Blockchain technology is the focus of a new partnership between Microsoft Corp, Goldman Sachs Group, Cboe Global Markets, and Deloitte.
Their main objective is to develop a blockchain infrastructure that can connect institutional applications and encourage wider adoption of distributed ledger technology in financial markets.
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 make it possible to synchronize different financial markets that were “previously siloed.”
Bloomberg calls the new venture “a collaborative effort that could be crucial to ledger technology in the finance market.” In addition, the group is striving to integrate “disparate institution applications,” which could have a positive impact on the entire industry.
The global blockchain market is expected to surge from $7.18 billion in 2022 to $163.83 billion in 2029. Image: Forbes.
Tech, Finance Giants Join Forces In Blockchain Project
Based on the report, the Canton Network provides a secure and smooth environment for financial platforms, facilitating the synchronization of cash, data, and assets among various applications.
This revolutionary technology represents a significant step towards addressing the challenges that financial platforms often encounter in their operations.
With the Canton Network, financial platforms can rest assured that their valuable resources are kept safe while enjoying seamless integration and functionality.
JUST IN: Goldman Sachs, Microsoft, Deloitte, and others partner to launch a blockchain network.
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Canton Network: Improving Privacy And Control
Canton Network users, who will begin beta testing in July, claim the system improves upon the status quo in terms of privacy and control. It is expected to attain a scale and benchmark suitable for banks and other financial institutions, according to a statement released by the companies.
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.”
The network will unite blockchain applications built with Daml, the smart-contract language devised by Digital Asset. The team-up is the result of years of blockchain research and development by the tech and finance industry’s behemoths.
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Blockchain Industry Continues To Grow
Digital Asset is a blockchain-based startup founded by former JPMorgan executive Blythe Masters and supported by some of the world’s biggest banking organizations.
Head of Issuer Services and Emerging Digital Markets at Deutsche Borse Group, Jens Hachmeister, underscored the importance of solutions that link applications built with Daml.
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.
Meanwhile, 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.
-Featured image from YourStory