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Microsoft, Goldman Sachs and S&P global back launch of financial blockchain designed to streamline traditional finance

The partnerships show that mainstream adoption of decentralised finance is moving faster than expected.

We may be at the tail-end of a bear market, but one thing is clear: adoption of Web3 is accelerating quickly. In a major show of support for DeFi and blockchain technology, industry giants including Microsoft and Goldman Sachs have announced their participation in the launch of the Canton Network, a new interoperable blockchain network designed specifically for institutional assets.

According to the press release, the network will link financial systems and allow them to synchronise “assets, data, and cash” freely across applications. 

Joining Microsoft and Goldman Sachs in this venture are other prominent market participants such as BNP Paribas, Cboe Global Markets, Deloitte, Deutsche Börse Group, Digital Asset, EquiLend, Gambyl, Moody’s, Paxos, S&P Global, Versana, Xpansiv, and many more. 

Read more: Sam Altman close to securing $100M funding for iris-scanning crypto project Worldcoin

The Canton Network will serve as a decentralized infrastructure connecting independent applications built with Daml, Digital Asset’s smart-contract language. The network describes itself as a “network of networks” that will enable previously isolated systems within financial markets to easily interoperate while adhering to industry regulations relating to governance, privacy and permissioning. 

One of the key advantages of the Canton Network outlined in the press release is its ability to address the shortcomings of previous blockchain networks, such as the lack of privacy and control over data. The network says that it has advanced privacy features that will enable multiple regulated participants to utilise the technology on the same network securely. 

The Canton Network will also play a crucial role in scaling blockchain technology to meet the demands of larger, established financial institutions – an essential role in mainstream global adoption.

Joseph Cody, Principal at Deloitte Consulting, said: “We are proud to support Digital Asset in serving institutions that are reinventing the industry through tokenization of assets, facilitating rapid cross-organizational settlement, creating new marketplaces, establishing an immutable record of shared data, and facilitating secure transactions across the Canton Network.”

He added: “This blockchain network marks the first of its kind, and we are thrilled to collaborate with global leaders embarking on a more connected and efficient future for financial services.”

Participating firms will begin testing the network’s interoperability capabilities across a wide range of applications and use cases beginning in July. 

Disclaimer: CryptoPlug does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

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