A number of significant organizations, including New York-based fintech company Digital Asset and Goldman Sachs Group Inc., Microsoft Corp., Deloitte Touche Tohmatsu Ltd., and Moody’s Corp., have joined forces to launch the Canton Network, a new blockchain platform. By linking organizations and financial assets, this new blockchain platform aims to provide better privacy and control at a lower cost.
The Canton Network will link applications built on Digital Asset’s Daml smart contract language, according to a statement made by the company, which also revealed the names of the partners involved in the project. According to a press release, the platform’s goal is to offer decentralization while maintaining regulatory compliance for privacy and governance. This partnership with Digital Asset demonstrates how important players in the technology and finance sectors are becoming increasingly interested in blockchain technology. The Canton Network could have a big impact on how financial institutions operate and communicate with one another if these top companies participate.
Participants will be able to test the network’s features and applications starting in July, including Houston-based digital product studio Umbrage. Although a launch date has not yet been set, Umbrage CEO Will Womble anticipates that the network will serve as a catalyst for regulated financial institutions to collaborate more widely. Partnerships with significant organizations, including Deloitte, Microsoft, and Goldman Sachs, among others, will be a part of the project. The Canton Network seeks to provide decentralization while upholding privacy and governance regulations.
Compiled by Coinbold