A blockchain company that no longer deals solely with blockchains.
Digital Asset made a name for itself as a leader in how distributed-ledger technology would be implemented on Wall Street when it burst onto the scene in 2014. Big-name backers, large funding rounds, and a former high-profile bank executive caused it to turn heads.
Five years later the industry is still considering how best to implement distributed-ledger technology. While nearly every Wall Street firm has invested resources into investigating blockchains, real-world applications of the technology beyond pilot programs have been largely nonexistent.
A research report from JPMorgan in January threw cold water on the technology, suggesting it was unlikely to re-invent the global payments system and only provide “marginal improvements“.
In the meantime, Digital Asset has plans for how its tech can be beneficial for firms outside of the blockchain.
Chris Clason, Digital Asset’s director of strategic alliances, told Business Insider many banks have shown interest in using DAML, the fintech’s programming language for developing smart contracts, for traditional databases they currently operate.
As a result, the company sees an opportunity for its technology to help more companies than just those working on blockchain projects. Firms don’t need distributed ledgers