Digital Assets: The Canton Network, A Blockchain For Financial Markets, Launched May 9
Canton Network participants will begin testing interoperability capabilities and use cases in July.
Digital Asset, in collaboration with major financial market participants and industry partners, has announced the launch of the Canton Network, a privacy-enabled interoperable blockchain network for institutional assets. The Canton Network creates a “network of networks” that enables previously siloed systems in finance to interoperate, leading to new efficiencies and innovation in the industry.
The network connects independent applications built with Digital Asset’s smart-contract language, Daml, with appropriate governance, privacy, permissioning, and controls required for regulated industries. The network offers a safer and reconciliation-free environment for assets, data, and cash to synchronize freely across applications, providing opportunities for financial institutions to offer new innovative products while enhancing efficiency and risk management. (Businesswire)
The Canton Network’s unique features balance the decentralization of a network with privacy and control, making it suitable for a safe and sound regulatory environment. Unlike other smart contract blockchain networks that have not achieved meaningful adoption due to privacy, control, and scalability shortcomings, the Canton Network removes these obstacles.
According to Canton, financial institutions will get a safer and reconciliation-free environment where assets, data, and cash can synchronize freely across applications.
“For example, asset registers and cash payment systems are distinct and siloed systems in today’s markets,” Canton said in a statement. “With the Canton Network, a digital bond and a digital payment can be composed across two separate applications into a single atomic transaction, guaranteeing simultaneous exchange without operational risk.”
Financial institutions can connect innovative blockchain solutions, such as Deutsche Börse Group’s D7 post-trade platform and Goldman Sachs’ GS DAP, while retaining privacy and permissioning.
Canton Network participants include ASX, BNP Paribas, Broadridge, Capgemini, Cboe Global Markets, Deloitte, Deutsche Börse Group, Goldman Sachs, Microsoft, Moody’s, Paxos, and S&P Global.
Canton Network participants will begin testing interoperability capabilities across a range of applications and use cases in July.
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