New Blockchain Network Aims to Unlock the Potential of Synchronized Financial Markets – Technology Record
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Alice Chambers |
Blockchain technology firm Digital Asset and companies from the finance, technology and consulting sectors plan to launch the Canton Network, the industry’s first privacy-enabled interoperable blockchain network.
The network will provide a decentralized infrastructure that connects independent applications – such as asset registries and cash payment systems – built using Daml, Digital Asset’s smart contract language.
Canton Network says blockchain networks with smart contracts have yet to achieve meaningful adoption due to shortcomings in data privacy and control, trade-offs between control and interoperability, and an inability to scale.
According to a statement from the network: “Canton Network removes these obstacles by balancing the decentralization of a unique network with the privacy and control essential to operating within a safe and sound regulatory environment. Only the Canton Network enables participants to secure permissions, exposure and interactions across the network, to comply with security, regulatory and legal requirements.“
“We are excited to be a support partner for the Canton Network,” said Rashmi Misra, general manager of AI and emerging technologies at Microsoft. “We look forward to helping the financial community build and scale cloud-enabled Web3 applications on Azure, while harnessing the power of AI to improve user experience and drive developer adoption.”
Financial institutions participating in the network include Cboe Global Markets, Deutsche Börse Group, Goldman Sachs Group and EquiLend, while industry partners include Microsoft, Capgemini, Deloitte, Moody’s and S&P Global.
“We are proud to be a founding participant of the Canton Network,” said Yuval Rooz, co-founder and CEO of Digital Asset. “For the first time, financial institutions can realize the full benefits of a global blockchain network while operating within the regulatory railings that ensure a safe, sound and fair financial system. This is a significant step forward for the blockchain space. We look forward to helping this the founding group of network operators and users to build and connect applications to the Canton Network.”
Participants will begin testing interoperability across a variety of apps and use cases in July.
For more information, read the Canton Network white paper from Digital Asset.
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