Goldman, Moody’s, Deloitte launch blockchain ‘network of networks’


Goldman Sachs, Moody’s, Deloitte and others will help launch a new blockchain network which promises to remove several key barriers to entry to the technology for institutions.

The Canton Network is a “network of networks” to let previously siloed blockchain systems operate across one server while keeping the privacy controls required by financial services giants.

Many finance firms have dipped their toes into digital assets in recent years, either via cryptocurrency or by tokenisation – putting existing assets like stocks and bonds on a blockchain.

However, banks and asset managers have been hesitant to use public blockchains like Ethereum, partly because of the lack of privacy and control over data, as well as issues around scale and performance. 

Private blockchains, meanwhile, are not decentralised and can be edited by their operators, which many see as a disadvantage for participants.

Canton promises to combine the benefits of both. Its operator, the fintech firm Digital Asset, said it will launch in July.

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