Blockchain technology firm Digital Asset and businesses from the financial services, technology and consultancy sectors are planning to launch the Canton Network, the industry’s first privacy-enabled interoperable blockchain network.
The network will provide a decentralised infrastructure that connects independent applications – such as asset registers and cash payment systems – built using Daml, Digital Asset’s smart-contract language.
The Canton Network says that smart contract blockchain networks have not yet achieved meaningful adoption because of shortfalls in relation to privacy and control of data, trade-offs between control and interoperability, and an inability to scale.
According to a statement from the network: “The Canton Network removes these obstacles by uniquely balancing the decentralisation 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.”
“We are excited to be a supporting partner of the Canton Network,” said Rashmi Misra, general manager of AI and emerging technologies at Microsoft. “We look forward to helping the financial community build and scale cloud enabled Web3 applications on Azure while harnessing the power of AI to improve the user experience and drive developer adoption.”
Financial institutions participating in the network include Cboe Global Markets, Deutsche Börse Group, Goldman Sachs Group and EquiLend, while industry partners include Microsoft, Capgemini, Deloitte, Moody’s and S&P Global.
“We are proud to be a founding participant of the Canton Network,” said Yuval Rooz, co-founder and CEO at Digital Asset. “For the first time, financial institutions can realise the full benefits of a global blockchain network while operating within the regulatory guardrails that ensure a safe, sound, and fair financial system. This is a significant step forward for the blockchain space. We look forward to helping this founding group of network operators and users build and connect applications to the Canton Network.”
Participants will begin testing the interoperability capability across a range of apps and use cases in July.
For more information read the Canton Network white paper from Digital Asset.