Leading financial firms collaborate to launch Canton Network, promoting blockchain innovation in finance

Leading financial firms collaborate to launch Canton Network, promoting blockchain innovation in finance

S&P Global, Deloitte and Moody’s support the initiative, enabling coordinated financial systems and improved transaction efficiency through Web3 integration

The launch of the Canton Network, backed by leading financial firms such as S&P Global, Deloitte and Moody’s, represents a significant development in the blockchain sector. The main goal of the network is to improve financial markets through the integration of Web3 technology, and offer businesses a decentralized infrastructure that improves transaction efficiency and enables the coordinated functioning of financial systems.

By leveraging blockchain technology, Canton Network aims to provide a platform where assets, data and cash can be synchronized independently across applications. This capability opens up opportunities for financial institutions to introduce innovative products to their customers, while increasing efficiency and risk management.

Despite the decline in digital asset prices over the past year, institutional adoption of Web3 technology has remained strong. The participation of major financial companies in the Canton Network indicates their continued belief in the potential of blockchain technology, even in the face of regulatory uncertainty and setbacks experienced by crypto-native entities.

Software company Digital Asset has developed the smart contract language DAML, which powers the Canton Network. Digital Asset CEO Yuval Rooz highlighted that this development allows financial institutions to fully utilize the benefits of a global blockchain network while working to implement more robust regulations to create a fairer financial system and increase customer security.

The Canton Network aims to address obstacles that have prevented institutions from adopting Web3 technology, such as privacy issues, data control issues, interoperability and scalability limitations. Starting in July, network participants will test the network’s interoperability across different use cases and applications.

The potential success of the Canton Network could revolutionize the financial industry by enabling asset tokenization, instant settlement and low fees. This could promote innovation and global collaboration, in line with the views expressed by BlackRock CEO Larry Fink, who sees asset tokenization as a game changer for traditional finance.

Overall, the launch of Canton Network demonstrates the continued progress and interest in blockchain technology among financial institutions and sets the stage for advances in transaction efficiency, risk management and global collaboration in the financial industry.

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