Major players in the tech and finance sectors, including Microsoft, Goldman Sachs, Deloitte, and others, are partnering to develop a new blockchain network called the Canton Network. This collaborative effort aims to revolutionize ledger technology in the finance market and connect disparate institutional applications, benefiting the industry.
Introducing the Canton Network
Announced on May 9, the Canton Network is designed to be a privacy-enabled, interoperable blockchain network targeting those working with institutional assets. It aims to synchronize financial markets that have previously operated in isolation. The network is scheduled to begin testing in July, featuring extensive privacy controls and the ability to scale and perform at levels required by major financial institutions. Current participants in the network include BNP Paribas, Cboe Global Markets, Digital Asset, Paxos, Microsoft, Goldman Sachs, Deloitte, and others.
Cathy Clay, Executive Vice President at Cboe Global Markets, one of the project’s partners, said that blockchain technology could potentially unlock new opportunities in the market. She added that tokenizing real-world assets might offer an unparalleled opportunity to create new market infrastructure and enhance efficiency in trading products worldwide.
Daml and blockchain applications
The Canton Network will integrate blockchain applications developed using Daml, a smart-contract language created by Digital Asset. This collaboration is the culmination of years of blockchain testing and development by the participating institutions, which have sought to streamline and accelerate some of their most complex processes.
Currently, Canton can connect to various applications through Daml, including Goldman’s Digital Asset Platform, which is used to issue assets on the blockchain. The network’s reach is expected to expand as more applications are built using this coding language.
As the crypto winter shows signs of easing, investment and industry interest from institutional investors continue to grow. Cathie Wood’s ARK Investment purchased approximately $18 million in Coinbase shares in March, equaling around 269,928. A recent study by Goldman Sachs, published on May 8, revealed that 32% of family offices currently invest in digital assets.
Additionally, on May 3, securities token platform INX launched a new MPC wallet for institutional investors to control assets and employee access to these assets. The development of the Canton Network and increasing institutional interest in digital assets underscore the evolving landscape of the finance and technology sectors.
A Step-By-Step System To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.