Recently, several large technological and financial groups participated in the launch of the Canton blockchain. Intended to make financial systems interoperable with each other, this network reflects the interest of institutions at a time when few of them believe a bullish recovery in the cryptocurrency market.
The Canton blockchain dedicated to institutions
May 9, 2023 marked a turning point in the financial sector with the launch of the Canton network, the first interoperable blockchain specifically designed for institutional players. Its objective is to provide a decentralized infrastructure to make financial systems interoperable with each other.
Canton is the result of the collaboration of leading financial institutions, infrastructure providers and technology companies such as Microsoft, BNP Paribas, Goldman Sachs, Paxos, or Deloitte. In total, more than 30 companies participate or are partners in this blockchain.
This network works thanks to the Daml programming language, originally created by the company Digital Asset. Specialized in the development of technological solutions, the firm plays a major role in the creation of Canton : its computer language allows the creation of smart contracts on this blockchain, as well as the connection of applications between them.
Joseph Cody, director at Deloitte, reveals his enthusiasm for Canton by boasting potential innovations and performance gains which will spring up in the world of finance:
” We are proud to support Digital Asset serving institutions that are reinventing the industry through asset tokenization, facilitating rapid settlements between organizations, creating new markets, establishing an immutable ledger of shared data, and facilitating secure network transactions. Canton. »
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2023, the year of institutions in Web3?
After high price volatility in 2021 and 2022, the cryptocurrency market is gradually taking its breath away. Players outside the Web3 ecosystem are focusing more on the solutions offered by blockchain technology to grow their businesses.
Many institutions are waiting for specific regulations to enter this still poorly regulated universe. In Europe, the MiCA (Market in Crypto Asset) regulation will not come into force until 2024. Moreover, this text is the first regulatory project on a European scale, but many topics related to Decentralized Finance (DeFi) are not addressed.
Likewise, multiple bankruptcies in 2022 and falling market prices have reduced business confidence in the Web3 ecosystem. In December 2022, Coinbase conducted a survey revealing that less than a tenth of institutional investors predicted a rise in cryptocurrency prices for 2023.
In addition, the generalized arrival of institutions in the Web3 may well take longer than expected. In this context, initiatives such as the Canton blockchain represent important vectors of motivation to convince large groups to embark on the universe of blockchains.
👉 Also in the news – Sui: 2 weeks after the launch of the blockchain, what are the data to remember?
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Source: Press release
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Always enthusiastic about new technologies, I gradually moved closer to activities related to Web3 during the year 2021. Over time, I wanted to add my stone to the building. It was then that I became an editor, with the aim of explaining cryptocurrency-related topics to as many people as possible.
Timothy Bourbotte
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