Wall Street Whales Test Blockchain Waters: Goldman Sachs, BNY Mellon in Pilot

cryptonews.com:

Major Wall Street whales, including Goldman Sachs, BNY Mellon, and Cboe Global Markets, have successfully concluded a large-scale pilot test utilizing blockchain technology on the Canton Network.

The series of pilot tests successfully concluded on the Canton Network makes it one of the largest-scale experiments utilizing blockchain technology in capital markets.

Nearly a year after its launch, the Canton Network, a blockchain network spearheaded by leading financial institutions such as Goldman Sachs and BNY Mellon, has undergone a series of tests. The network was launched in May last year, with testing slated for July 2023. It has now commenced its testing phase. At the time of the network’s inception, Microsoft and Deloitte were reported to be participating partners.

According to a report by Bloomberg  on March 12, this recent testing phase represents one of the most comprehensive experiments in the financial industry. The firm  revealed  significant strides in its blockchain interoperability, with 155 participants from 45 prominent organizations showcasing successful settlements across 22 permissioned blockchains linked to its ledger. 

The firm outlined the extensive trial period, which lasted four days and included the opportunity to engage with 22 decentralized applications (dApps). Institutional investors participated in over 350 simulated transactions using distributed ledger technology (DLT) in various areas, such as tokenized assets, fund registries, digital cash, repo, securities lending, and margin management. 

Eric Saraniecki, co-founder and head of strategic initiatives at Digital Asset, highlighted the significance of this milestone, stating that it was the successful demonstration of multiple