Major Firms Are Participants in New Global Blockchain Network

Some of the biggest players in the financial markets have united to launch Canton Network, dubbed the industry’s first privacy-enabled interoperable blockchain network designed for institutional assets. By creating a ‘network of networks’, Canton will allow previously siloed systems in financial markets to interoperate with the appropriate governance, privacy, permissioning and controls required for highly regulated industries. Among those involved are BNP Paribas, Cboe, Broadridge and Goldman Sachs. According to a story in The Trade news the intention is that the Canton Network is “built to responsibly unlock the potential of synchronised financial markets”. The initiative is looking to help overcome some of the issues around public blockchains such as the lack of privacy and control over data, the inability to scale, and a lack of interoperability. The Canton Network will provide a decentralised infrastructure that connects independent applications built with Daml, Digital Asset’s smart-contract language. The Canton Network will aim to enable financial institutions to experience a safer and reconciliation-free environment where assets, data, and cash can synchronise freely across applications. This result could create opportunities for financial institutions to offer innovative new products to their clients while enhancing their efficiency and risk management.