In an announcement today, New York-based blockchain startup Digital Asset Holdings (DAH) revealed its acquisition of Swiss technology firm Elevence Digital Finance AG. With the acquisition, DAH has announced the Digital Asset Modelling language, an alternative to Smart Contracts that is specifically designed for financial services.
Digital Asset has revealed its acquisition Zurich-based Elevence, a technology firm behind the development of an ‘expressive language’ that enables financial institutions to “model and execute with certainty and finality.”
Digital Asset saw Elevence’s technology as a solution to provide a new, verifiable way for participants in a transaction to “independently prove updates” to a blockchain while ensuring confidentiality, as opposed to information being revealed in Smart Contracts systems.
Elevence’s technology is developed by a team of eight computer scientists and financial technologists, each one possessing a Ph.D. or a Masters degree in their relevant fields.
In a statement, Blythe Masters , CEO of Digital Asset said: The resulting Digital Asset platform (following the acquisition) is specifically designed to address financial services applications requiring automation, privacy and immutability. A Modelling Language for DA’s Blockchain
A press release by Digital Asset today explains the technology developed by Elevence. Elevence has developed a powerful modelling language capable of expressing any right or obligation, including cash, securities and derivatives, whereby the code defines the considerations between parties and determines how these contractual relations can evolve over time. The Blythe Masters-led blockchain startup also revealed that its engineers have been working with the team of eight from Elevence for the past few months, integrating the latter’s technology into DAH’s stack. With it, the company announced the Digital Asset Modeling Language (DAML), an innovation it deems as a “privacy-preserving yet provable alternative” to Smart Contracts.
More specifically, DAML is designed for a private execution (closed) environment rather than an open-execution […]
