A consortium of companies within finance and technology sectors are set to launch a first-of-its-kind privacy-enabled interoperable blockchain network that will be a “network of networks” allowing previously siled systems in financial markets to interact with appropriate governance, privacy, permissions and controls.
Powered by Digital Asset, the Canton Network is an open blockchain network with the privacy and controls required for highly regulated industries. The network is designed for institutional assets and built to responsibly unlock the potential of synchronized financial markets.
Canton Network participants include ASX, BNP Paribas, Broadridge, Capgemini, Cboe Global Markets, Deloitte, Deutsche Börse Group, Digital Asset, The Digital Dollar Project, Goldman Sachs, EquiLend, IntellectEU, Umbrage, Microsoft, Moody’s, Paxos, S&P Global and SBI Digital Asset Holdings.
The Canton Network will provide a decentralized infrastructure that connects independent applications built with Daml, Digital Asset’s smart contract language. It will enable financial institutions to experience a more secure and reconciliation-free environment where assets, data and cash can be freely synchronized across applications.
The network will create opportunities for financial institutions to offer new innovative products to their customers while improving their efficiency and risk management.
Using the Canton Network, a digital bond and a digital payment can be assembled across two separate applications into a single atomic transaction, guaranteeing simultaneous exchange without operational risk.
A digital asset can also be used in a financial transaction with security via a link to a repo or loan application.
Canton Network removes the current bottlenecks in smart contract blockchain networks by balancing the decentralization of a network uniquely 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.
The network can connect innovative blockchain solutions on the market today, such as Deutsche Börse Group’s D7 post-trade platform and Goldman Sachs’ GS DAP, while maintaining privacy and permissions. As more Daml-built applications go into production this year and beyond, the number of connections on the Canton Network will grow exponentially.
Canton Network participants will begin testing interoperability capabilities across a variety of applications and use cases in July.
by RTTNews Staff Writer
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