A language for digital contracts
CSL (Contract Specification Language) is a functional language. It specifies the business interactions protocol and defines the rules of digital contracts. The set of admissible business actions is written using the report specification feature which includes a query language to analyze and report over the current state of B2B interactions. The ontology specification feature defines the data format that in turn defines which event must be transmitted to the parties.
How it works
Digital contracts, written in CSL, are a passive and mathematically verifiable protocol to validate mutually agreed business actions between partners.
Deon Digital technology enables the interaction of backend systems with the peers of a distributed ledger network via a DLT adapter. The peers form a business network which guarantees a consistent view of the current obligations across all parties.
The DLT adapter is integrated in the backend systems and the DLT peers. It carries out on the peers the processing of business actions, specified in the obligations of the digital contract. Deon Digital currently offers DLT adapters for R3 Corda and IBM Hyperledger.
Peers participate in a business network and gain shared control over data. A governance/KYC process may be implemented for the participants in order to satisfy potential regulatory requirements and/or to assure that the parties of a digital contract can trust each other.
In business networks formed by peers of a permissioned distributed ledger, confidentiality regarding the state of the digital contracts, as well as the real-world identities can be achieved through a selective distribution of data and the use of public-key cryptography.
Parties cannot falsify a contract.
Calculate the future obligations, rights, and processes.
The Distributed Ledger Technology ensures that only contract parties have access to data.
During the past few years many different solutions have been proposed for what’s commonly referred to as Smart Contracts Technologies. At the base of each proposition there is a language. Deon Digital’s proposition is based on CSL (Contract Specification Language), but what are its main characteristics and how does it compare to the other available proposition on the market? Find below our landscape analysis.