VeChain partner joins with billion-dollar companies including Microsoft and Goldman Sachs to transform the blockchain market

• VeChain partners want to bring a unique blockchain network to the industry, aiming to tackle existing setbacks.
• Deloitte, Microsoft Corp and many other firms are coming together to launch the Canton blockchain network.

Blockchain technology has been widely adopted by a handful of companies and industries, thanks to its revolutionary properties. Adoption is still ongoing, and a handful of leading global firms are still leveraging cutting-edge technology and its benefits. Recently, a partnership between leading firms such as Goldman Sachs Group, Deloitte, Cboe Global Market and Microsoft Corp has centered the blockchain technology.

According to a press release detailing the new development, these leading market participants have announced plans to launch a unique blockchain network.

The blockchain network, branded “Canton Network” will be the first of its kind in the industry, which is a privacy-enabled interoperable blockchain network dedicated to institutional assets. The network’s design will also allow unlocking the potential of synchronized financial markets.

The Canton Network will provide a decentralized infrastructure that connects independent applications built with Daml, Digital Asset’s smart contract language. It creates a “network of networks”, allowing previously looped systems in financial markets to interoperate with the proper governance, privacy, permissions and controls required for highly regulated industries.

Canton Network enables financial institutions to experience a more secure and reconciliation-free environment where assets, data and cash can be freely synchronized across applications. This creates opportunities for financial institutions to offer new innovative products to their customers, while improving their efficiency and risk management.

Canton blockchain will bring scalability, privacy and data control to the industry

It was further noted that by using the Canton network, operational risk will be reduced in a specific area.

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.

Currently, the inability to scale, lack of privacy and data control are some of the issues plaguing smart contract blockchain networks. In response, the Canton network intends to solve these problems by balancing the decentralization of a network. This will be done by using privacy and control which are essential for operating in a safe and sound regulatory environment.

The Canton network is also the only network that allows participants to secure permissions, exposure, and overall network interactions. At the same time, participants can comply with security, regulatory and legal requirements.

As for future plans, it was revealed that Canton network participants will begin testing for interoperability capabilities across a large number of existing applications and use cases in July.

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