Introduction:
In a major development for the financial industry, Digital Asset and a consortium of leading market participants have unveiled their plans to launch the Canton Network. This innovative blockchain network aims to revolutionize institutional assets by providing a privacy-enabled and interoperable infrastructure for financial market participants. With prominent firms like BNP Paribas, Deutsche Börse Group, EquiLend, and Goldman Sachs already on board, along with industry partners including Capgemini, Deloitte, IntellectEU, Microsoft, and Umbrage, the Canton Network is set to unlock new efficiencies and drive innovation in synchronized financial markets.
Creating a Network of Networks:
The Canton Network will establish a decentralized infrastructure that connects independent applications built with Digital Asset’s smart-contract language, Daml. By creating a “network of networks,” the Canton Network enables previously siloed systems in financial markets to interoperate seamlessly with the necessary governance, privacy, permissioning, and controls required for highly-regulated industries. This breakthrough will allow financial institutions to experience a safer and more efficient environment where assets, data, and cash can synchronize freely across applications.
Benefits of the Canton Network:
Enhanced Privacy and Control: Unlike previous smart contract blockchain networks, the Canton Network prioritizes privacy and control over data. It addresses the shortcomings around privacy, enabling multiple regulated participants to leverage the technology within the same network. Participants can safeguard permissions, exposure, and interactions to comply with security, regulatory, and legal requirements.
Seamless Interoperability: The Canton Network overcomes the trade-offs between control and interoperability seen in other blockchains. Financial institutions can retain control over their applications while gaining the ability to connect with other innovative blockchain solutions. For example, connections can be established with Deutsche Börse Group’s D7 post-trade platform and Goldman Sachs’ GS DAP™, allowing for efficient and private transactions.
Scalability and Performance: The Canton Network addresses the scaling challenges faced by public blockchains. By balancing decentralization with privacy and control, the network ensures that financial institutions have the necessary scale and performance to meet their requirements. This scalability opens up opportunities for new innovative products and improves overall risk management.
Testing and Future Outlook:
The Canton Network is set to undergo comprehensive testing of its interoperability capabilities starting in July. Participants will explore various applications and use cases to ensure seamless integration and functionality. As more Daml-built applications go live, the network’s connections are expected to grow exponentially, making it a significant player in the financial industry.
Conclusion:
The Canton Network represents a transformative leap forward in the realm of blockchain technology for financial markets. By enabling privacy-enabled interoperability, the network empowers financial institutions to synchronize assets, data, and cash across applications securely. With a consortium of esteemed market participants and industry partners backing its development, the Canton Network is poised to unlock new efficiencies, drive innovation, and shape the future of synchronized financial markets.
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