Goldman Sachs, Microsoft, and a group of other tech and finance companies are teaming up to introduce a new blockchain network that could revolutionize the finance industry. The collaboration is working to link "disparate institution applications" and provide better privacy and controls than what is currently available. The new network, called the Canton Network, is set to begin testing in July and is expected to have a scale fitting for financial institutions.
The partnership includes Digital Asset, ASX, BNP Paribas, Broadbridge, Deutsche Borse Group, Cumberland, Moody’s, Paxos, and SBI Digital Asset Holding. The Canton Network will bring together blockchain apps created using Daml, a smart-contract language developed by Digital Asset. This collaboration is the result of years of blockchain testing and development by the participating institutions. The new network is aimed at simplifying and speeding up some of the most complex processes in the finance industry.
Goldman Sachs and Microsoft are leading the effort, and the Canton Network is expected to have a positive effect on the finance industry as a whole. The collective effort is vital to the ledger technology in the finance market and could be a seminal collaboration in the world of Web3. The new network will feature better privacy and controls, and its scale is fitting for financial institutions.
The Canton Network is expected to have significant implications for the finance industry. The collaborative effort aims to provide better privacy and controls than what is currently available and could simplify and speed up some of the most complex processes in the finance industry. The network is set to bring together blockchain apps created using Daml, a smart-contract language developed by Digital Asset. The new network is set to launch soon, and its potential impact is eagerly anticipated.
