Wall Street Kepincut Blockchain, Will Use This New Technology For Transactions At The Capital Market

Wall Street has the opportunity to use blockchain technology. (Photo; Doc. Technology Review)

JAKARTA - Wall Street, the largest capital market in the US has plunged into the blockchain world with Canton Network trials involving big players such as Goldman Sachs and BNY Mellon. This trial is one of the biggest experiments on the use of blockchain technology in the capital market.

For information only, Blockchain is a digital ledger technology that records all transactions without being edited, deleted, even manipulated. This technology is the basis of cryptocurrencies and NFTs.

Nearly a year since its launch, Canton Network has successfully undergone a series of tests showing significant progress from its blockchain. With 155 participants from 45 leading organizations, the network has shown impressive resolution.

According to a Cryptonews report, over four days, institutional investors participated in more than 350 simulation transactions, including tokenized assets, fund registration, digital money, and others. This shows how distributed ledger technology (DLT/Distributed Ledger Technology) can be used in various fields of finance.

Eric Saranicki from Digital Asset positively welcomed this important achievement. He called this a successful trial of using blockchain in using applications that run blockchain-based transactions.

The trial involved various market participants, including asset managers, banks, asset guards, exchanges, and stablecoin publisher Paxos Trust Co., with participation from well-known companies such as Abrdn, BNP Paribas, and Visa Inc.

The main goal of this test is to explore potential benefits such as reducing the risk of counter-party and settlement and optimizing capital utilization. Canton Network serves as a means for real-time transfer of regular assets, data, and cash among financial institutions, reflecting increased institutional interest in blockchain.