A novel blockchain network aimed at financial institutions is in the works, called the The Canton blockchain network for financial institutions is being launched by Digital Asset and a group of firms, including Microsoft, Goldman and Deloitte.
Thank you for reading this post, don't forget to subscribe!
According to the announcement on May 9, the Canton Network will be a privacy-enabled interoperable blockchain network aimed at those working with institutional assets. It will allow the synchronization of financial markets that were “previously siloed.”
The network will begin testing its capabilities in July, which include extensive privacy controls and the ability to achieve the scale and performance needed by major financial institutions. Participants in the network currently include BNP Paribas, Cboe Global Markets, Digital Asset, Paxos, Microsoft, Goldman Sachs, Deloitte and others.
Cathy Clay, executive vice president of Cboe Global Markets — one of the partners in the project — said that, when leveraged, blockchain technology can potentially “unlock” new opportunities in the market.
“The tokenization of real-world assets may offer an unprecedented opportunity to create new market infrastructure and drive efficiency in the trading of products across the globe.”
Canton is built on Daml, the smart contract language of Digital Asset, which creates an interoperable system where “assets, data, and cash” can synchronize across linked applications.