{"id":"aAYCRxognGU","title":"Lesson 3: Multi-Party Applications","description":"Unlike traditional integrations that add complexity and create silos, multi-party applications enable efficient interaction and transactions between groups of individuals, organizations, or platforms without intermediaries. By leveraging distributed ledgers and smart contracts, multi-party applications establish a network of parties that work together seamlessly, eliminating the need for complex integrations and maintaining control and adherence to agreed-upon rules. Additionally, these applications provide a shared system of record, ensuring data synchronization among all parties involved.\n\nFor a better learning experience, sign up and enroll in this free course at: https://daml.talentlms.com/plus/catalog/courses/149","channel_name":"Digital Asset Training","published_at":"2025-02-20T00:00:00.000Z","thumbnail_url":"https://i.ytimg.com/vi/aAYCRxognGU/hqdefault.jpg","transcript_text":"to design or build a multi-party application we should have a clear understanding and definition of what a multi-party application is and how it differs from conventional Enterprise systems a multi-party application enables groups of individuals organizations or even platforms to interact and transact with each other efficiently without the need for intermediaries or complex Integrations a multi-party application allows for data and the rules and workflows that govern that data to be shared without any party having to give up their control and without giving a single party the ability to override the agreed-upon rules of the system with a conventional enterprise system each integration adds another organization with additional requirements for that integration this often means requirement Gathering and custom development or a new process to follow and enforce worst case scenario Integrations are emails and spreadsheets sent back and forth among employees more and more Integrations are automated through message-based services like message queues Enterprise service buses or API calls with JS Alan and XML multi-party applications designed with a distributed Ledger and smart contracts can drastically reduce the risks around integration between those parties these Integrations also create silos each with their own growing changes and requirements that can break or shift in unforeseen ways multi-party applications designed with a distributed Ledger and smart contracts can drastically reduce the risks around integration between those parties multi-party applications fundamentally change the relationship between parties from a Loosely connected collection of silos with message-based Integrations to a codified and efficient network of parties that can seamlessly work together to build workflows beyond the complexity of differing apis and the silos that are created by Integrations most Integrations are not core to the business they are added into or on top of critical workflows as intermediaries intermediaries are a common way of managing trust in systems by adding oversight audits or verification that a task is completed appropriately if you want to sign a contract with someone else it's common to have a witness if you want to negotiate a deal a broker or agent is common to provide introductions and establish an agreement but integrating these intermediaries into a system to improve trust again increases complexity often this means yet another API or messaging protocol that needs to be considered but the data we work with every day is most valuable when it can be used quickly to make decisions or be transformed along a workflow data sitting idle is rarely of value a multi-party application built on a distributed Ledger creates a shared system of record and the data is physically controlled by the individual parties the distributed Ledger ensures all parties are kept in sync automatically and securely creating a global shared system when new parties need to be added to the application the data model and the rights to the data are clear and transparent to all parties involved so let's review the important aspects of a multi-party application are that the application needs to work with multiple parties or organizations a true multi-party application doesn't create more complex Integrations silos or intermediaries but brings all necessary parties into the same application system while maintaining the rules and controls between parties multi-party applications create a shared system of record that keeps the data in sync","transcript_synced_at":"2026-10-26T03:59:19.497Z","segments":[{"start_seconds":0,"text":"to design or build a multi-party application we should have a clear understanding and definition","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=0s"},{"start_seconds":6,"text":"of what a multi-party application is and how it differs from conventional Enterprise systems","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=6s"},{"start_seconds":13,"text":"a multi-party application enables groups of individuals organizations or even platforms to","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=13s"},{"start_seconds":20,"text":"interact and transact with each other efficiently without the need for intermediaries or complex","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=20s"},{"start_seconds":26,"text":"Integrations a multi-party application allows for data and the rules and workflows that govern that","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=26s"},{"start_seconds":34,"text":"data to be shared without any party having to give up their control and without giving a single party","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=34s"},{"start_seconds":40,"text":"the ability to override the agreed-upon rules of the system with a conventional