Wall Street Firms Test Pilot Program For Canton Network Blockchain Platform
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Many top financial institutions including BNY Mellon and Goldman Sachs, have participated in a pilot of Digital Asset’s Canton Network blockchain platform for Blockchain-based assets.
The Canton Network was founded by Digital Asset with involvement from technology companies, infrastructure providers, and financial institutions. It is a Privacy-centric Compatible blockchain network tailored for institutional assets.
The pilot Will Minimize Inefficiencies, Risks, And Costs Within The Ecosystem
The initiative has now concluded a pilot, completing 350 simulated transactions including three exchanges, four custodians, 13 banks, and 15 asset managers.
The test displayed the Synergy of 22 Sovereign distributed ledger applications (dApps). This app comprises two financing apps, four margin, three trading, three bond registries, five cash registries, and five fund registries. The dApps were able to exchange deposits, money market funds, and tokenized securities across applications.
Digital Asset stated that the pilot demonstrates how an ecosystem of interconnected applications can link to ensure solid, atomic transactions across different areas of the Capital markets ecosystem while also minimizing inefficiencies, risks, and costs.
The Chief Executive Officer of Digital Asset, Yuval Rooz mentioned that Canton enables previously separated financial systems to link and merge in innovative ways while adhering to the existing regulatory guardrails.
Wellington Management, Visa, State Street, Standard Chartered, Pirum, Northern Trust, Nomura, IEX, Harvest Fund Management, Generali Investments, Fiùtur, DTCC, Commerzbank, Cboe Global Markets, BOK Financial, BNP Paribas, Baymarkets, Paxos, Oliver Wyman, EquiLend, DRW, and Broadridge all participated.
The Canton Network Seeks To Revolutionize Financial Infrastructure And Privacy
The Canton Network serves as a decentralized infrastructure that links Daml, an independent app designed with Digital Asset’s smart contract language. It enables previously separate financial systems to connect with the appropriate controls, permissions, privacy, and governance needed for regulated sectors.
In addition, the blockchain enables banks to securely synchronize cash, data, and assets across applications in an environment without the need for reconciliation. Through the Canton Network, banks can introduce advanced products to their clients while improving their risk management and efficiency.
Canton likes various infrastructures and financial systems that previously separated while unlocking new possibilities for growth and innovation. However, to pull off this integration, the firm does not compromise control or privacy.
Canton can revolutionize the blockchain network as the initial open platform with privacy features, guaranteeing smooth connections while protecting privacy.
Powered by innovative smart contract technology, players within the network can securely exchange value and data, to unlock the vast potential of synchronized financial markets.
The network will commence its test to assess its capabilities in July. This testing phase will incorporate advanced privacy control to guarantee secure transactions. The network will provide the level of performance and scale required by prominent financial institutions.
