Microsoft, Goldman, Deloitte and 30 companies launch global blockchain network

A group of companies, including Goldman Sachs, Moody’s, S&P, Microsoft, Deloitte, and the German Stock Exchange, plans to launch a new blockchain-based system to connect various business applications.

Banks and other large companies have been developing and testing blockchain applications for years in the hope that they can help simplify and speed up some of their most complex processes. However, blockchain systems had not yet been widely adopted.

Joining the companies in the Carton Network will be a significant step forward for the adoption of blockchain technology. The network will allow different systems in financial markets to work together and synchronize by connecting applications built with the smart contract language.

FROM JULY

“Such solutions are an important component for future digital and distributed financial market infrastructures,” said Jens Hachmeister, new head of digital markets at the German Stock Exchange.

Participants in the Canton Network, which will begin testing some of its capabilities in July, believe the system will offer better privacy and controls than current technology and achieve the performance financial institutions need.

WHAT IS A BLOCK CHAIN?

Blockchain is a type of registry that means “chain of blocks” in Turkish. This technology is a database system that provides tracking of encrypted transactions, which is made up of blocks and stored in blocks.

Blockchain technology, on the other hand, is a recording system technology where data can be stored without the need for any central administrator. In addition, blockchain technology has a highly resistant infrastructure against cyber attacks.