Multinational firms like Microsoft, Deloitte, and Goldman Sachs are collaborating on a new blockchain network for financial markets called Canton Network. The network will offer a decentralised architecture that connects multiple apps created using the smart contract language Daml, which is independent of any particular blockchain. Canton Network aims to provide several blockchain development services to make it easier for financial markets to adopt privacy-focused blockchain technology.
Participants in the network currently include BNP Paribas, Cboe Global Markets, Digital Asset, Paxos, Microsoft, Goldman Sachs, Deloitte, and others.
Canton Blockchain Network - an Initiative Between Prominent Financial Firms
The Canton Network is a decentralized infrastructure that connects independent applications built with Digital Asset's smart-contract language, Daml. It creates a 'network of networks'. It allows previously separate financial systems to interoperate with the appropriate governance, privacy, permissions, and controls needed for regulated industries.
Additionally, financial organisations will be able to use the blockchain to securely synchronise assets, data, and money across applications in a setting free of reconciliation. With the Canton Network, financial institutions can offer innovative products to their clients while enhancing their efficiency and risk management.
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What Canton Promises
Here is what the blockchain network promises:
Privacy
Canton can transform blockchain networks as the first privacy-enabled open platform. It guarantees seamless connections while safeguarding privacy.
Powered by groundbreaking smart contract technology, participants in the network can securely exchange data and value. It has the power to unleash synchronised financial markets' enormous potential.
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Connections without Trade-offs
Canton connects various financial systems and infrastructures that were previously separated. It will unlock new possibilities for innovation and growth. The platform does not compromise privacy or control to achieve this integration.
Controlled Decentralization
Canton is a blockchain network that combines public decentralization with financial market privacy and controls. It enables smooth asset and data transfer between apps with real-time synchronisation and privacy assurance. Meanwhile, it does not give up control to central intermediaries.
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The Network will Begin Testing its Capabilities in July
The network will start testing its capabilities in July. The testing phase will include advanced privacy controls to ensure secure transactions. The network will offer the level of scale and performance required by leading financial institutions.
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