart contracting language DAML for use on other blockchains". ledgerinsights.com. https://www.ledgerinsights.com/enterprise-blockchain-dlt-digital-asset-daml-smart-contract/. Retrieved 20 February 2020. 
  3. Michael del Castillo and Matt Schifrin,"Blockchain 50". forbes.com. https://www.forbes.com/sites/michaeldelcastillo/2020/02/19/blockchain-50/#2e697c87553d. Retrieved 20 February 2020. 
  4. "Digital Asset to Open Source Smart Contract Language". coindesk.com. 23 August 2016. https://www.coindesk.com/digital-asset-open-source-smart-contract-language. Retrieved 20 February 2020. 
  5. "Update on Open-Sourcing Plans for Digital Asset Modeling Language (DAML)". hub.digitalasset.com. https://hub.digitalasset.com/blog/update-on-open-sourcing-plans-for-digital-asset-modeling-language-daml. Retrieved 20 February 2020. 
  6. "Digital Asset Open Sources its Smart Contract Language, DAML, to Enable Integration with Other Platforms". hub.digitalasset.com. https://hub.digitalasset.com/press-release/digital-asset-open-sources-daml. Retrieved 20 February 2020. 
  7. 7.0 7.1 Joe Parsons,"Digital Asset partners with ISDA to support adoption of CDM". thetradenews.com. 11 April 2019. https://www.thetradenews.com/digital-asset-partners-isda-support-adoption-cdm/. Retrieved 20 February 2020. 
  8. "DAML + VMware". medium.com. https://medium.com/daml-driven/daml-vmware-fd18013632f7. Retrieved 20 February 2020. 
  9. "Digital Asset’s Smart Contract Language Now Works on Hyperledger Blockchains". coindesk.com. 16 April 2019. https://www.coindesk.com/digital-assets-smart-contract-language-now-works-on-hyperledger-blockchains. Retrieved 20 February 2020. 
  10. 10.0 10.1 Hank Tucker,"Digital Asset Integrates With Amazon, Hyperledger Fabric And R3 Corda". forbes.com. 18 June 2019. https://www.forbes.com/sites/hanktucker/2019/06/18/digital-asset-integrates-with-amazon-hyperledger-fabric-and-r3-corda/#52dd15b15790. Retrieved 20 February 2020. 
  11. Biser Dimitrov,"What Changed? Enterprise Blockchain Startups Are All Of A Sudden Cool". forbes.com. 19 February 2020. https://www.forbes.com/sites/biserdimitrov/2020/02/19/what-changed-enterprise-blockchain-startups-are-all-of-a-sudden-cool/#10f51d2c5df1. Retrieved 20 February 2020. 
  12. Swati Goyal,"DAML- The open-source language for smart contracts originated by Digital Asset 0". forbes.com. 12 May 2019. https://101blockchains.com/daml/. Retrieved 20 February 2020. 
  13. "Introducing the Digital Asset Modeling Language: A Powerful Alternative to Smart Contracts for Financial Institutions". hub.digitalasset.com. https://hub.digitalasset.com/blog/introducing-the-digital-asset-modeling-language-a-powerful-alternative-to-smart-contracts-for-financial-institutions. Retrieved 20 February 2020. 
  14. Helen Partz,"Blockchain Software Firm Digital Asset Open Sources its DAML Language". hub.cointelegraph.com. 4 April 2019. https://cointelegraph.com/news/blockchain-software-firm-digital-asset-open-sources-its-daml-language. Retrieved 20 February 2020. 
  15. "DAML: The Contract Language of Distributed Ledgers". queue.acm.org. 19 August 2019. https://queue.acm.org/detail.cfm?id=3357728. Retrieved 20 February 2020. 
  16. "everis broadens banking sector solutions with DAML, Digital Asset’s smart contract technology". everis.com. 29 April 2019. https://www.everis.com/global/en/news/newsroom/everis-broadens-banking-sector-solutions-daml-digital-assets-smart-contract-technology. Retrieved 20 February 2020. 
  17. Carl T,"Digital Asset Modelling Language (DAML) Goes Open Source as DA Firm Gets Closer to Hyperledger". bitcoinexchangeguide.com. 4 April 2019. https://bitcoinexchangeguide.com/digital-asset-modelling-language-daml-goes-open-source-as-da-firm-gets-closer-to-hyperledger/. Retrieved 20 February 2020. 
  18. Amanda Allen,"What Is DAML". Jumpstartblockchain.com. 29 July 2018. https://www.jumpstartblockchain.com/article/what-is-daml/. Retrieved 20 February 2020. 
  19. "Digital Asset Modeling Language (DAML) Use Case Demo". opencrowd.com. https://opencrowd.com/daml-demo. Retrieved 20 February 2020. 
  20. "Digital Asset open sources smart contract language". finextra.com. 4 April 2019. https://www.finextra.com/newsarticle/33643/digital-asset-open-sources-smart-contract-language. Retrieved 20 February 2020. 

External links