Goldman Sachs, the CBOE, Standard Chartered, and other financial institutions participated in the pilot of the Canton Network, a protocol aiming to achieve interoperability in apps using resources from various blockchains. Digital Asset, the company behind the pilot, stated that this test showed the opportunity to reduce costs, risk, and inefficiencies by using this kind of solution.
Goldman Sachs, CBOE, Standard Chartered, and Others Complete Blockchain Interoperability Pilot on Canton Network
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Digital Asset Announces Completion of Canton Network Pilot
Digital Asset, a provider of blockchain interoperation solutions, has announced the completion of the test of Canton, a network seeking to achieve interoperability between applications using data and funds from different blockchains.
The pilot included the participation of behemoths in the banking and financial industry from all over the world, like Goldman Sachs, Standard Chartered, and the Chicago Board Options Exchange (CBOE), among others. During the pilot, 45 institutions made 350 simulated transactions using decentralized applications ( dapps) providing different functionalities like fund registry, cash registry, bond registry, trading, margin, and financing.
The Canton network provides the means for assets in a blockchain to be used as collateral for a loan offered by a dapp in a different blockchain, or similar interactions involving different chains. It harnesses its own smart contracts language and blockchain, which support these inter- blockchain operations to achieve its interoperation objective.
According to Digital Asset, the pilot showed the potential of using this protocol to “reduce costs, risks, and inefficiencies, while striving to meet regulatory requirements for the issuance, transfer, and settlement of tokenized traditional assets.”
Yuval Rooz, CEO and co-founder of Digital Asset, recognized the relevance of this pilot for the future of the Canton Network. He stated:
Canton allows previously siloed financial systems to connect and synchronize in previously impossible ways while abiding by the current regulatory guardrails.
Furthermore, Rooz stated that Digital Asset is working with pilot participants to identify new use cases where this solution can be leveraged.
What do you think about the pilot of the interoperability-focused Canton Network? Tell us in the comments section below.
