Microsoft, Goldman Sachs, Cboe, and Deloitte Partner to Develop Blockchain Infrastructure for Financial Markets
Consortium aims to increase adoption of distributed ledger technology by synchronizing previously isolated financial markets with the Canton Network.
Wed, 10 May 2023, 16:10 pm UTC
In a groundbreaking collaboration, tech giant Microsoft, financial powerhouse Goldman Sachs Group, exchange operator Cboe Global Markets, and professional services firm Deloitte have come together to focus on blockchain technology.
The primary goal of this partnership is to create a blockchain infrastructure capable of connecting institutional applications, ultimately promoting greater adoption of distributed ledger technology within the financial markets.
A May 9 press release revealed that the Canton Network, an interoperable blockchain boasting advanced privacy features tailored for the institutional asset management sector, would be at the heart of this initiative. By enabling synchronization between previously isolated financial markets, the Canton Network aims to revolutionize the industry.
Bloomberg referred to the joint venture as a crucial collaboration with the potential to significantly impact ledger technology in the finance market. Moreover, the consortium seeks to incorporate diverse institutional applications, which could positively influence the entire sector.
As outlined in the report, the Canton Network offers a secure and streamlined environment for financial platforms. By facilitating the synchronization of cash, data, and assets across multiple applications, the network addresses many of the challenges commonly faced by financial platforms. The Canton Network's innovative technology ensures financial platforms can protect their valuable resources while taking advantage of seamless integration and functionality.
Microsoft, a tech giant known for its innovative solutions, has been actively investing in both blockchain technology and artificial intelligence (AI) to revolutionize the way businesses operate. The company's recent venture, Sharing Updatable Models (SUM) on Blockchain, focuses on hosting and training publicly available machine learning models while crowdsourcing datasets. This groundbreaking initiative aims to create a more collaborative and transparent AI ecosystem.
In addition to SUM, Microsoft's multi-million-dollar investment in OpenAI, a leading AI research lab, reflects the company's commitment to advancing AI technology. OpenAI is responsible for popular programs such as ChatGPT and Dalle-E, which have made significant strides in AI.
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