enterprise","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=40s"},{"start_seconds":46,"text":"system each integration adds another organization with additional requirements for that integration","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=46s"},{"start_seconds":53,"text":"this often means requirement Gathering and custom development or a new process to follow and enforce","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=53s"},{"start_seconds":61,"text":"worst case scenario Integrations are emails and spreadsheets sent back and forth among employees","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=61s"},{"start_seconds":68,"text":"more and more Integrations are automated through message-based services like message","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=68s"},{"start_seconds":73,"text":"queues Enterprise service buses or API calls with JS Alan and XML multi-party applications designed","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=73s"},{"start_seconds":82,"text":"with a distributed Ledger and smart contracts can drastically reduce the risks around integration","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=82s"},{"start_seconds":88,"text":"between those parties these Integrations also create silos each with their own growing changes","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=88s"},{"start_seconds":95,"text":"and requirements that can break or shift in unforeseen ways multi-party applications designed","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=95s"},{"start_seconds":103,"text":"with a distributed Ledger and smart contracts can drastically reduce the risks around integration","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=103s"},{"start_seconds":109,"text":"between those parties multi-party applications fundamentally change the relationship between","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=109s"},{"start_seconds":115,"text":"parties from a Loosely connected collection of silos with message-based Integrations to","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=115s"},{"start_seconds":121,"text":"a codified and efficient network of parties that can seamlessly work together to build workflows","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=121s"},{"start_seconds":133,"text":"beyond the complexity of differing apis and the silos that are created by Integrations most","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=133s"},{"start_seconds":139,"text":"Integrations are not core to the business they are added into or on top of critical","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=139s"},{"start_seconds":145,"text":"workflows as intermediaries intermediaries are a common way of managing trust in systems by","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=145s"},{"start_seconds":152,"text":"adding oversight audits or verification that a task is completed appropriately","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=152s"},{"start_seconds":158,"text":"if you want to sign a contract with someone else it's common to have a witness if you want to","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=158s"},{"start_seconds":164,"text":"negotiate a deal a broker or agent is common to provide introductions and establish an agreement","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=164s"},{"start_seconds":172,"text":"but integrating these intermediaries into a system to improve trust again increases complexity","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=172s"},{"start_seconds":179,"text":"often this means yet another API or messaging protocol that needs to be considered","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=179s"},{"start_seconds":185,"text":"but the data we work with every day is most valuable when it can be used quickly","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=185s"},{"start_seconds":190,"text":"to make decisions or be transformed along a workflow data sitting idle is rarely of value","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=190s"},{"start_seconds":198,"text":"a multi-party application built on a distributed Ledger creates a shared system of record","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=198s"},{"start_seconds":205,"text":"and the data is physically controlled by the individual parties the distributed Ledger ensures","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=205s"},{"start_seconds":212,"text":"all parties are kept in sync automatically and securely creating a global shared system","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=212s"},{"start_seconds":219,"text":"when new parties need to be added to the application the data model and the rights to the data are clear and transparent to all parties involved","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=219s"},{"start_seconds":229,"text":"so let's review the important aspects of a multi-party application are that the","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=229s"},{"start_seconds":236,"text":"application needs to work with multiple parties or organizations a true multi-party application","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=236s"},{"start_seconds":243,"text":"doesn't create more complex Integrations silos or intermediaries but brings all necessary","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=243s"},{"start_seconds":249,"text":"parties into the same application system while maintaining the rules and controls between parties","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=249s"},{"start_seconds":256,"text":"multi-party applications create a shared system of record that keeps the data in sync","url":"https://www.youtube.com/watch?v=aAYCRxognGU&t=256s"}],"youtube_url":"https://youtube.com/watch?v=aAYCRxognGU","url":"https://ccpedia.xyz/videos/aAYCRxognGU"}