Blockchain technology has always been something that large, traditional banks disliked over the past decade. The ability for people to hold, receive, and send assets with their own self-custody has disrupted traditional finance as we know it. However, the Canton Network has garnered interest from large banks in their journey to navigate blockchain technology.

The Canton Network is an interoperable blockchain network that is privacy-enabled, designed and open for institutional investors and organizations. Financial institutions are able to transfer regulated assets, information, and money in real time amongst one another with the help of blockchain technology. Since its establishment in May 2023, they have closely collaborated, partnered, and persuaded traditional financial institutions to dabble with blockchain technology.

In a recent Bloomberg report that was published on March 12, large banks and investors executed over 350 simulated transactions using distributed ledger technology in different dApps. The Canton Network has got 155 participants from 45 large financial firms to conduct this pilot test across 22 blockchains. Participants included Goldman Sachs, Deloitte, Deutsche Börse, Microsoft, Moody’s and S&P Global. 

In an announcement from the Canton Network, participants were invited to try 22 dApps comprising five fund registries, five cash registries, three bond registries, three trading, four margin, and two financing apps. Over four days, the participants have exchanged tokenized securities, money market funds, and deposits across these dApps.

This successful pilot test made by global financial institutions using blockchain technology further legitimizes crypto and blockchain. This continues to push industry norms and allow traditional financial institutions to engage, upgrade, and utilize blockchain technology which they heavily criticize. With the continued growth of blockchain technology through integration, the world evolves into seeing blockchain technology as a soon-to-be norm within the world of finance.

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