Revolutionary blockchain partnership announced by Microsoft, Goldman Sachs
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Blockchain technology is the focus of a new partnership between Microsoft Corp, Goldman Sachs Group, Cboe Global Markets and Deloitte.
Their main goal is to develop a blockchain infrastructure that can connect institutional applications and encourage wider use of distributed ledger technology in financial markets.
According to a May 9 press release, the Canton Network will be an interoperable blockchain with privacy features designed for the institutional asset management industry. It will make it possible to synchronize different financial markets that were “previously siloed”.
Bloomberg calls the new venture “a collaborative effort that could be decisive for fintech in the financial market.” In addition, the group strives to integrate “disparate institutional applications”, which can have a positive impact on the entire industry.
The global blockchain market is expected to surge from $7.18 billion in 2022 to $163.83 billion in 2029. Image: Forbes.
Tech, Finance Giants Join Blockchain Project
Based on the report, Canton Network provides a secure and agile environment for financial platforms, facilitating the synchronization of cash, data and assets between various applications.
This revolutionary technology represents a significant step towards meeting the challenges that financial platforms often face in their operations.
With Canton Network, financial platforms can rest assured that their valuable resources are kept safe while enjoying seamless integration and functionality.
JUST IN: Goldman Sachs, Microsoft, Deloitte and others are teaming up to launch a blockchain network.
— Watcher.Guru (@WatcherGuru) 9 May 2023
Canton Network: Improving privacy and control
Canton Network users, who will begin beta testing in July, claim the system improves the status quo in terms of privacy and control. It is expected to achieve a scale and benchmark suitable for banks and other financial institutions, according to a statement released by the companies.
When used correctly, blockchain technology has the potential to “unlock” new opportunities in the market, according to Cathy Clay, executive vice president of Cboe Global Markets, which is one of the companies involved in the project.
Clay said:
“The tokenization of real-world assets can offer an unprecedented opportunity to create new market infrastructure and drive efficiencies in the trade of products worldwide.”
The network will unify blockchain applications built with Daml, the smart contract language developed by Digital Asset. The collaboration is the result of years of blockchain research and development by technology and financial industry giants.
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The blockchain industry continues to grow
Digital Asset is a blockchain-based startup founded by former JPMorgan CEO Blythe Masters and backed by some of the world’s largest banking organizations.
Head of Issuer Services and Emerging Digital Markets at Deutsche Borse Group, Jens Hachmeister, emphasized the importance of solutions that connect applications built with Daml.
For years, banks and other large enterprises have been working on and evaluating blockchain applications in the hope that they will simplify and speed up some of their most intricate procedures.
Meanwhile, the global blockchain market is expected to grow from $7.18 billion in 2022 to $163.83 billion in 2029, at a compound annual growth rate (CAGR) of 56.3% during the forecast period, data from Fortune Business Insights shows.
– Featured image from YourStory
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