Blockchain technology is the focus of a new partnership between Microsoft Corp, Goldman Sachs Group, CBE 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 May 9 press release, the Canton Network will be an interoperable blockchain with privacy features designed for the institutional asset management industry. This will make it possible to synchronize different financial markets that were “silenced” before.
Bloomberg calls the new venture “a collaborative effort that could be important for technology in the financial markets.” In addition, the group is attempting to integrate “disparate institution applications,” which could have a positive impact on the entire industry.
The global blockchain market is expected to grow from $7.18 billion in 2022 to $163.83 billion in 2029. Image: Forbes.
Tech, finance giants join forces on blockchain project
Based on the report, the Canton Network provides a secure and seamless environment for financial platforms, facilitating the synchronization of cash, data and assets between different applications.
This revolutionary technology represents a significant step towards addressing the challenges that financial platforms often face in their operations.
With Canton Network, financial platforms can rest assured that their valuable resources are protected while enjoying seamless integration and functionality.
JUST IN: Goldman Sachs, Microsoft, Deloitte, and Others Partner to Launch a Blockchain Network.
— watcher.guru (@WatcherGuru) May 9, 2023
Canton Network: Improving Privacy and Control
Users of the Canton network, which will begin beta testing in July, claim the system improves on the status quo in terms of privacy and control. It is expected to achieve a suitable scale and benchmark for banks and other financial institutions, according to a statement issued by the companies.
When used appropriately, blockchain technology has the potential to “unlock” new opportunities in the market, according to Cathy Clay, executive vice president at Cobby Global Markets, one of the firms involved in the project.
“The tokenization of real-world assets could provide an unprecedented opportunity to create new market infrastructure and drive efficiency in trading products around the world.”
The network will unify blockchain applications built with Damle, a smart-contract language designed by Digital Assets. The team-up is the result of years of blockchain research and development by veterans of the tech and finance industry.
BTCUSD halved above $28K area. Chart: TradingView.com
The blockchain industry continues to grow
Digital Asset is a blockchain-based startup founded by former JPMorgan executive Blythe Masters and backed by some of the world’s largest banking organizations.
Jens Hachmeister, Head of Issuer Services and Emerging Digital Markets at Deutsche Börse Group, underlined the importance of solutions that combine applications built with DAML.
For years, banks and other large businesses have been working on and evaluating blockchain applications in the hopes that they will simplify and speed up some of their most complex processes.
Meanwhile, data from Fortune Business Insights shows that the global blockchain market is projected to grow 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. Is.
– Featured Image from YourStory