Microsoft and Goldman Sachs team up to launch a new blockchain network aimed at institutional assets

The Canton network will be interoperable and protection empowered, intended to associate monetary business sectors that were recently confined.

According to a statement released on May 9, Microsoft and Goldman Sachs are among several technology companies and financial institutions working together on a new blockchain network aimed at institutional assets.

The Canton Organization will be a security-empowered, interoperable blockchain network intended to interface "already siloed" monetary business sectors. BNP Paribas, Cboe Global Markets, Digital Asset, Paxos, and Deloitte are just a few of the network's other members.

According to the announcement, the network will begin testing its capabilities in July and aims to provide better privacy and controls than existing technology while achieving the scale and performance required by financial institutions.

Canton is currently able to connect to a variety of applications using the smart contract language Daml. As more applications are developed using Daml, it is anticipated that Canton's reach will expand.

This is especially true for the Goldman Sachs Digital Asset Platform, which uses the Blockchain to issue assets.

As announced, the new coordinated effort is the consequence of years' worth of blockchain testing and improvement by these organizations, as they have looked for ways of streamlining and accelerating a portion of their most perplexing cycles.

The move follows developing revenue from institutional financial backers in advanced resources, as confirmed by Cathie Wood's ARK Venture purchasing up $18 million in Coinbase shares last Walk. According to a recent study conducted by Goldman Sachs, 32% of family offices have investments in digital assets at the moment.