Tech giant Microsoft, investment banking firm Goldman Sachs Group, global markets operator Cboe Global Markets, and professional services network Deloitte have joined forces in a new partnership aimed at advancing blockchain technology.
The objective of this collaboration is to foster the development of a blockchain infrastructure that enables the interconnection of institutional applications and encourages broader acceptance of distributed ledger technology within financial markets.
The partnership’s primary focus is the creation of the Canton Network, an interoperable blockchain with privacy features specifically designed for the institutional asset management industry. The network seeks to synchronize previously isolated financial markets, enabling seamless connectivity and collaboration.
In a press release published on May 9, this collaborative initiative was acknowledged by Bloomberg as a momentous advancement in ledger technology within the financial market. The partners are resolute in their commitment to integrating divergent institutional applications, a move that holds the potential to bring about a revolutionary transformation across the entire industry.
The Canton Network offers a secure and efficient environment for financial platforms, facilitating the synchronization of cash, data, and assets across multiple applications. This innovative technology represents a notable milestone in addressing the operational challenges faced by financial platforms.
Financial institutions leveraging the Canton Network can have confidence in the security of their valuable resources while enjoying streamlined integration and enhanced functionality. The partnership between Microsoft, Goldman Sachs, Cboe Global Markets, and Deloitte is poised to play a pivotal role in driving blockchain innovation in the financial sector.