The leaders of the tech and finance industries have conjoined forces to unveil a new, robust, and interoperable blockchain network. Goldman Sachs, Deloitte, Microsoft, and other groups have joined themselves with Canton Network, a privacy-empowered blockchain solution.
According to a report by Bloomberg, the intention is to link disparate institutional applications to ensure wider adoption of distributed ledger technology in financial markets.
Along with Microsoft and Goldman Sachs, numerous tech and financial industry leaders are also backing the project. Some specific names which are likely to contribute towards the improvement of this new blockchain include Digital Asset, BNP Paribas, ASX, Broadbridge, Paxos, Deutsche Borse Group, Cumberland, SBI Digital Asset Holding, and Moody’s.
May 9 saw the announcement of a groundbreaking collaboration in the world of Web 3 by a host of tech and financial firms to develop Canton Network. Per Bloomberg reports, the network’s testing phase will be initiated in July 2023.
The blockchain solution by the industry giants offers better privacy and controls than existing technology. In addition, it’ll be fit to accomplish the scale and performance the financial institutions need.
A statement by one of the officials regarding Canton,
“It develops a ‘network of networks,’ allowing previously siloed systems in financial markets to interact with the appropriate privacy, permissions, governance, and controls required for highly-regulated industries.”
Apparently, this blockchain system will ensure a safer and reconciliation-free experience for financial institutes. There’ll be free synchronization across assets, data, and cash across applications.
Financial institutions can avail of this opportunity to offer exciting and innovative products to their clients. Further, it enables elevating efficiency and mitigating risk.
The Canton Network system will bring blockchain applications created through Daml, a smart contract language offered by Digital Asset. This collaboration comes as a byproduct of blockchain testing and development for years by the participating institutions. The latest network also carries ways to simplify and expedite complex procedures.
According to the report, Daml will allow Canton to connect to several applications. Particularly, it can benefit from Goldman’s Digital Asset platform, which offers assets on blockchain. In essence, the network will grow its reach with applications developed through the specific coding language.
Institutional investors are showing spiked interest in digital assets following this announcement. However, the responses on Twitter are mixed reactions- with the community split on the decentralized/ centralized nature of the network. Many also feel it will benefit corporations more than other investors.
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