Blockchain technology company Digital Asset and major global firms have announced their plans to launch the Canton Network, a privacy-enabled interoperable blockchain network designed for institutional assets and financial market participants.
According to the press release, firms, including BNP Paribas, Deutsche Börse Group, EquiLend, and Goldman Sachs, among others, already use Canton. Industry partners of the network include Capgemini, Deloitte, IntellectEU, Microsoft, and Umbrage.
The Canton Network will provide a decentralized infrastructure that connects independent applications built with Daml, Digital Asset’s smart-contract language. That will create a ‘network of networks’, allowing different financial systems to work together more easily, even if they were not originally designed to do so.
To achieve this, strong rules around privacy and security, as well as ways to control access to the data and functionality of these systems, need to be in place. This is especially important in regulated industries like finance, which has strict rules around how data can be shared and who can access it.
The Canton Network enables financial institutions to easily synchronize assets, data, and cash across various applications. This opens up possibilities for financial institutions to offer new and innovative products to their clients while also improving their efficiency and risk management capabilities.
For instance, the network enables digital bonds and payments to be combined into a single transaction, even if they’re managed by different applications. Digital assets can also be used as collateral in financial transactions by linking them to repo or leveraged loan applications.
“We are proud to be a founding participant of the Canton Network. For the first time, financial institutions can realize the full benefits of a global blockchain network while operating within the regulatory guardrails that ensure a safe, sound, and fair financial system. This is a significant step forward for the blockchain space. We look forward to helping this founding group of network operators and users build and connect applications to the Canton Network,” said Yuval Rooz, Co-Founder and CEO at Digital Asset.
The network can connect blockchain solutions, such as Deutsche Börse Group’s D7 post-trade platform and Goldman Sachs’ GS DAP, while retaining privacy and permissioning. Canton Network participants will begin testing interoperability capabilities across various applications and use cases in July.
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