Microsoft has gone ahead and formed an exclusive collaboration with Goldman Sachs. This occurrence took place with the aim and intention of working on the building of a new blockchain network going by the name of the Canton Network. Along with the two entities, there will also be the participation of various other financial institutions, as well as technology organizations. The Canton Network, on its part, is intended to be a privacy-oriented and interoperable blockchain network. It will be created keeping in mind that it should be able to form a connection with previously ignored financial markets. Some of the other contributors are names like BNP Paribas, as well as Cboe Global Markets, Digital Asset, Paxos, Deloitte, and others.
All formalities and procedures regarding its testing will commence from the month of July 2023 onwards. The effort is being put in to ensure that the network is equipped with more advanced privacy and control systems than what it is now. It should also be able to live up to the expectations of the financial institutions.
At the present moment in time, Canton has the capability of being able to link up with multiple applications with the help of the smart contract language Daml and take it further in the case of other applications as well, which also use the particular coding language. In order to be more specific, it goes with the Goldman Sachs Digital Asset Platform, which offers assets on the blockchain.
This very collaboration comes after plenty of blockchain testing and developments that have been duly carried out by the concerned financial institutions. The idea was to find easier solutions for the more complicated procedures involved. All of this stems from the fact that there is seemingly a growing inclination of institutional investors towards digital assets, as observed by Cathie Wood’s ARK Investment which purchased $18 million in the form of Coinbase shares recently. According to a study conducted by Goldman Sachs, 32% of family-owned organizations have carried out investments in digital assets at the present moment in time.