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Goldman Sachs, Microsoft & More to Launch New Blockchain Network

Digital Asset, a leading financial technology company, has announced the launch of the Canton Network, an interoperable blockchain network tailored to meet the requirements of institutional clients.

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May 9, 2023 by Illustrious

Digital Asset, a leading financial technology company, has announced the launch of the Canton Network, an interoperable blockchain network tailored to meet the requirements of institutional clients. With a focus on privacy, the decentralized infrastructure aims to address the growing demand for blockchain solutions that also adhere to strict privacy standards in the world of institutional finance.

Key Participants

The Canton Network, a collaborative project, is backed by an impressive roster of participants, including BNP Paribas, Deloitte, Cboe Global Markets, Goldman Sachs, Broadridge, S&P Global, Microsoft, and many more. Each of these entities will own and operate the network, ensuring that the infrastructure remains decentralized.

The Power of the Canton Network

The Canton Network is a groundbreaking solution designed to address the need for both privacy and interoperability in the financial industry. Chris Zuehlke, a partner at DRW and the global head of Cumberland, highlighted the unique approach of the network: "This unique approach, coupled with the ability to execute an atomic transaction across multiple smart contracts, is the building block needed to bring these workflows on chain."

Daml and the Canton Protocol

The network will connect applications built with Daml, Digital Asset's smart-contract language, allowing various financial market systems to interoperate and synchronize. The Canton protocol enables these applications, while the Daml smart contracts facilitate the infrastructure. Digital Asset provides and owns the technology behind the Canton Network but does not own the network itself. Ownership is held by the participating institutions, including Digital Asset.

Future of Digital and Distributed Financial Market Infrastructures

Experts in the financial industry recognize the importance of the Canton Network in shaping the future of digital and distributed financial market infrastructures. Jens Hachmeister, head of Issuer Services and New Digital Markets at Deutsche Börse Group, said, "Such solutions are a key building block for future digital and distributed financial market infrastructures."

Conclusion

The Canton Network, a pioneering privacy-enabled interoperable blockchain network, is set to revolutionize the financial industry by providing a decentralized infrastructure that addresses both privacy requirements and interoperability. With the support of leading financial institutions, the Canton Network is poised to make a significant impact on the future of digital and distributed financial market infrastructures.

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