Microsoft backs Blockchain Canton Network

Microsoft, along with other big companies such as Goldman Sachs, Deloitte, S&P Global, and Moody’s have joined together to support the launch of Canton Network, the blockchain that simplifies financial markets. 

Microsoft and other big companies support launch of Canton Network blockchain

Microsoft, Goldman Sachs, Deloitte, S&P Global and Moody’s are just a few big companies that have joined together to support the launch of Canton Network: the blockchain that aims to simplify financial markets. 

The press release lists the big companies that have joined Canton Network’s project. 

On the list are 3Homes, ASX, BNP Paribas, Broadridge, Capgemini, Cboe Global Markets, Cumberland, Deloitte, Deutsche Börse Group, Digital Asset, DRW, Eleox, EquiLend, FinClear, Gambyl, Goldman Sachs, IntellectEU, Liberty City Ventures, Microsoft, Moody’s, Paxos, Right Pedal LendOS, S&P Global, SBI Digital Asset Holdings, The Digital Dollar Project, Umbrage, Versana, VERT Capital, Xpansiv, and Zinnia.

In general, Canton Network aims to provide companies with a decentralized infrastructure that could make transactions more efficient by linking financial systems together and enabling them to operate in a synchronized manner. 

What makes the connection of independent applications possible is the Daml language, used for smart contracts, created by Digital Asset

Microsoft and big business for Canton Network: how does blockchain work?

Continuing with the description, Canton Network wants to create a “network of networks” so that previously isolated systems in financial markets can interact with the appropriate governance, privacy, permissions and controls required for highly regulated industries. 

This is a kind of unrestricted synchronization of resources, data and money between applications, allowing financial institutions, like most supporting companies, to experience a more secure environment. 

In this scenario, Canton Network emerges as the blockchain that creates opportunities for financial institutions to offer innovative new products to their customers while improving their efficiency and risk management.

In this regard, Yuval Rooz, co-founder and CEO of Digital Asset said:

“We are proud to be a founding participant of the Canton Network. For the first time, financial institutions can realize the full benefits of a global blockchain network while operating within the regulatory guardrails that ensure a safe, sound, and fair financial system. This is a significant step forward for the blockchain space. We look forward to helping this founding group of network operators and users build and connect applications to the Canton Network.”

The announcement about the integration of an Ethereum wallet

In March of this year, Microsoft had made headlines about the news that it would integrate an Ethereum wallet on its Microsoft Edge browser. 

Screenshots showed that the wallet would be non-custodial and there was speculation that the company was testing the new feature. In reality, however, neither at that time nor now has there been any official confirmation. 

Edge is the browser that since 2015 has replaced the historic Internet Explorer, which was born in 1995. At the moment, Edge is used by 4% of users, surpassing Firefox but remaining among the still little-used browsers. 

In contrast, it is Safari with 19% usage and Chrome with almost 66% that proclaim themselves as the most used browsers.