Microsoft, Goldman, others partner for privacy-enabled blockchain Canton Network

Digital Asset is partnering with several traditional financial firms and technology giants to launch Canton Network, a privacy-enabled blockchain network designed for institutional investors.

According to May 9th press statementThe new network launched in July, and network participants include Goldman Sachs, Cumberland, S&P Global, SBI Digital Asset Holdings, Umbrage, Microsoft, Paxos, Deloitte, CBOE, and others, and their interoperability capabilities. is tested. Suitable for a variety of applications and use cases.

Canton Network’s design enables traditional financial institutions to offer users new and innovative products and experience a more secure and coordination-free environment where assets, data and cash can be freely synchronized across applications.

“[Canton Network] It creates a “network of networks,” enabling previously siled systems in financial markets to interoperate with the appropriate governance, privacy, permissions, and controls required in a highly regulated industry. ”

Deloitte Consulting Principal Joseph Cody said: Said Blockchain networks are the first of their kind, and the Canton network will “tokenize assets, facilitate rapid inter-organizational payments, create new markets, establish an immutable record of shared data, and secure transactions. It adds that it helps to “promote

Canton is built on Daml, Digital Asset’s smart contract language.

How Canton Network Differs from Rival Blockchains

Canton Network says it combines the smart contract capabilities of blockchain networks such as Ethereum (ETH) and Solana (SOL) with privacy features similar to those of Bitcoin Lightning and Zcash (ZEC).

according to it white paper, which helps differentiate it from other blockchain networks that have limited operations. These network limits include strict Layer 1 vertical limits on transaction capacity. Another challenge of these networks was that asset issuers had to hand over control of their assets to a pool of pseudonymous validators.

“From a regulatory perspective, the transparency of data and the loss of control over assets make these networks unsuitable for use by financial institutions.”

Canton Network says it helps overcome these limitations by allowing applications across multiple subnets to natively interoperate without the need for layer 2 protocols or asset bridges.

“As of early 2023, financial institutions will be conducting more than $50 billion in transactions daily on the limited-access subnets of the Canton Network.”

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