Goldman Sachs, Microsoft, Moody’s, others to join new financial industry blockchain

Goldman Sachs Group Inc., Microsoft Corp., Deloitte Touche Tohmatsu Ltd., Moody’s Corp. and other institutions are partnering with New York-based fintech company Digital Asset for the launch of the Canton Network, a blockchain that aims to link institutions and financial assets and offer improved privacy and control at lower cost.

Fast facts

• Digital Asset on Tuesday announced the names of the partners and said the blockchain project will connect applications based on the company’s native smart contract language Daml.
• The Canton Network aims to provide decentralization while maintaining regulatory compliance for governance and privacy, according to the press release.
• Will Womble, chief executive officer at Houston-based digital product studio Umbrage, one of the participants in the Canton Network, said: “This network will be the catalyst for regulated financial institutions to operate together on a grand scale.”
• The launch date for the network hasn’t been announced, but participants will be able to test the network’s capabilities and applications from July, the press release said.