We are now moving towards the world where the govt around the world have adopted the blockchain and crypto technology. And they are not the same old grumpy people that used to be in the 12 year back govt in the world. Pandemic has changed a lot of the world and now we are living in centralized blockchain world.
Now the phase of CBDC and the centralized banks interoperating between them is the new direction. CBDC would take year 2026 to finish it's pilots and becoming the digital cash. However the banks that settle all of these things between their branches and the international and domestic bank inter network is yet to happen.
Canton netork has done the work in this space and in this post we are going to take a look at the same.
What is Canton Network? How does it work in case of the global banks?
Canton network is your interoperable sandbox where you are going to connect your banks in turn that would let you connect to other banks. And in this process you would be able to send the crypto and the assets from one place to another. Next is you would be also be able to manage the real world assets like say you have the real estate smart contract, you can have that executed easily through the canton networks blockchain.
This network has already done variety of the domestic and the international tests. This is to ensure that you would be able to run the network in such a way that you would be able to execute the transactions at much better speed without much errors either. You can take a look at the news from the canton network here.
Pilot Program for the Ledger Applications for Asset Tokenization
Canton network has managed to put on a show with the pilot test. And they have managed to get the banks, asset manager, custodian and exchanges into this pilot program. This was done to make sure that they are having enough data on specific conditions which would be making their pilot program successful before they can invite more real players into the global interoperability.
In the context of the connectivity between the banks and the 22 dApps, you'd notice that pilot would be done on regular basis before the final deployment can be run. You can see that it would be reasonable to say that regular pilot would also work towards network integrity before anything final on the global scale is launched. You can find the protocol data here.
Blockchain becoming Global Ineroperable Ledger
SWIFT, IBAN and other projects have their own use case. And they too are moving towards the world where they are going to make use of the ledger that would be usable on the international scale. In that context we have lot of interesting things to explore especially when the banks and the credit card companies join the game and then connect this global hive.
Canton network was kind of new to me. I have done enough research but never found them out until today. And reading how they are working with their protocol and amount of the banks and the companies working in their test, I feel like they would be soon going to be mainstream with their service and product especially in the context of blockchain interoperability.
Canton network has done the pilot tests with variety of the banks, exchanges and custodian for the real world asset transfer testing. Let's see where their final results come out and how they connect the global banks for the real world digitla assets through blockchain.
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