Blockchain has been promising to revolutionize finance for years. And now he has taken a big step

The financial world’s view of blockchain is now different. Several banks and large financial institutions are starting to test this technology and are already openly considering its use on a large scale.

Something is changing in the blockchain sector

Since the approval of Bitcoin ETFs by the American SEC (Securities and Exchange Commission) the debate is different. Blockchain is already being talked about in financial circles as a technology with many possibilities.

Cryptocurrency advocates have been arguing for years that blockchain will revolutionize transactions, but now it is also gaining the support of the biggest players.

Goldman Sachs is one of the largest investment groups in the world. As described by Bloomberg, Goldman Sachs was one of the groups that this week led one of the most important blockchain implementation tests in the financial and banking sphere.

This week the first test of the Canton network was successfully completed. This is the most ambitious pilot project to date to test the viability of a blockchain-based network with large applications, scalability, APIs and smart contracts. Briefly, a network that has all the characteristics of blockchain technology.

Now, even companies outside the industry want to adopt the technology

The Canton network has 45 large institutions including Goldman Sachs, Visa and Microsoft. In the test, 350 transactions were carried out, using 22 decentralized applications and 33 nodes. Among them, functionalities such as recording funds, money, bonds, sales were simulated. and other financial actions.

According to Digital Asset, the test demonstrated the potential to “reduce costs, risks and inefficiencies while meeting regulatory requirements for the issuance, transfer and settlement of traditional token assets.”

Large financial institutions are already working to implement blockchain. If until now these tests were carried out mainly by companies specialized in the cryptocurrency sector, now they are also carried out by traditional financial companies who are collaborating to see how it can be implemented.

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