- Microsoft, Goldman Sachs and other major companies collaborate in the Canton Network.
- Canton Network provides a framework that better suits the needs of these large companies.
- Huge companies like Deloitte will use Canton’s network to build their applications.
Although taken Massive hits In 2022, financial institutions and mega-corporations Still interested in the use of blockchain technology. However, under certain conditions – it must meet their needs, such as complete control, privacy, and interoperability.
While most solutions in the industry are decentralized and not quite what many companies want, Canton Network is. It introduces the industry’s first privacy-enabled interoperable blockchain designed specifically for financial institutions such as Goldman Sachs.
The best players join forces in the Canton Network
On Tuesday, May 9, Microsoft, Goldman Sachsand Deloitte, among other leading firms, have joined forces on Canton, a blockchain network designed to connect “previously isolated” financial institutions and spur adoption of blockchain technology in financial markets.
The list of participants in the Canton Network includes some of the most profitable conglomerates in the world. Together, these companies work to make financial markets more transparent and interoperable.
in statementCanton Network said that the participants, including Deutsche Börse, Moody’s, Paxos and others, will start working on the network in July. The network promises access to better privacy and controls than current industry standards.
This is a big step considering many large companies have exited the cryptocurrency sector after suffering huge losses. The initiative can play a crucial role in making blockchain-enabled financial services more accessible to people around the world.
Why is the Canton Network important?
As blockchain technology and Fintech have emerged in recent years, so have banks and traditional financial institutions Develop experimental blockchain applications and testing different technologies and frameworks that best serve their purpose and standards.
Some of these experiences include coding StoresAnd bondsand acts, in a safe environment, and systems acceleration, and facilitation cross border transactions. While some organizations have successfully integrated blockchain technology into their applications, they have yet to push it out to the public for greater adoption.
However, companies are not doing this because existing solutions struggle to be both interoperable and secure. This is where the Canton Network comes in.
The blockchain network that supports privacy Claims It can provide simultaneous interoperability and security without retaining control from entities, allowing these companies to connect and synchronize in ways that were “previously impossible”, unlocking new opportunities and innovation.
What can Canon Network do?
Canton Network provides a decentralized infrastructure that connects independent applications using a file smart contract Language called a boil. These include Goldman Sachs’ digital asset platform for issuing assets on the blockchain, Deutsche Börse Group’s D7 post-trade platform, and more.
The Canton Network offers a plethora of features that better serve the needs of the financial institutions it supports, such as enabling financial institutions to operate in a more secure, settlement-free environment where assets, data, and cash can sync instantly across applications. Layers of protection on its network, unlike other chains, and more.
Jens Hutchmeister, Head of Issuer Services and New Digital Markets at Deutsche Börse Group, subscriber His views on Canon Network:
"The Canton Network vision strives to enable seamless connectivity across various blockchain networks in the industry. Such solutions are a key building block for future digital and distributed financial market infrastructures."
on the flip side
- Banking giant, Goldman Sachs ranked BTC as the best performing asset in the world in 2023.
- Banks are reluctant to deal with cryptocurrencies. The American banking system witnessed a Banks rush in recent months. Cryptocurrency proponents are touting a decentralized alternative to fixing the existing system.
- American Republicans You are trying to prevent the creation of the American digital dollar.
Why should you bother
Financial institutions collaborating on creating an interoperable solution that gives full control to the creator can eventually lead to creation CBDCs. While it is not yet clear what these companies offer on the Canton network, it will be interesting to see how their solution compares to other projects.
Follow the Bitcoin community drama:
Bitcoin Core developer insists on ordinal ban, and starts civil war instead
Read why SVB is such a big deal for cryptocurrency:
The Collapse of Signature, Silvergate, and Silicon Valley Banking