"Don't play around, Microsoft and Goldman Sachs are also involved in this project."
Canton Network's new blockchain network focusing on financial institutions has been developed by several financial and technology giants such as Digital Asset, Goldman Sachs, Microsoft, Paxos, Deloitte, BNP Paribas and so on.
Through an announcement on May 9, 2023, the Canton Network will become an interoperable* privacy-enabled blockchain network to enable the synchronization** of financial markets.
*The ability of a blockchain to communicate with other blockchains
**Refers to the download and verification of blocks in the blockchain, which is the history of Bitcoin transactions
In addition, the network will also test its capabilities in July 2023, among which are privacy controls and the ability to achieve scale including the performance required for financial institutions.
In context, Canton has been built on the Digital Asset Modeling Language (Daml), where it creates an interoperable system that allows assets, data or cash to be synchronized across linked applications.
According to Cathy Clay, executive vice president of Cboe Global Markets who is also a partner in the project has said that blockchain technology has the potential to open up new opportunities for many parties.
He further added that most investors and industries became interested in digital assets after the crypto market which suffered a drastic fall last year was found to be showing signs of recovery.
On the other hand, Ark Investment founded by Cathie Wood bought 269,928 shares of Coinbase (COIN) worth $18 million in March 2023 while Goldman Sachs revealed that 32% of family offices now have investments in digital assets.
