Fintech Consortium To Launch Interoperable Blockchain Network For Financial Market

A consortium of companies in the financial and technology sectors are set to launch a first-of-its-kind privacy-enabled interoperable blockchain network that will be a ‘network of networks’ which allows previously siloed systems in financial markets to interoperate with the appropriate governance, privacy, permissioning and controls.

Powered by Digital Asset, the Canton Network is an open blockchain network with the privacy and controls required for highly-regulated industries. The network is designed for institutional assets and built to responsibly unlock the potential of synchronized financial markets.

Canton Network participants include ASX, BNP Paribas, Broadridge, Capgemini, Cboe Global Markets, Deloitte, Deutsche Börse Group, Digital Asset, The Digital Dollar Project, Goldman Sachs, EquiLend, IntellectEU, Umbrage, Microsoft, Moody’s, Paxos, S&P Global and SBI Digital Asset Holdings.

The Canton Network will provide a decentralized infrastructure that connects independent applications built with Daml, Digital Asset’s smart-contract language. It will enable financial institutions to experience a safer and reconciliation-free environment where assets, data, and cash can synchronize freely across applications.

The network will create opportunities for financial institutions to offer new innovative products to their clients while enhancing their efficiency and risk management.

Using the Canton Network, a digital bond and a digital payment can be composed across two separate applications into a single atomic transaction, guaranteeing simultaneous exchange without operational risk.

A digital asset can also be used in a collateralized financial transaction via connection to a repo or leveraged loan application.

The Canton Network removes the current bottlenecks of the smart contract blockchain networks by uniquely balancing the decentralization of a network with privacy and control essential to operating within a safe and sound regulatory environment.

Only the Canton Network enables participants to safeguard permissions, exposure, and interactions across the network, to comply with security, regulatory and legal requirements.

The network can connect innovative blockchain solutions in market today, such as Deutsche Börse Group’s D7 post-trade platform and Goldman Sachs’ GS DAP, while retaining privacy and permissioning. As more Daml-built applications go into production this year and beyond, the number of connections on the Canton Network will grow exponentially.

The participants of the Canton Network will begin testing interoperability capabilities across a range of applications and use cases in July.