Goldman Sachs, Microsoft, Deloitte and Others to Launch Global Blockchain Network
Digital Asset, a financial technology company, has announced the launch of a privacy-enabled interoperable blockchain network aimed at offering decentralized infrastructure to institutional clients.
The company revealed this development on Tuesday.
Notable participants in the network, named the Canton Network, include renowned organizations such as BNP Paribas (BNP), Deloitte, Cboe Global Markets (CBOE), Goldman Sachs (GS), Broadridge (BR), S&P Global, and Microsoft (MSFT), among others.
According to Chris Zuehlke, a partner at DRW and global head of Cumberland, the Canton Network effectively addresses the industry’s demand for a blockchain solution that upholds privacy requirements in institutional finance.
Zuehlke stated that this innovative approach, combined with the capability to execute atomic transactions across multiple smart contracts, is the foundational element necessary to migrate these workflows to the blockchain.
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The network facilitates the connection of applications built using Daml, Digital Asset’s smart-contract language, thereby enabling interoperability and synchronization among various systems in financial markets.
Jens Hachmeister, the head of Issuer services and new digital markets at Deutsche Börse Group, emphasized that such solutions play a pivotal role in constructing future digital and distributed financial market infrastructures.
While Digital Asset provides and possesses the technology underpinning the infrastructure, including the Daml smart contracts and the Canton protocol that enables the applications, it does not possess the network itself. The network is collectively owned by its participants, which includes Digital Asset.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
