Canton Network participants say the system offers better privacy and controls than current systems.
In a new blockchain system that connects disparate institutional applications, top firms like Microsoft Corp, Goldman Sachs Group Inc, Cboe Global Markets Inc, and Deloitte are joining forces. This collaboration could boost the adoption of distributed ledger technology in financial markets.
Also Read: The Emergence Of AI: How It Is Updating The Way Crypto And Blockchain Operates?
Those involved in the Canton Network, which will begin testing some features in July, say the system provides better privacy and control than currently available. Furthermore, according to a statement released by the companies on Tuesday, this network also aims to allow financial institutions to scale. This network will help combine Daml-based blockchain apps.
Other companies that will take part in this initiative include:
- Digital Asset
- Moody’s
- ASX
- Cumberland
- Deutsche Börse Group
- Broadridge
- BNP Paribas
- Paxos
- SBI Digital Asset Holdings
Canton Network: A Scalable and Privacy-Enabled Blockchain Platform
The new and better blockchain network, Canton Network, is made on the smart contract language by Digital Asset, Daml. this network will allow companies to access advanced scalability and privacy.
The decentralized infrastructure of the Canton network aims to promote different applications built with Daml. These applications will interact and synchronise data, cash, and digital assets across the existing financial market systems.
The network will also use digital assets on different applications to enable collateralized financial transactions for users and companies. The sole purpose behind creating this new blockchain network is to promote the adoption of public blockchain benefits while excluding existing flaws in this blockchain.
It specifically includes flaws like scaling limitations and lack of privacy. However, with the absence of these issues, the heavily-regulated companies joining hands to make this blockchain will be able to seek long-term benefits of the blockchain infrastructure.
The Canton Network has been in use for a while now with limited access to all its partnering companies.
Also Read: Dutch Blockchain Days: Benelux’s Largest Event On Web3, Blockchain, NFTs, And Crypto In Amsterdam
