The new platform is a privacy-enabled blockchain dubbed the Canton Network.
Canton Network allows for interoperable and synchronised transactions in finance, unlocking efficiency and innovation.
Microsoft is a supporting partner and joins companies such as BNP Paribas, Deutsche Börse Group, and Goldman Sachs.
The institutional-focused blockchain is dubbed the Canton Network and will offer access to a decentralised infrastructure targeted at unlocking the potential of synchronised financial markets, according to details shared in a press release on Tuesday.
The Canton Network consortium includes crypto platform Digital Asset, investment banking providers BNP Paribas and Goldman Sachs and auditing giant Deloitte. Other partners are Cboe Global Markets, Cumberland, Deutsche Börse Group, EquiLend, Moody’s, and Paxos among others.
Harnessing the power of blockchain technology
Created as a ‘network of networks’, Canton will see previously siloed systems within the financial markets ecosystem interoperate – with industry players benefiting from aspects such as proper governance, privacy, and permissioning applicable to the highly regulated sector.
Apart from harnessing the power of blockchain, the project will also look to advance integration of Web3 and AI in the financial industry.
Rashmi Misra, the General Manager AI & Emerging Technologies, Business Development at Microsoft, said:
“We are excited to be a supporting partner of the Canton Network. 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.”
Canton Network participants are set to test the interoperability capabilities of the platform starting in July. Users will be able to execute atomic transactions across multiple smart contracts, with rapid cross-chain settlement, privacy and security.
Adoption of blockchain technology and digital assets among financial institutions and payments providers has picked up again after a lull that came with the turmoil of the crypto winter and regulatory uncertainty.
Recent moves in this direction have been made by companies like Visa and Mastercard.
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