Microsoft, Goldman Sachs, Cboe and Deloitte are working together to develop blockchain infrastructure for financial markets

Microsoft, Goldman Sachs, Cboe and Deloitte are working together to develop blockchain infrastructure for financial markets

The consortium aims to increase the use of distributed ledger technology by synchronizing previously isolated financial markets with the Canton Network.

In a groundbreaking collaboration, tech giant Microsoft, financial powerhouse Goldman Sachs Group, stock exchange operator Cboe Global Markets and professional services firm Deloitte have joined forces to focus on blockchain technology.

The main goal of this partnership is to create a blockchain infrastructure capable of connecting institutional applications, ultimately promoting greater use of distributed ledger technology in financial markets.

A May 9 press release revealed that the Canton Network, an interoperable blockchain with advanced privacy features tailored for the institutional governance sector, would be at the heart of this initiative. By enabling synchronization between previously isolated financial markets, the Canton Network aims to revolutionize the industry.

Bloomberg described the joint venture as a crucial collaboration with the potential to significantly impact fintech in the financial market. Furthermore, the consortium seeks to incorporate various institutional applications, which can positively affect the entire sector.

As outlined in the report, Canton Network offers a secure and streamlined environment for financial platforms. By facilitating the synchronization of cash, data and assets across multiple applications, the network addresses many of the challenges typically faced by financial platforms. Canton Network’s innovative technology ensures that financial platforms can protect their valuable resources while benefiting from seamless integration and functionality.

Microsoft, a technology giant known for its innovative solutions, has been actively investing in both blockchain technology and artificial intelligence (AI) to revolutionize the way businesses operate. The company’s recent venture, Sharing Updatable Models (SUM) on Blockchain, focuses on hosting and training publicly available machine learning models while aggregating datasets. This ground-breaking initiative aims to create a more collaborative and transparent AI ecosystem.

In addition to SUM, Microsoft’s multi-million dollar investment in OpenAI, a leading AI research laboratory, reflects the company’s commitment to advancing AI technology. OpenAI is responsible for popular programs such as ChatGPT and Dalle-E, which have made significant advances in AI.

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