A new blockchain network has been announced with a partnership between global technology firms and the financial technology company Digital Asset.
A slew of technology firms, including the likes of Microsoft, Capgemini, and other financial technology companies like Goldman Sachs and Digital Asset, have announced a collaboration to launch a blockchain network named the Canton Network.
Described as an interoperable blockchain network specifically for institutional assets, the Canton Network is expected to utilize the potential of financial markets.
It is designed to provide decentralized architecture, allowing applications built on Digital Asset’s Daml language to be connected with each other. Thus, financial systems that were isolated earlier would be able to be interoperable with each other, as data, cash, and assets flow freely from one application to another under a regulated environment.
The blockchain network would ensure interoperability with appropriate governance, controls, and privacy.
The CEO of Digital Asset, Yuval Rooz, said, “We are proud to be a founding participant of the Canton Network. For the first time, financial institutions can realize the full benefits of a global blockchain network while operating within the regulatory guardrails 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 founding group of network operators and users build and connect applications to the Canton Network.”
The Canton Network would overcome certain limitations of current blockchain networks that have yet to allow financial technology companies to largely adopt them, including the lack of control over data and privacy, scalability issues, and the lack of interoperability. Other market participants in the Canton Network also welcomed the initiative.