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As the blockchain technology evolves, there is a need for improved frameworks through which users can create and deploy smart contracts. DAML is one such open-source language for smart contracts originated by Digital Asset.
In this article, we will be understanding about the features of DAML, it’s need and benefits in the current scenarios and the steps to get started with building smart contracts using DAML.
One of the most crucial features of Blockchain Technology is its decentralized nature. This means that the information is shared by all the parties of the networks. Hence, it eliminates the need for middlemen or intermediaries to facilitate operations. This feature is particularly useful because it saves one from the possibilities of hacks and fraudulent activities. Blockchain Technology offers a feature-rich, fast, cheap, and efficient mode of transactions. Thus, most organizations in the government and banking sectors have started adopting this top-notch technology.
This post deals with the importance and the need for Smart Contracts to create Blockchain applications in the market.
One of the most promising developments in blockchain is the use of smart contracts. Smart contracts are self-executing contracts in which the conditions of the agreement between buyer and seller are clearly written into lines of code. The code and the agreements enclosed within are stored across a distributed, decentralized blockchain network. Simply, smart contracts are computerized transaction protocols that execute the terms of a contract.
The probable advantages of smart contracts have seen businesses paying huge attention to smart contract development services. Unfortunately, the big spike in interest has also promoted the growth of some major misconceptions about smart contract development services: what they do, what their products are meant for, and what their products can do?
Ever since Ethereum was introduced in 2015 by Canadian-Russian programmer, Vitalik Buterin, it has brought forth new decentralized applications (dApps). However, Ethereum’s success is significantly attributed to the implementation of smart contracts.
Many people believe that smart contracts are a new concept and have been invented with the Ethereum Blockchain Platform. However, they date back to 1996 when computer scientist, Nick Szabo, coined the term and defined them as: