New Cardano (ADA) smart contracts is what fintech needs-says Cardano founder Charles Hoskinson

The scientific research backed crypto, Cardano has announced the release of two smart contracts tools. The tools have been developed by one of the leading blockchain research organization, IOHK. The applications, Plutus and Marlowe; details of which can be found here are meant to help startups, financial services providers, academia as well as fintech firms have access to blockchain smart contracts and applications.

The founder of Cardano, Charles Hoskinson while speaking with CCN, explained how important the tools are vital for fintech industry.

“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. The escrow participant (Party 3) is supposed to be a neutral third party that decides in case of dispute. This way if Party 1 and Party 2 are honest, they will just agree on the result of the transaction and Party 3 will not need to do anything. If Party 1 and Party 2 disagree, Party 3 will be able to choose whether the money must go to Party 1 or to Party 2.”

Cardano is trading at $0.03025 at the time of writing. It has a 24-hour trading volume $10 billion and a market cap of $784 million. ADA is currently ranked as the 11^th largest cryptocurrency in the market as the data on CoinMarketCap.