Leading global companies including Microsoft, Deloitte and Goldman Sachs Group have joined forces to launch a blockchain network focused on the financial services industry.

Other participants in the initiative include ASX, BNP Paribas, Capgemini, Cboe Global Markets, Cumberland, Deutsche Börse Group, Digital Asset, Moody’s, S&P Global and SBI Digital Asset Holdings.

Called Canton Network, the blockchain promises to offer a decentralised infrastructure that connects independent applications.

It has been built on Daml, a smart-contract language offered by Digital Asset.

Digital Asset co-founder and CEO Yuval Rooz said: “For the first time, financial institutions can realise the full benefits of a global blockchain network while operating within the regulatory guardrails that ensure a safe, sound, and fair financial system. This is a significant step forward for the blockchain space.”

For years, banks and other large entities have been working on blockchain applications to streamline and speed up their complex processes.

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By GlobalData

However, factors such as lack of privacy, control over data and limited scalability have prevented such blockchain networks from being adopted on a large scale.

Canton creates a “network of networks” that allows isolated financial market systems to work together with the necessary safeguards, such as privacy, permissions, and controls, the announcement said.

Beginning in July, the blockchain participants will start piloting interoperability capabilities across a variety of applications and use cases.

Cboe Global Markets executive vice president, global digital and data solutions Cathy Clay said: “At Cboe, we believe the tokenisation of real-world assets may offer an unprecedented opportunity to create new market infrastructure and drive efficiency in the trading of products across the globe.”