Banking giants BNP Paribas and HSBC have announced their entry into the Canton Foundation, marking a significant step in the development of blockchain technologies within the financial sector.
Strategic Direction of Banks
Hubert de Lambilly, Head of Global Markets at BNP Paribas, noted that this decision reflects the bank’s dedication to using distributed ledger technology (DLT) to meet evolving client needs. John O'Neil, Head of Digital Assets and Currencies at HSBC, added that joining the foundation would help develop the blockchain industry.
About the Canton Network
The Canton Network is a blockchain designed to protect anonymity and enable collaboration among banks for issuing tokenized assets. Currently, the Canton Foundation has over 30 members, thanks to the participation of BNP Paribas and HSBC. The network's development indicates that the industry is targeting the establishment of basic blockchain infrastructure.
Impact on the Financial Sector
The involvement of major banks like BNP Paribas and HSBC in the blockchain foundation underscores the technology's potential for the future. This shift within the financial sector signifies a move from exploration to active implementation of DLT. With these institutions shaping the governance of shared ledgers, the industry is moving closer to establishing standards and interoperability for digital finance.
The entry of BNP Paribas and HSBC into the Canton Foundation highlights the growing interest of major financial organizations in blockchain technologies and their readiness for active implementation of digital assets.
