The Canton Network project will create a “network of networks,” uniting previously siloed systems in financial markets under a single infrastructure. Several major corporations such as Goldman Sachs, BNP Paribas, and others have already joined the project.
Digital Asset announced the launch of the Canton corporate blockchain network for large financial institutions. The project will provide a decentralized infrastructure for synchronizing large data sets, while providing a high level of performance and privacy.
Canton’s creators included scalability, along with the proper level of management and control required for highly regulated industries. Taken together, this will create the conditions to provide financial services to institutional entities.
The technology is used to directly integrate the asset ledger and payment system, which operate as two separate applications. Interaction within the network takes the form of an atomic transaction, which guarantees simultaneous exchange without operational risk. All systems connected to the Canton network can be configured to interact in the same way.
Financial giants such as Goldman Sachs, BNP Paribas, Deutsche Börse Group, and EquiLend are already using the Canton Network for data exchange. Microsoft, Deloitte, Moody’s, and Capgemini are industry partners of the project.
In addition, Umbrage, 3Homes, ASX, Broadridge, Cboe Global Markets, Cumberland, The Digital Dollar Project, DRW, Eleox, EquiLend, FinClear, Gambyl, IntellectEU, Liberty City Ventures, Paxos, Right Pedal LendOS, S&P Global, SBI Digital Asset Holdings, Versana, VERT Capital, Xpansiv, and Zinnia have already confirmed their participation.
Canton Network members will be able to begin testing intra-network collaboration capabilities this July.
The Canton Network operates on Daml, a smart contract language developed by Digital Asset. It enables the creation of an interoperable system in which assets, data, and funds can be synchronized between apps integrated into the network. The GS DAP asset tokenization platform, launched by Goldman Sachs in early 2023, works in a similar way.
