A group of companies, including Goldman Sachs, Microsoft, Deloitte and Cboe Global Markets, will participate in a new blockchain system that aims to connect disparate enterprise applications, encouraging wider adoption of distributed ledger technology in financial markets.
The name of the new Blockchain network has been determined as the Canton Network.
New Blockchain Network Canton Network To Start Testing In July
Canton Network contributors, who will begin testing some of the features in July, say the system offers better privacy and controls than what currently exists. At the same time, a suitable scale and standard for financial institutions will be achieved, the companies announced on Tuesday.
Other participating companies include Digital Asset, ASX, BNP Paribas, Broadridge, Deutsche Börse Group, Cumberland, Moody’s, Paxos and SBI Digital Asset Holdings.
The network will use Daml, a smart contract language created by blockchain startup Digital Asset, formerly led by former JPMorgan senior executive Blythe Masters and backed by some of the world’s largest financial institutions.
Part of that work was based on exploring ways to convert traditional securities such as stocks and bonds into tokens on the blockchain.
Supporters of the new network said that what is holding back current applications in the market is their inability to connect different blockchain systems developed by various organizations, while also allowing the founders to maintain the controls and privacy necessary in regulated financial markets.
As a so-called “network of networks,” Canton claims it can overcome this by allowing systems to work together without requiring the entities operating them to relinquish control.
*Not investment advice.
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