Several major institutions including Goldman Sachs Group Inc., Microsoft Corp., Deloitte Touche Tohmatsu Ltd., and Moody’s Corp. have partnered with New York-based fintech firm Digital Asset to launch the Canton Network, a new blockchain platform.
This new blockchain platform aims to connect institutions and financial assets, offering better privacy and control at a lower cost.
Digital Asset has revealed the names of the partners involved in the project, announcing that the Canton Network will connect applications based on the company’s smart contract language, Daml. The aim of the platform is to provide decentralization while adhering to regulatory compliance for governance and privacy, according to a press release.
This collaboration with Digital Asset shows the growing interest in blockchain technology among major players in the finance and technology industries. With the participation of these leading companies, the Canton Network has the potential to significantly impact the way financial institutions operate and interact with each other.
Participants, including Houston-based digital product studio Umbrage, will be able to test the network’s capabilities and applications from July. Although the launch date for the network has not yet been announced, Will Womble, CEO of Umbrage, expects it to become a catalyst for regulated financial institutions to operate together on a larger scale.
The project will involve partnerships with major institutions such as Goldman Sachs, Microsoft, and Deloitte, among others. The aim of the Canton Network is to provide decentralization while maintaining regulatory compliance for governance and privacy.
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