Goldman Sachs, Microsoft, Deloitte and Cboe Global Markets are among the firms planning to launch a new blockchain-based system, as reported in a statement on May 9th, 2023. The system, known as the Canton Network, aims to link various institutional applications while offering better privacy and controls than existing technology.
In addition to the aforementioned firms, other notable participants in the network include ASX, BNP Paribas, Broadridge, Cumberland, Digital Asset, Moody’s, Paxos, and SBI Digital Asset Holdings. The group is set to begin testing some of the capabilities of the network in July of this year.
According to the statement released by the participants, the Canton Network can achieve the scale and performance required by financial institutions. Banks and other large corporations have been exploring blockchain technology for several years, seeking to simplify and speed up some of their most complex processes. While some use cases have been tested and implemented, blockchain systems have yet to reach large-scale adoption.
The Canton Network is expected to address some of the challenges faced by financial institutions in adopting blockchain technology. The system aims to provide greater privacy and controls while also delivering the scale and performance required to meet the needs of these institutions.
With the participation of major players in the finance and technology industries, the Canton Network has the potential to drive the adoption of blockchain technology in the institutional space. The launch and testing of the network will be watched closely by many in the industry, with the hope that it will pave the way for greater use of blockchain in the financial world.