The crypto industry has been waiting for an Ethereum compatible smart contracting language to enable formal verification and it has finally arrived. AxLang has been designed for the world’s largest financial institutions and forms part of the Axoni blockchain. It has been tipped to become the blockchain of choice for almost $11 trillion of credit derivatives and forex trades. Founded in 2013, the five-year-old company received $32 million in a series B funding round, which was led by the likes of Goldman Sachs and J.P. Morgan, Wells Fargo, and Citi amongst others.
Blockchain is Coming to Improve Finance
Blockchain technology is being trialed and implemented by some of the largest names in finance and tech. Microsoft is developing a blockchain based system to remit royalty payments to game devs, while American Express is working on a Proof of Payment blockchain system to give its users more power and autonomy when booking travel and accommodation. In addition to these two examples, banks and financial institutions from around the globe are partnering with various distributed ledger companies – such as Ripple and Stellar – to speed up cross-border payments and reduce the transaction costs. This new smart contracting language will provide these financial institutions with the ability to craft error-free smart contracts, meaning verification is functional and reliable.
AxLang Solves A Glaring Issue
Smart contracts have the ability to make blockchain technology more powerful, but they have been plagued with bugs and poor coding over the years. This, in turn, has led to over $500 million being stolen or lost due to faulty smart contracts. Most notably, Bancor suffered from a $23.5 million hack through a faulty smart contract. AxLang utilizes the programming language Solidity which is already widely used within the financial services industry. This means existing programmers won’t have to go to night school to learn the new language and companies won’t have to hire new staff.
Just the Beginning for AxLang and Axoni
This is just the beginning for the blockchain firm and its new smart contracting language. It is currently working on building its base layer distributed ledger infrastructure – AxCore – which will be integrated with legal records, lifecycle events and cash-flow calculations – the kind that drive multi-trillion-dollar markets. Its potential and future road map are astounding and breathtaking. Axoni is working to revolutionize the financial industry and the big names in financial services are already climbing on board by investing big in its technology.
The financial services and banking industries will require some persuading to implement blockchain technologies in their companies. If Axoni’s platform and new language is successfully tested to show no bugs, it could see mass adoption throughout the financial services and banking industries. This will help to bring blockchain and cryptocurrencies to the masses and drive mass adoption – the event that could trigger the dominance of crypto and the fall of fiat.