Corporate titans are banding together for the launch of a new interoperable blockchain named the Canton Network.
According to a new announcement, Digital Asset, Goldman Sachs, Microsoft, Deloitte, Paxos and many other corporate giants are coming together to participate in the blockchain network’s launch.
[adinserter block="1"]“Canton Network participants include 3Homes, ASX, BNP Paribas, Broadridge, Capgemini, Cboe Global Markets, Cumberland, Deloitte, Deutsche Börse Group, Digital Asset, The Digital Dollar Project, DRW, Eleox, EquiLend, FinClear, Gambyl, Goldman Sachs, IntellectEU, Liberty City Ventures, Microsoft, Moody’s, Paxos, Right Pedal LendOS, S&P Global, SBI Digital Asset Holdings, Umbrage, Versana, VERT Capital, Xpansiv, and Zinnia.”
The Canton Network targets institutions by trying to give them the corporate controls, risk management and efficiency required for industries that are highly regulated.
The new network will connect independent applications built with Daml, Digital Asset’s smart contract language, creating a “network of networks” that aims to capture the benefits of public blockchains without certain flaws.
The announcement says that until now, blockchains have faced limitations with privacy risks, the inability to scale, and the trade-off of control over scalability.
Says Yuval Rooz, Co-Founder and CEO at Digital Asset,
“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. 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.”
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