- The new platform is a privacy-enabled blockchain called Canton Network.
- Canton Network enables interoperability and synchronous trading in finance, unlocking efficiency and innovation.
- Microsoft is a supporting partner, joining companies such as BNP Paribas, Deutsche Exchange Group and Goldman Sachs.
Microsoft is one of several global technology and financial companies looking to improve interoperability in financial markets via new privacy-enabled blockchain networks.
The blockchain for institutions, called the Canton Network, will provide access to a decentralized infrastructure aimed at unlocking the potential of synchronous financial markets. press release on tuesday.
The Canton Network consortium includes cryptocurrency platform Digital Asset, investment banking providers BNP Paribas and Goldman Sachs, and audit giant Deloitte. Other partners include Cboe Global Markets, Cumberland, Deutsche Börse Group, EquiLend, Moody’s, Paxos and others.
Harness the power of blockchain technology
Created as a “network of networks”, the cantons will allow previously siled systems within the financial market ecosystem to interoperate, allowing industry players to ensure proper governance, privacy and application in a highly regulated sector. It will benefit from aspects such as permits
The project will not only harness the power of blockchain, but also look to drive the integration of Web3 and AI in the financial industry.
Rashmi Misra, General Manager of Business Development, AI & Emerging Technologies, Microsoft, said:
“We are delighted to be a supporting partner of the Canton Network. We look forward to helping the financial community build and extend their cloud-enabled Web3 applications on Azure, while harnessing the power of AI to improve user experience and drive developer adoption. I’m here.”
Canton Network participants will be testing the platform’s interoperability features from July. Users will be able to perform atomic transactions across multiple smart contracts with fast cross-chain payments, privacy and security.
Adoption of blockchain technology and digital assets among financial institutions and payment providers is accelerating again after a lull associated with the turmoil and regulatory uncertainty of the crypto winter.
Recent moves in this direction have been made by companies such as Visa and Mastercard.