NYSE listed Broadridge, best known for its proxy voting solutions, is an investor in blockchain technology company Digital Asset as well as a client. Digital Asset’s technology underpins the Australian Securities Exchange‘s new CHESS settlement system. Following Digital Asset’s open sourcing of its DAML smart contracting language, we asked Broadridge about its thoughts on DAML and, more broadly, enterprise blockchain. Below is an emailed response from Kishore Sheshagiri, Executive VP of Blockchain Strategy at Broadridge.
- DAML: enables multidisciplinary collaborative teams working together to solve problems
- DAML: well suited to complex solutions in the DLT world
- DAML: forces developers and business specialists to think differently, necessitating initial learning time
- Enterprise blockchain: explains why some successful pilots are not appropriate for production solutions
- Enterprise blockchain: outlines Broadridge’s criteria in selecting a DLT. At a technology level, the smart contracting language is key
What use cases is DAML particularly useful for, and why?
Broadridge has been exploring multiple DLT solutions over the last four years across various DLT platforms. The financial contracts in capital markets involve complex business logic & multiple party workflows, legal & regulatory compliance needs and inherent need to manage confidentiality & risk.
Most Smart contract technologies either have limitations (or) a high level of implementation complexity and end up not accomplishing the stated promise. DAML in our experience is particularly well suited for building solutions dealing with complex financial contracts including bilateral repos, derivatives and settlement obligations which have complex lifecycles and require active workflow management between multiple parties right from the inception of the contract till its maturity.
DAML brings a high level of sophistication in abstracting the implementation of business rules & workflows…