Leading Corporations Back the Canton Network
In a noteworthy alliance, renowned corporations such as Goldman Sachs, Microsoft, Deloitte, and Cboe Global Markets are rallying behind the Canton Network. As a revolutionary blockchain system, Canton aims to interconnect multiple institutional applications, enhancing their performance and security.
This “network of networks,” as Canton labels itself, uses DAML (Digital Asset Modelling Language) – a specialized smart-contract programming language launched by Digital Asset in 2016. DAML allows Canton to link independent applications and facilitate seamless integration between them.
Canton Network: The Path to Enhanced Financial Interoperability
The advent of blockchain technology has been instrumental in transforming traditional financial instruments like stocks and bonds into digital tokens. Institutions are continually seeking methods to streamline operations, reduce costs, and enable instantaneous transactions.
Canton Network’s mission is to address these demands by resolving the interoperability issues prevalent in current systems. By providing a conduit for different applications to work in harmony, Canton aims to maintain the necessary controls required in financial markets without sacrificing the autonomy of organizations.
The network has already gained traction among significant players in the financial industry, including Capgemini, Broadridge, Deutsche Börse, Moody’s, and Paxos.
The Canton Advantage: Integrating Digital Bonds and Payments
An intriguing promise of the Canton Network lies in its ability to intertwine digital bonds and payments into a single, simultaneous transaction. This innovative capability could eliminate potential stumbling blocks, while enabling digital assets to be used in other financial transactions, such as collateral for loans.
Furthermore, Canton Network’s potential extends to connecting other permissioned blockchain solutions. As more DAML-built applications come online, the network’s interconnectivity is expected to increase.
Industry Reaction to Canton Network
The Canton Network’s unique approach has stirred a discussion among industry veterans. Sacha Ghebali, director of strategy at The Tie, spotlighted the significance of large institutions creating a decentralized ledger that fits their needs. On the other hand, Konstantin Horejsi, chief product officer at Blocktrade, emphasized the need for user acceptance and a central control organ for widespread adoption.
Others like Tim Dierckxsens, CEO of blockchain wallet provider Venly, lauded the collaboration for recognizing the potential of blockchain technology to transform financial markets.
Despite the excitement, there were skeptics, like Zaki Manian, co-founder of DeFi protocol Sommelier Finance, who doubts the long-term viability of the permissioned consortium approach. He insists that a global digital marketplace must be neutral and permissionless.
Key Points
What is the Canton Network?
Canton Network is an innovative blockchain platform designed to interconnect various institutional applications, thereby enhancing their interoperability and performance.
Who are some of the major corporations backing the Canton Network?
Goldman Sachs, Microsoft, Deloitte, and Cboe Global Markets are among the prominent corporations supporting the Canton Network.
What is the mission of the Canton Network?
Canton Network aims to resolve the interoperability issues prevalent in current systems, facilitating different applications to work in harmony while maintaining the necessary controls required in financial markets.
How does the Canton Network propose to enhance financial transactions?
The Canton Network promises to intertwine digital bonds and payments into a single, simultaneous transaction, eliminating potential stumbling blocks and enabling digital assets to be used in other financial transactions.
What has been the industry reaction to the Canton Network?
The Canton Network has elicited a range of reactions from industry veterans, with some lauding its potential to transform financial markets and others expressing skepticism about the long-term viability of its approach.
