A group of firms are joining a new blockchain system aimed at linking disparate institutional applications, potentially encouraging broader adoption of distributed ledger technology in financial markets. Participants in the Canton Network, which will start testing some features in July, say the system offers better privacy and controls than currently available. At the same time, it will achieve a scale and standard appropriate for financial institutions
Large blockchain projects in finance are complex: new technology must be deployed across numerous firms operating in regulated markets. The complexity has in some cases resulted in projects being delayed, paused or scrapped. Most notably in November Australia’s main exchange operator ASX announced that it was reassessing plans to replace its settlement and clearing platform with a blockchain based-system that it had planned to build in partnership with Digital Asset.