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Digital Assets and a group of firms, including Microsoft, Goldman Sachs, and Deloitte, are launching the Canton Network – a new blockchain network designed specifically for financial institutions.
Introducing the Canton Network – a revolutionary approach to distributed ledger technology that strikes a balance between decentralization and privacy for financial markets. Read the official press release https://t.co/guB82tbfKF #PowerfulConnections
— Canton Network (@CantonNetwork) May 9, 2023
The network will focus on privacy and interoperability and aim to sync previously isolated financial markets. Testing is set to begin in July, with features including privacy controls and the necessary scalability and performance for major financial institutions. Other participants in the network include BNP Paribas, Cboe Global Markets, Paxos, and more.
Cathy Clay, the Executive Vice President at Cboe Global Markets, one of the partners in the Canton Network project, believes that blockchain technology has the potential to unlock new market opportunities. She stated that the tokenization of real-world assets could create innovative market infrastructure and drive efficiency in global product trading.
Canton’s Daml-based Platform Enables Interoperability for Seamless Synchronization of Assets
Canton is a platform that utilizes Digital Asset’s smart-contract language called Daml. Its main purpose is to enable interoperability across connected applications, allowing for seamless synchronization of assets, data, and cash. As the cryptocurrency market shows signs of recovery, institutional investors continue to show interest and make investments.
A recent study by Goldman Sachs, released on May 8, revealed that 32% of family offices currently have investments in digital assets. In March, Cathie Wood’s ARK Investment purchased nearly 18 million Coinbase shares (COIN), which amounted to approximately $269,928.
To cater to institutional investors’ needs, the securities token platform INX recently launched a new MPC wallet that gives investors control over their assets and allows them to manage employee access.
The Canton Network’s Solution to the Shortcomings of Smart Contract Blockchain Networks
The adoption of smart contract blockchain networks by financial institutions and enterprises has been limited due to several significant shortcomings. These include the need for more privacy and control over data, trade-offs between control and interoperability, and the inability to scale. Other blockchain networks have struggled to provide data protection and management at all levels of their networks while also requiring users to forfeit some control by using shared pools of validators to achieve interoperability.
However, the Canton Network offers a unique solution to these obstacles by balancing decentralization with privacy and control. This allows participants to safeguard permissions, exposure, and interactions across the network, ensuring compliance with regulatory and legal requirements. The network can connect with existing blockchain solutions, such as Deutsche Börse Group’s D7 post-trade platform and Goldman Sachs’ GS DAP™ while retaining privacy and permissioning.
With the increasing number of Daml-built applications set to go into production, the Canton Network’s connections will grow exponentially. The Canton Network aims to capture the benefits of public blockchains while addressing the flaws that have hindered adoption by financial institutions and enterprises. Its unique balance of decentralization, privacy, and control provides a promising solution for those seeking to operate within a safe and sound regulatory environment.
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