- VeChain partners are looking to bring a unique blockchain network to the industry, with the aim of tackling existing setbacks.
- Deloitte, Microsoft Corp, and many other firms are coming together to launch the Canton blockchain network.
Blockchain technology has been widely adopted by a handful of companies and industries, thanks to its revolutionary characteristics. Adoption is still ongoing, and a handful of leading global firms are still tapping into groundbreaking technology and its benefits. Recently, a partnership between leading firms like Goldman Sachs Group, Deloitte, Cboe Global Market, and Microsoft Corp is notably centering the blockchain technology.
According to a press release detailing the new development, these leading market participants have announced plans to launch a unique blockchain network.
The blockchain network, branded “Canton Network” will be the first of its kind in the industry, which is a privacy-enabled interoperable blockchain network that is destined for institutional assets. The network’s design will also allow for the unlocking of the potential of synchronized financial markets.
The Canton Network will provide a decentralized infrastructure that connects independent applications built with Daml, Digital Asset’s smart-contract language. It creates a ‘network of networks’, allowing previously siloed systems in financial markets to interoperate with the appropriate governance, privacy, permissioning and controls required for highly regulated industries.
The Canton Network enables financial institutions to experience a safer and reconciliation-free environment where assets, data, and cash can synchronize freely across applications. This creates opportunities for financial institutions to offer new innovative products to their clients while enhancing their efficiency and risk management.
The Canton blockchain will bring scalability, privacy, and data control to the industry
It was further noted that by using the Canton network, operational risk will be reduced in a specific area.
For example, asset registers and cash payment systems are distinct and siloed systems in today’s markets. With the Canton Network, a digital bond and a digital payment can be composed across two separate applications into a single atomic transaction, guaranteeing simultaneous exchange without operational risk. Likewise, a digital asset could be used in a collateralized financial transaction via connection to a repo or leveraged loan application.
Currently, the inability to scale, the lack of privacy, and data control, amongst other things, are some of the issues plaguing smart contract blockchain networks. In response, the Canton network intends to solve these problems by balancing the decentralization of a network. This will be done using privacy and control essential to operate in a safe and sound regulatory environment.
The Canton network is also the only network that allows participants to safeguard permissions, exposure, and overall network interactions. Participants can simultaneously comply with security, regulatory and legal requirements.
Concerning future plans, it was revealed that the Canton network participants will begin testing for interoperability capabilities across a large number of existing applications and use cases in July.
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