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Prominent financial institutions have conducted a series of pilot evaluations on the Canton blockchain network, which links various banks and financial entities. This initiative investigated the capabilities of the DLT system in enhancing interbank transactions.
Numerous major players in traditional finance participated in the testing of Canton, a decentralized framework built on distributed ledger technology (DLT) that integrates multiple banks and financial institutions into a unified network.
The initiative simulated more than 350 transactions involving tokenized assets, fund registries, digital currencies, various repo transactions, securities lending, and margin management. Over 15 asset managers, 13 banks, four custodians, three exchanges, and a stablecoin issuer took part in the system’s testing. Participants included:
- Goldman Sachs;
- BNY Mellon;
- Cboe Global Markets;
- Paxos Trust Co;
- Standard Life Aberdeen plc (abrdn);
- BNP Paribas;
- Depository Trust & Clearing Corporation (DTCC);
- DRW;
- IEX;
- Nomura Holdings;
- Northern Trust;
- Standard Chartered Bank;
- State Street;
- Visa Inc;
- Wellington Management Group.
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This initiative assessed the potential advantages and risks associated with utilizing blockchain technology to enhance interbank operations. Specifically, the DLT system effectively mitigated counterparty and settlement risks while optimizing capital.
The Canton blockchain network was introduced in May 2023. It was designed to connect various institutional applications developed by different organizations using the Daml smart contract language created by software provider Digital Asset.
Eric Saraniecki, Co-Founder of Digital Asset, stated that the initial test trials of Canton not only confirmed the capability of blockchain to streamline interactions among diverse financial institutions but also highlighted the increasing interest of market participants in adopting DLT systems.
Canton has launched several blockchain solutions for institutional applications, including GS DAP
, a platform for asset tokenization developed by Goldman Sachs.
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