Multinational firms like Microsoft, Deloitte, and Goldman Sachs are collaborating on a new blockchain network for financial markets called Canton Network. The network will provide a decentralized infrastructure that connects various applications built with Daml, a blockchain-agnostic language for smart contracts. Canton Network aims to provide several blockchain development services to make it easier for financial markets to adopt privacy-focused blockchain technology.
Participants in the network currently include BNP Paribas, Cboe Global Markets, Digital Asset, Paxos, Microsoft, Goldman Sachs, Deloitte, and others.
Canton Blockchain Network - an Initiative Between Prominent Financial Firms
Daml, the smart-contract language developed by Digital Asset, is used to connect independent apps on the Canton Network, a decentralized infrastructure. It creates a 'network of networks'. It allows previously separate financial systems to interoperate with the appropriate governance, privacy, permissions, and controls needed for regulated industries.
Further, the blockchain will enable financial institutions to securely synchronize assets, data, and cash across applications in a reconciliation-free environment. With the Canton Network, financial institutions can offer innovative products to their clients while enhancing their efficiency and risk management.
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What Canton Promises
Here is what the blockchain network promises:
Privacy
As the first open platform with privacy support, Canton can revolutionize blockchain networks. It guarantees seamless connections while safeguarding privacy.
Powered by groundbreaking smart contract technology, participants in the network can securely exchange data and value. It can unlock the immense potential of synchronized financial markets.
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Connections without Trade-offs
Canton links several financial infrastructures and systems that were previously fragmented. It will unlock new possibilities for innovation and growth. The platform does not compromise privacy or control to achieve this integration.
Controlled Decentralization
Canton is a blockchain network that combines public decentralization with financial market privacy and controls. It allows for assets and data to move seamlessly between applications with real-time synchronization and guaranteed privacy. Meanwhile, it does not give up control to central intermediaries.
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The Network will Begin Testing its Capabilities in July
In July, the network will begin testing its capabilities. The testing phase will include advanced privacy controls to ensure secure transactions. The network will offer the level of scale and performance required by leading financial institutions.
Hire blockchain developer, by doing so you can tap into his expertise in building secure and efficient blockchain solutions. They will be responsible for developing and implementing smart contracts, integrating our existing systems with blockchain platforms, and ensuring the security and scalability of our blockchain infrastructure.
Blockchain Technology is booming, it is being adopted in various industries around the world.
Blockchain helps in business automation with enhanced efficiency, security, trust, and transparency among the parties involved in the business operations.What are the advantages of adopting Blockchain in Business operations?Auditable Transactions In the blockchain, each transaction is sequentially and generally registered to provide a permanent audit trail for an asset.
This is very important if the source data is required to confirm the authenticity of the assets.
The Blockchain provides a secure environment for business transactions and each of them is stored on the blockchain that can viewable to the parties involved over it.
It can be used for audit purposes for assets.Secure Transactions In Blockchain each transaction is validated within the network using the cryptographic hash functions, the information encrypted is well-secured and guaranteed.
The guaranteed information is one of the basic things to unlock the benefits of the IoT, it merges the on-chain and off-chain entity on the blockchain network and automates the business operations.Decentralized On Blockchain it has a shared distributed ledger recording all the transactions with a timestamp and it is distributed among the parties involved in the transactions it helps to eliminate the data redundancy and improves the data integrity.
POC, ok what is it?It might be a little bit of confusion to the person who is doing research on blockchain.
Yes why am saying is that POC is called Proof of Concept, there also another POC, called Proof of Capability.
You might see both terms in searching for blockchain on Google.Actually, Proof of Concept - is a prototype to develop a blockchain Application.Proof of Capability - is a Blockchain Algorithm for the mining process.In the list POW (Proof of work), POS ( Proof of work ), POC (Proof of Capability) and POI (Proof Of Interest) are exploring their full potential in Blockchain Mining Alone.But The Proof Of Concept ( POC) is something unique which have started to rage in blockchain application development alone.Proof of Concept:Proof of concepts is a prototype that you can use to shape up the idea of what you have in your mind to a basic working model.
This will declare and demonstrates the possible solution to develop a blockchain application for any industry.This prototype doesn’t have any code and will be executed initially with MVP (Minimum viable product) which will be set with high-level functionalities that what the blockchain project can cover.Feedback of the MVP from initial customers will be received after implementing the project to live.
Further enhancement will be done in order to complete the goals of the blockchain project.This blockchain development will have 3 stages in its life cycle.1.
The First Stage covers the theoretical explanation of the blockchain projects through a set of proposals2.
