The blockchain industry is booming, with new developments every day. One of the major novelties in the field was recently presented in an announcement. It is a new interoperable blockchain that has been dubbed Canton. The founders of the network happen to be giant companies in the technology sector. Here is what it is.
A blockchain intended to be the network of public blockchains
Multinationals have decided to create a new interoperable blockchain that will work like modular blockchains. Dubbed Canton, the new network aims to deliver the benefits of public blockchains without their flaws. It was designed to be a “network of networkswhich will connect independent apps built with Daml. The latter happens to be Digital Asset’s smart contract language. The Canton network is the result of the collaboration of titans like Microsoft, Goldman Sachs, Paxos and Deloitte.
“Canton network participants include 3Homes, ASX, BNP Paribas, Broadridge, Capgemini, Cboe Global Markets, Cumberland, Deloitte, Deutsche Börse Group, Digital Asset, The Digital Dollar Project, DRW, Eleox, EquiLend, FinClear, Gambyl, Goldman Sachs, IntellectEU, Liberty City Ventures, Microsoft, Moody’s, Paxos, Right Pedal LendOS, S&P Global, SBI Digital Asset Holdings, Umbrage, Versana, VERT Capital, Xpansiv and Zinnia», found the announcement introducing the new blockchain.
Canton: A giant leap for blockchain technology
Canton is intended for institutions to which it should offer a large number of advantages. These include: the corporate controls and risk management necessary for highly regulated industries. The new network also aims to give institutional users the efficiency they need to conduct their business.
Yuval Rooz, co-founder and CEO of Digital Asset, expressed his pride in Canton’s launch. He stated : “We are proud to be a founding member of the Canton network. For the first time, financial institutions can enjoy all the benefits of a global blockchain network while operating within the regulatory safeguards that ensure a safe, sound and fair financial system.“.
It appears that blockchains currently face limitations related to privacy risks. They also face the inability to scale up. Moreover, it is difficult for them to find a compromise between control and scalability. The Canton network aims to address these issues and could be a significant step forward for the blockchain space. It should be clarified that blockchain technology is proving useful in almost all areas today. It has even recently been shown that it can impact the education system.
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