Funding heavy hitters back interoperable financial blockchain network
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BNP Paribas, Goldman Sachs and Deutsche Börse Group are among a clutch of financial market participants that have emphasized an initiative to build an interoperable blockchain network designed for institutional asset trading.
Billed as a “network of networks”, the Canton Network is designed to overcome the shortcomings of existing blockchain networks with smart contracts to enable previously closed systems in finance to become interoperable and synchronized, with the aim of creating new streamlined marketplaces .
Canton Network participants include 3Homes, ASX, BNP Paribas, Broadridge, Capgemini, Cboe Global Markets, Cumberland, Deloitte, Deutsche Börse Group, Digital Asset, The Digital Dollar Project, DRW, Eleox, EquiLend, FinClear, Gambyl, Goldman Sachs, IntellectEU , Liberty City Ventures, Microsoft, Moody’s, Paxos, Right Pedal LendOS, S&P Global, SBI Digital Asset Holdings, Umbrage, Versana, VERT Capital, Xpansiv and Zinnia.
The network will provide a decentralized infrastructure that connects independent applications built with Daml, Digital Asset’s smart contract language. Using the network, financial institutions will be able to enjoy a reconciliation-free environment where assets, data and cash can be freely synchronized across applications.
For example, asset registers and cash payment systems are distinct and siled systems in today’s markets. With 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. Likewise, a digital asset can be used in a financial transaction with security via connection to a repo or loan application.
It is envisioned that the network will be able to connect distinct blockchain solutions already operational, such as Deutsche Börse Group’s D7 post-trade platform and Goldman Sachs’ GS DAP, while retaining privacy and permissions.
Jens Hachmeister, Head of Issuer Services and New Digital Markets at Deutsche Börse Group, says: “The Canton Network vision strives to enable seamless connectivity across various blockchain networks in the industry. Such solutions are a key building block for future digital and distributed financial markets infrastructure. ”
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