A company based on blockchain technology research and development, IOHK, made an announcement stating that a great team has developed two new tools that will aid in writing smart contracts on Cardano’s blockchain.
Using the Tools in Advancing FinTech
The two tools were named Plutus and Marlowe respectively and were launched at the maiden PlutusFest conference in Edinburgh, Scotland. Both tools will facilitate the ease of startups, financial services and FinTech industries on creating smart contracts on the Cardano blockchain.
The Plutus tool makes provision for a multipurpose programming language and Cardano protocol tools. The engineers and scientists of the blockchain-based technology research and development company, IOHK, have integrated the Cardano network with the Haskell functional language’s discipline in order to build a platform on which secure smart contracts can be written by FinTech developers.
IOHK has made provisions for simple development on the blockchain and an environment in which Plutus contracts can be tested based on a novel blockchain emulator, called Plutus Playground. The contracts can be deployed to the blockchain.
Cardano’s CEO spoke on the Marlow application and said that it would facilitate swift money transfer between cross-border businesses. It would also aid rental deposit holding in escrow to improve transparency. He explained that;
“As an example: The escrow mechanism allows Party 1 to deposit the money into a contract, in a way that the money will only be released when two out of three participants agree on whether Party 2 has indeed given Party 1 the item.”
He further explained that the third party would not take sides if there is a conflict between both initial parties. The integrity of both parties would then lead to a resolution in the conflict without the third party having to do anything. However, if there is a disagreement between both parties, the third party would possess the choice to send the money to either of the two conflicting parties.
The CEO then attempted to make the matter simple for a layman by saying if payment of 450 ADA (Cardano’s native token) was made for say, an Item A, and it must be committed by Party 1 before the tenth block, a refund would be made to party 1 in the event that there is no unanimity before the 90th block.
The Marlowe application is an easy way to create code and build software products for those are not program savvy. The tool has a simple interface and allows financial professionals without prior programming knowledge to preparing smart financial contracts on the blockchain. The Marlowe application has its own web-based testbed, Meadow.
The tools were revealed at the premier edition of the PlutusFest, an event that has been graciously hosted by the Edinburgh Blockchain Technology Laboratory at the University of Edinburgh. It serves as the headquarters for IOHK’s network for global university partnerships and was created in 2017.