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The Canton Network is a brand new blockchain system. Very few people appear to have heard of it at press time, but there’s a good chance this blockchain is going to be making waves soon throughout the industry given the names it’s attracting in terms of partnerships.
Canton Blockchain Network Getting Big and Bold
Thus far, the company has joined hands with some of the biggest companies in both technology and finance including Goldman Sachs, Deloitte, and Microsoft.
Behind the implementation of the Canton Network is a firm called Digital Asset, a blockchain startup that was once led by former JPMorgan executive Blythe Masters. Yuval Rooz – co-founder and CEO of Digital Asset – explained in a recent statement:
For the first time, financial institutions can realize the full benefits of a global blockchain network while operating within the regulatory guardrails.
At the time of writing, other big companies to join hands with Cantos include BNP Paribas, CBOE, Moody’s, and even Paxos, which creates stable currencies for companies like PayPal and Binance, the biggest and most popular digital currency trading platform in the world. These firms have been experimenting with the Cantos network for some time already, though it’s not quite clear what their intentions are.
In any case, the news is positive in that it suggests blockchain technology is becoming more mainstream and legitimate. It has been said over the last few years that blockchain, while primarily used for crypto-based transactions and financial confirmations, can be utilized in several other industries from healthcare to manufacturing. While there is certainly evidence supporting this, the statement has never fully been put into action given blockchain is still very much a birthing technology that some people do not trust enough to try.
As such, blockchain – while revolutionary – is not accomplishing all it can, and primarily remains confined to the crypto arena. However, with names like Microsoft and Deloitte now entering the picture, one can assume that blockchain is going to pick up steam and attract the attention of many other companies similar in both size and scope.
Regarding what her company has in mind for blockchain and Canton, Cathy Clay – an executive vice president of CBOE Global Markets – explained:
By leveraging new blockchain technologies, we can potentially unlock new opportunities for market participants. Efforts like the Canton Network will help our industry further explore this frontier.
Tokenization of Assets?
While unclear, it’s believed that many of the above-mentioned companies are primarily interested in the tokenization of assets such as stocks and bonds. The tokenization process of these assets would ultimately remove all middlemen and third parties required for verification, thus ensuring they’re safer for their users and that auditing is easier in the future.
Many of these companies also claim to have been examining blockchain for years.
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