Cardano, the third-generation blockchain project, is set to provide tools for developers, end-users, and businesses to execute smart contracts in financial agreement through a new suite known as Marlowe.
Marlowe, IOG’s product suite, comes with Marlowe Build and Marlowe Play for developers, where smart contracts can be developed and tested. It also contains Marlowe Run for end-users to execute financial agreements on Cardano blockchain using customizable and open-source templates.
In a recent blog post, Shruti Appiah, a product manager at Input Output Global (IOG), wrote:
“We are currently developing a suite of Marlowe products to democratize finance and enable easy access to financial agreements. This includes Marlowe Run, a new product that will allow users to seamlessly execute off-the-shelf financial agreements with friends or clients in a secure fashion, and on their own. With added automation features and no need for third-parties, this peer-to-peer solution will be cost-effective, and more importantly, democratizing…
“We seek to empower people to create their own financial instruments and set up agreements with anyone with whom they want to interact.”
In the blog post, Appiah said, “As a part of the Goguen rollout, we are now in the process of completing the implementation of Marlowe on Cardano, giving users and organizations the opportunity to execute DeFi contracts they have written themselves or downloaded from a contract repository.
Appiah added that Marlowe will be deployed in stages this year for end-users “Marlowe will run first of all on the Cardano blockchain, but it is blockchain-agnostic so could run on other blockchains to reach an even broader audience in the future.”
Meanwhile, Cardano is currently on the Alonzo upgrade phase, which is expected to complete by the end of August. This development will bring smart contract functionality and enable decentralized finance applications on the Cardano blockchain.