Finance and tech conglomerate launches its own blockchain network

A conglomerate of financial and tech industry companies has announced plans to launch its own blockchain. The network will connect institutions and financial markets.

A conglomerate of companies from the financial and tech industries plans to launch a blockchain network. Participants in the so-called "Canton Network" include Goldman Sachs, Microsoft, BNP Parisbas, Deutsche Börse Group and 26 other companies.

The companies are collaborating with fintech "Digital Asset" for this purpose. The Canton Network will provide a "decentralised infrastructure" that will "connect independent applications", according to the press release dated 9 May. The blockchain applications will be based on the proprietary smart contract language Daml.

Canton is thus a "network of networks" that will "enable previously isolated systems in financial markets to interact with the governance, data protection, authorisation and control mechanisms required for highly regulated industries".

The date for the network's launch has not yet been announced. However, participants will be able to test the network's applications from July, according to the announcement.