According to Bloomberg, Goldman Sachs, BNY Mellon, and the Chicago Mercantile Exchange (CME) Global Markets, along with several other companies and banks, have tested a blockchain-based communication system called Canton Network. Canton Network is an interoperable blockchain network designed for institutional assets, which was launched nearly a year ago in collaboration with Microsoft and Deloitte. The network was initially scheduled to begin testing in July 2023 and Microsoft and Deloitte were also reportedly involved in its launch.
The recent test is one of the most extensive experiments of its kind, according to the report by Bloomberg. The test involved the use of simulated assets. The report states, “Participants executed over 350 simulated transactions on the blockchain, involving tokenized assets, fund registration, digital cash, repurchase agreements, securities lending, and margin management. The goal was to explore potential benefits, including reducing counterparty and settlement risks, as well as optimizing capital.”
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