Microsoft and Goldman Sachs are among the latest companies to join the Canton Network, a privacy-enabled blockchain platform that allows for interoperable and synchronised transactions in finance. The platform aims to unlock efficiency and innovation in financial markets, and is a consortium that includes crypto platform Digital Asset, investment banking providers BNP Paribas and Goldman Sachs, and auditing giant Deloitte. Other partners include Cboe Global Markets, Cumberland, Deutsche Börse Group, EquiLend, Moody’s, and Paxos, among others.
As a ‘network of networks,’ the Canton Network will see previously siloed systems within the financial markets ecosystem interoperate. Industry players will benefit from proper governance, privacy, and permissioning applicable to the highly regulated sector. Apart from harnessing the power of blockchain technology, the project will also look to advance integration of Web3 and AI in the financial industry.
Microsoft is a supporting partner and joins other companies such as BNP Paribas, Deutsche Börse Group, and Goldman Sachs in a bid to advance interoperability in financial markets through a new privacy-enabled blockchain network.
The adoption of blockchain technology and digital assets among financial institutions and payments providers has picked up again after a lull that came with the turmoil of the crypto winter and regulatory uncertainty. Recent moves in this direction have been made by companies such as Visa and Mastercard.
According to the press release, Canton Network participants are set to test the interoperability capabilities of the platform starting in July. Users will be able to execute atomic transactions across multiple smart contracts, with rapid cross-chain settlement, privacy, and security.
The finance industry is increasingly interested in blockchain technology and digital assets because of their potential for more efficient, secure and transparent financial transactions. With the participation of Microsoft and Goldman Sachs, the Canton Network is poised to become a major player in this space, unlocking new opportunities and advancements in the financial markets ecosystem.