China is embracing blockchain technology at a rapid pace. According to global market intelligence firm IDC, China’s spending on blockchain technology will reach over $2 billion USD in 2023. Additional research from CB Insights shows that blockchain deals are moving from West to East, going from 51% in the US and 2% in China in 2015 to 31% and 22% respectively in 2019.
Driving this trend is WeBank, China’s first and largest digital bank. Today, WeBank announced plans to integrate DAML with FISCO BCOS, one of the largest blockchain consortium platforms in China, spearheaded by WeBank, Tencent and Huawei, among others. This is great news for Digital Asset and the global DAML community.
For developers using FISCO BCOS, DAML is a blockchain agnostic smart contract language that will help you create sophisticated, correct and secure solutions in a fraction of the time it would take with legacy languages. For DAML users, existing DAML applications will be able to be ported and deployed on the FISCO BCOS platform.
WeBank is a driving force behind the FISCO BCOS community, and has emerged as a leader paving the way for the next generation of distributed customer applications across China and beyond. For Digital Asset, this is a great opportunity to introduce DAML to a new market and further expand its international reach.
Today, the FISCO BCOS community spans 10,000+ individual developers, and 500+ corporate members globally. The platform is also being used as the technology infrastructure for China’s national blockchain services network (BSN).