Some of the most well-known finance and tech firms, including Goldman Sachs, Microsoft, Deloitte, and Cboe Global Markets,;have joined forces;to launch a new blockchain network dubbed Canton.
The network mainly aims to link different institutional applications built using the blockchain startup Digital Asset's smart-contract language Daml and accelerate;blockchain;adoption in financial markets.
- The network's testing phase will begin in July.
- The project participants said the Canton Network would offer better privacy, controls, standards, and scalability for financial institutions than currently available ones.
- The group also defined Canton as a network of networks.
- Digital Asset, ASX, BNP Paribas, Broadridge, Deutsche Börse Group, Cumberland, Moody's, Paxos, and SBI Digital Asset Holdings are all among the other firms backing the project.
- The initiative saw support from around 30 firms.
- The Canton Network will have the ability to connect different blockchain systems built by various entities and allow systems to work together without requiring those entities to give up on control.