Microsoft has joined a new blockchain network with BNP Paribas, Goldman Sachs, and others

The new system called the Canton Network is a blockchain with built-in privacy features.

Microsoft is one of several international technology and financial firms working to improve financial industry compatibility by establishing a private blockchain network.

According to information released on Tuesday, a blockchain designed specifically for institutions will be available under the name Canton Network. This network will provide users with access to a distributed infrastructure with the goal of realizing the benefits of synchronized financial markets.

Canton Network’s members include the likes of Digital Asset, Goldman Sachs, BNP Paribas, and auditing powerhouse Deloitte.

With Canton’s ‘network of networks’ design in place, the financial markets ecosystem’s previously isolated systems will be able to communicate with one another, allowing for greater efficiency and better compliance with the many regulations that govern the industry.

The project’s goal is not just to make use of blockchain technology, but also to further the financial sector’s adoption of Web3 and AI.

Business Development General Manager at Microsoft for AI and Emerging Technologies Rashmi Misra said: “We’re thrilled to have been accepted as a Canton Network partner. We’re excited to work with the financial sector on Azure to create and grow cloud-enabled Web3 apps that use AI to enhance the user experience and increase developer adoption.”

Starting in July, Canton Network users will put the system’s compatibility to the test. Users will be able to conduct atomic transactions involving a number of smart contracts, all while benefiting from the speed and security of cross-chain settlement.

After a pause brought on by the upheaval of the crypto winter and regulatory uncertainty, blockchain technology and digital assets have seen renewed interest from financial companies and payment suppliers. Companies like Visa and Mastercard have recently made steps in this manner.

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