Microsoft, Goldman Sachs join Canton Network

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  • The new platform is a privacy-enabled blockchain called the Canton Network.
  • The Canton Network allows for interoperable and synchronized transactions in finance, unlocking efficiency and innovation.
  • Microsoft is a supporting partner and joins companies such as BNP Paribas, Deutsche Börse Group, and Goldman Sachs.

Microsoft One of several global tech and finance companies looking to advance interoperability in financial markets through a new privacy-enabled blockchain network.

The institutional-focused blockchain has been dubbed the Canton Network and will offer access to a decentralized infrastructure aimed at unlocking the potential of synchronized financial markets, according to details shared in a Press release on Tuesday.

The Canton Network consortium includes crypto platform Digital Asset, investment banking provider BNP Paribas and Goldman Sachs and auditing giant Deloitte. Other partners include Cboe Global Markets, Cumberland, Deutsche Börse Group, EquiLend, Moody’s and Paxos.

Harnessing the Power of Blockchain Technology

Designed as a ‘network of networks’, Canton will see previously closed systems within the financial markets ecosystem – industry players benefiting from aspects such as proper governance, privacy and permissions applied to the highly regulated sector.

In addition to harnessing the power of blockchain, the project will also further the integration of Web3 and AI in the financial industry.

Rashmi Mishra, General Manager AI & Emerging Technologies, Business Development, Microsoft said:

,We are excited to be a supporting partner of Canton Network. We look forward to helping the financial community build and scale cloud enabled Web 3 applications on Azure, harnessing the power of AI to improve user experience and drive developer adoption.,

Canton network participants are set to test the interoperability capabilities of the platform starting in July. Users will be able to perform atomic transactions across multiple smart contracts with fast cross-chain settlement, privacy and security.

After a lull that came with the turmoil of crypto winter and regulatory uncertainty, the adoption of blockchain technology and digital assets among financial institutions and payment providers has picked up again.

Recent steps in this direction have been taken by companies like Visa and Mastercard.

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