Blockchain
Goldman Sachs, Deloitte, Microsoft and Cboe Global Markets are collaborating in a new blockchain system to connect separate institutional applications.
By linking disparate institutional applications, this system could potentially drive wider adoption of technology in financial markets.
JUST IN: Goldman Sachs, Microsoft, Deloitte and others are teaming up to launch a blockchain network.
— Watcher.Guru (@WatcherGuru) May 9, 2023
Stimulate wider adoption
To improve privacy and improve controls, a group of companies will begin testing the Canton Network in July 2023.
The network strives for a standardized system that meets the needs of financial institutions. Affected firms, including BNP Paribas, Moody’s and Deutsche Börse Group. They believe the system will provide more privacy and scalability compared to current options.
Together with Digital Asset, ASX, Cumberland, Paxos and SBI Digital Asset Holdings, they will use Daml, a smart contract language created by blockchain startup, Digital Asset, to create dapps linked to the Canton Network.
The move would likely encourage wider adoption of blockchain technology in the financial markets. At the same time, it could improve efficiency and transparency across the industry.
Blockchain powers 30 companies
The launch of the Canton Network, which is integrated by about 30 companies, including Goldman Sachs and Microsoft, appears to have an impact on the financial industry.
The platform, which will link various institutional applications, offers better privacy and control than is currently available.
In addition, it could be more scalable and provide standards required by financial institutions. Using Daml allows dapps launched on Canton to connect to existing protocols. In addition, developers expect the Canton ecosystem to expand as more Daml-based dapps are deployed.
According to Jens Hachmeister, head of issuer services and new digital markets at Deutsche Börse Group, systems like Canton are a critical building block for future digital and distributed financial market infrastructures.
The integration of blockchain technology into the financial industry is becoming more common as companies begin to realize the potential to streamline processes and reduce costs.
