Learn About Canton Network The New Blockchain Technology Backed by Microsoft Goldman Sachs and Others

Microsoft, Goldman Sachs, and Others Back Canton Network, a New Financial Blockchain – Here

Financial markets are expected to get a streamlined experience with the recently established Canton Network. Digital asset and technology companies have expressed interest in the blockchain technology, expecting it would revolutionize the financial sector with its Web3 technology that is privacy-enabled and built to unlock the synchronized financial markets’ potential. Canton Network’s industry collaborators include Microsoft, Capgemini, Deloitte, IntellectEU, and Umbrage, whereas its initial clients include EquiLend, Deutsche Börse Group, Goldman Sachs, and BNP Paribas.

The blockchain design of Canton Network

The Canton Network is based on a smart-contract language named Daml, developed by Digital Asset, a significant finance technology and services firm. It facilitates the reconciliation-free environment for financial institutions to enable the free merging of assets, cash, and data across different applications. By allowing previously isolated systems to interoperate, the Canton Network creates a “network of networks”.

Benefits of Canton Network

Blockchain networks’ lack of privacy and data control has kept financial institutions and companies from adopting them until now. Canton Network aims to overcome this problem by properly balancing privacy, decentralization, and control needed to work within a regulatory environment, efficiently allowing interoperability, privacy, and permissioning while connecting with other innovative blockchain solutions. Participants can interact across the network with maximum security while complying with legal, regulatory, and security requirements.

Industry Leader Support

Over 30 participants have already become part of the Canton Network, with companies like Paxos, Cboe Global Markets, Digital Dollar Project, VERT Capita, Umbrage, Versana, and Goldman Sachs, among others. Chris Zuehlke, Partner at Cumberland and Global Head of DRW, said that “The Canton Network is a powerful answer to industry calls for a solution that harnesses the potential of blockchain while preserving fundamental privacy requirements for institutional finance.”

Blockchain Trends in the Financial Sector

Blockchain technology in the financial sector continues to grow, with many banks considering cross-border payments and even creating their digital currencies. Recently, the European banks SEB and Crédit Agricole launched the so-bond blockchain platform for issuing digital bonds in the traditional financial sector. The blockchain-based platform aims to improve efficiency and enable real-time data synchronization among participants, similar to what the Canton Network wants to accomplish.

Editor Notes

Blockchain technology has been a game-changer in the financial industry, and the Canton Blockchain seeks to build on its already excellent reputation by improving the privacy, interoperability, and security of modern financial ecosystems. It will be interesting to see how quickly the blockchain platform will be adopted by financial institutions and the benefits it will bring. Stay up-to-date on developments in the blockchain and cryptocurrency industry by visiting Uber Crypto News.

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