Digital Asset Acquires Swiss Tech Firm for Smart Contracts-Alternative Modeling Language
Digital Asset Holdings, a venture-backed developer of distributed ledger technology, today revealed that it acquired Zurich-based Elevence Digital Finance AG, a technology firm that has developed an expressive language for financial institutions to model and execute agreements.
The acquisition has led the New York-based startup to also announce the Digital Asset Modeling Language (DAML), a privacy preserving yet provable alternative to Smart Contracts designed specifically for financial services.
The Elevence team will play a major role in DAML’s development as the Swiss firm has already developed a modeling language capable of expressing any right or obligation, including cash, securities and derivatives. The code defines the considerations between parties and determines how these contractual relations can evolve over time. This provides relevant parties with a unified view of current and future rights and obligations on a need-to-know basis, rather than revealing confidential information as in smart contract systems.