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Multinational firms like Microsoft, Deloitte, and Goldman Sachs are collaborating on a new blockchain network for financial markets called Canton Network. The network will provide a decentralized infrastructure that connects various applications built with Daml, a blockchain-agnostic language for smart contracts. 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.
Further, the blockchain will enable financial institutions to securely synchronize assets, data, and cash across applications in a reconciliation-free environment. 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 can unlock the immense potential of synchronized financial markets.
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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 allows for assets and data to move seamlessly between applications with real-time synchronization and guaranteed privacy. 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.
If you are interested in tapping the potential of a blockchain network, then connect with our skilled developers.
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