The Canton Network, a blockchain-based system, is being created by Goldman Sachs, Microsoft, Deloitte, and others. The network connects institutional applications and improves privacy and controls while meeting financial institutions’ size and performance requirements.
According to a statement released by the participating firms, the Canton Network will begin testing some of its capabilities in July. Other companies joining the network include ASX, BNP Paribas, Broadridge, Cumberland, Digital Asset, Moody’s, Paxos, and SBI Digital Asset Holdings.
The Need for Blockchain
Blockchain technology has been a topic of discussion in the financial industry for years. The potential to simplify and speed up complex processes has driven banks and other large corporations to develop and test blockchain applications.
The Canton Network hopes to change that by providing a better blockchain solution for financial institutions. The network’s privacy and control features are especially important in an industry where security is paramount.
The Canton Network assists financial institutions in a number of ways. Blockchain-based systems increase transparency, reduce fraud, and reduce transaction reconciliation time and cost. Cross-border transactions, which sometimes take days and include several middlemen, can be faster and improved by the network.
Goldman Sachs and Microsoft‘s Canton Network might boost blockchain usage. The sector has advanced due to the network’s ability to improve privacy and governance and meet financial institutions’ size and performance needs.
Blockchain technology is predicted to grow in the financial industry. The Canton Network is a development that will potentially attract participants in this industry.