Goldman Sachs, Microsoft, and Others Launch a New Blockchain Project
- The new blockchain network will unlock potential in the financial market.
- Some of the participants in the network include Paxos, Cboe Global Markets, BNP Paribas, Deloitte, Digital Asset, Microsoft, and Goldman Sachs.
Institutional investors continue to display interest in the cryptocurrency market as the effects of the crypto winter begin to fade. Global giants Microsoft Corp., Goldman Sachs Group, Cboe Global Markets, and Deloitte have struck a new partnership focused on blockchain technology.
The collaboration is aimed at building a blockchain infrastructure that would enable institutional apps to connect and promote an increased use of distributed ledger technology in the financial markets.
The Canton Network will be an open, interoperable blockchain network geared toward people dealing with institutional assets, according to an official statement on May 9. The network will enable the seamless integration of financial markets that were previously segregated. In addition, a review of the network’s abilities is scheduled for July, including its capacity to meet the needs of big financial institutions.
The Canton network is reportedly built on Daml, a smart contract language developed by Digital Asset that enables “assets, data, and cash” to synchronize across connected apps. The network is being hailed as an important step toward establishing solutions to the problems that financial systems frequently experience.
Cathy Clay, executive vice president of Cboe Global Markets, believes blockchain technology can unlock new possibilities in the financial markets when leveraged. Clay said, “The tokenization of real-world assets may offer an unprecedented opportunity to create new market infrastructure and drive efficiency in the trading of products across the globe.”
The crypto market is enjoying some form of stability following months of decline caused by the bear market. Bitcoin and Ethereum have both had flashes of their former success, and investors seem to have renewed their interest in the industry.
However, the lack of regulatory clarity remains a stumbling block, especially in the US. Crypto experts believe a clearer policy will further stabilize the market and lead to wider adoption of blockchain technology.
Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.
