Financial firms and tech giants to employ Canton Network in July

Digital Asset, a Web3 solutions provider, recently launched Canton Network, a privacy-based blockchain network, in partnership with financial giants and tech behemoths such as Microsoft, Goldman Sachs, and more. 

According to the statement, Canton Network is the industry's first privacy-based interoperable blockchain network built for institutional assets and designed to unlock the potential of synchronized financial markets. 

Apart from Goldman Sachs and Microsoft, other financial institutions, such as ASX, BNP Paribas, Cboe, Deloitte, Moody's, S&P Global, and more, have participated in Canton Network. The global network will provide a decentralized framework that connects independent applications built with Daml, Digital Asset's smart-contract language. It intends to create a 'network of networks,' allowing previously siloed financial systems to operate with the appropriate governance, privacy, permissions, and controls. 

Canton also provides financial institutions with a safer and reconciliation-free environment where assets, data, and cash can synchronize freely across applications. This allows them to offer new innovative products to their clients while improving efficiency and risk management.

"We are proud to be a founding participant of the Canton Network. For the first time, financial institutions can realize the full benefits of a global blockchain network while operating within the regulatory guardrails that ensure a safe, sound, and fair financial system," said Yuval Rooz, Co-Founder and CEO of Digital Asset. "This is a significant step forward for the blockchain space. We look forward to helping this founding group of network operators and users build and connect applications to the Canton Network."

According to Digital Asset, Canton Network is designed to address the shortcomings of public blockchains by including a scalable, privacy-based infrastructure that strikes a unique balance between control and interoperability. Canton Network participants will begin testing the blockchain's capabilities across various applications in July.