- Microsoft Corp, Goldman Sachs Group, Cboe Global Markets, and Deloitte have partnered to develop a blockchain infrastructure.
- The objective is to connect institutional applications and encourage wider adoption of distributed ledger technology in financial markets.
Microsoft Corp, Goldman Sachs Group, Cboe Global Markets, and Deloitte have partnered to develop a blockchain infrastructure that can connect institutional applications and encourage wider adoption of distributed ledger technology in financial markets. The objective is to make it possible to synchronize different financial markets that were
“disparate institution applications.”
This effort could have a significant impact on the entire industry, and Bloomberg calls it
“a collaborative effort that could be crucial to ledger technology in the finance market.”
Canton Network: A Revolutionary Blockchain Solution
According to a press release from May 9, the Canton Network will be an interoperable blockchain with privacy features designed for the institutional asset management industry. It will provide a secure and smooth environment for financial platforms, facilitating the synchronization of cash, data, and assets among various applications. Canton Network users, who will begin beta testing in July, claim the system improves upon the status quo in terms of privacy and control.
The network is expected to attain a scale and benchmark suitable for banks and other financial institutions.
Blockchain Industry Continues to Grow
For years, banks and other big businesses have been working on and assessing blockchain applications in the hopes that they will simplify and accelerate some of their most intricate procedures. Digital Asset, a blockchain-based startup founded by former JPMorgan executive Blythe Masters and supported by some of the world’s biggest banking organizations, is working on a solution that links applications built with Daml. The global blockchain market is anticipated to increase from $7.18 billion in 2022 to $163.83 billion in 2029, at a compound annual growth rate (CAGR) of 56.3% during the forecast period, data by Fortune Business Insights show.
The Importance of Blockchain Technology
When utilized appropriately, blockchain technology has the ability to “unlock” new opportunities in the market. According to Cathy Clay, executive vice president of Cboe Global Markets, which is one of the companies involved in the project, the tokenization of real-world assets may offer an unprecedented opportunity to create new market infrastructure and drive efficiency in the trading of products across the globe.
In conclusion, the Canton Network represents a significant step towards addressing the challenges that financial platforms often encounter in their operations. With this new development, financial platforms can rest assured that their valuable resources are kept safe while enjoying seamless integration and functionality. The project is the result of years of blockchain research and development by the tech and finance industry’s behemoths.