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Vandana Malik
Apr 16, 2020
by Vandana Malik

WeBank Partners With Digital Asset to Integrate Smart Contract Technology

WeBank
WeBank, China’s first digital bank started by Tencent has now entered into a partnership with Digital Asset. Digital Asset is a startup which is based in New York. Through this partnership, both the firms are aiming to expand the smart contract technology.

In this project, the smart contract language of Digital Asset which is DAML will be integrated with the FISCO BCOS blockchain platform. This blockchain platform has been developed by the Financial Blockchain Shenzhen Consortium working group.

In this group, there are different companies and some of the prominent ones are Tencent, Huawei including WeBank as well. The major purpose behind developing this platform was to look after both the demand of China's finance industries. This will also include looking after the regulatory requirements along with the demand of such industries.

WeBank emerged as a leader

Yuval Rooz, the CEO and co-founder of Digital Asset has specified that WeBank has emerged as a leader among all. It is responsible for providing the next-generation customer applications across the nation.

According to Henry MA, VP and CIO of WeBank, their recent collaboration with Digital Asset could be seen as a major step for all the blockchain consortium across the country. It is more like a key milestone achieved for all those consortia who are serving the finance industries across China.

China to create national standards for blockchain technology 

Recently, the Chinese government has established a committee of academics and different companies. The major purpose of this committee is to create standards for the blockchain technology that too for the national level. This committee also includes Huawei and Tencent in the members contributing towards development. The complete list of the member companies has been released by the Ministry of Industry and Information Technology of China.

For the past few months, it could be seen that China is moving towards the adoption of blockchain technology and the crypto industry as well. There has been a lot of development in China for these two in a few months which has emerged mostly during the time of coronavirus pandemic.

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    WeBank Partners With Digital Asset to Integrate Smart Contract Technology
    Vandana Malik
    Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.

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