Canton Network is an industry-led, privacy-enabled interoperable blockchain network designed for institutional assets. Unlike with many permissioned distributed ledger technologies (DLT), Canton Network does not require a central managing entity or a global consensus on transactions.
In this article, we explore:
- Why the Canton Network is an incredible technology gaining traction with world-leading enterprises
- Where companies might encounter challenges in implementation
- How the smartest companies use Catalyst Blockchain Manager to quickly enable Canton Network solutions in a lean and cost-efficient manner.
Let’s get started.
DLT is proving its worth in production. By now, industry leaders understand that it will surely play a role in business and commerce moving forward, but that it is not without its complications. Fortunately, the Canton Network, developed by Digital Asset, overcomes a number of the technology’s typical adoption challenges, making it an excellent choice for enterprises.
There are strengths and trade-offs to using Canton, but not everything is the heavy lift that it at first appears to be: we can greatly reduce project delivery time, increase engineering efficiency, and optimize expenditure through a strong choice of complementary technology.
What makes Canton stand out from other distributed ledger technologies?
Essentially, the Canton Network solves the typical scalability challenges associated with privacy-focused protocols. Canton is able to maintain exceptionally high levels of data privacy by connecting Daml-enabled solutions across a peer-to-peer network, as opposed to recording transactions on a global ledger. Canton is the industry’s first interoperable blockchain network designed to balance decentralization with the privacy and control required for financial markets. Daml is the smart contract language used with Canton.
Why is this valuable?
Smart contracts make entirely new business models possible by automating processes with self-executing code. Among other strengths, they offer new efficiencies for legacy systems and remove the need for trust between transacting parties. By maintaining data privacy, but linking Daml ledgers together on a need-to-know basis, the Canton Network tackles the blockchain trilemma: the need to balance scalability, security, and decentralization. Additionally, Canton Network-based solutions can accommodate new parties without friction, allowing the different applications to build seamlessly on top of one another, thanks to the native interoperability of Daml smart contracts. This affords near-infinite scalability.
What kinds of business cases become possible with the Canton Network and Daml smart contracts?
Among other use cases, innovative companies are using smart contracts to develop next-generation market infrastructures, to create streamlined and automated bank borrowing and lending processes, and to build tokenized supply chain tracking solutions:
Clearing and Settlement
For market participants, the benefits of smart contracts include massive gains in efficiency through automation of manual processes, such as those associated with clearing and settlement. Smart contracts can also contribute to improved security and open the door to interoperability between digital asset infrastructures.
Borrowing and Lending
The traditional banking system also has many inefficiencies that can be addressed with smart contracts. One of these is the high cost of borrowing and lending. Decentralized borrowing and lending platforms are being developed by institutions using smart contracts to provide a cost-effective solution for borrowers and lenders. Smart contracts ensure that loan repayments are made automatically and transparently.
Supply Chain Provenance
Other companies are using smart contracts to streamline measurement, reporting, and verification within complex supply chains. Smart contracts, combined with Internet-of-Things sensors, can handle all necessary data tracking, compiling information automatically into the relevant systems at the same moment that supply chain processes take place. This is used to automate alignment with regulations and to support new business models by leveling up the transparency and granularity of data.
Where do companies encounter challenges in implementing Canton and Daml solutions independently?
The Canton Network is unique among blockchain network solutions and is best configured with the right expertise in place. Developers need to consider deployment, environments, backup and recovery systems, monitoring, and the upgrading and migrating of smart contracts, which can be far more cumbersome processes than they are for conventional software.
Because of the necessary specialization, it can also be difficult to fully source talent for these kinds of projects. There are only so many professionals with sufficient knowledge and expertise to successfully build and deploy Canton applications, which could be costly if not done correctly.
Interoperability with adjacent technologies can also be a sticking point. Blockchain and DLT still need to be coordinated with legacy systems to create functional solutions. Custom coding often needs to be engineered so that systems can work together and communicate.
A final consideration is that despite the efforts providers make, even protocols marketed to the enterprise can lack the features necessary for specific enterprise solutions. This is understandable, given the pace of modern software development — but filling these gaps within the scope of the project can add to the technical burden for users.
How does Catalyst Blockchain Manager level up your Canton Network deployments and operations?
If Canton Network solutions can be challenging to configure and deploy, maintaining them in production can bring its own complications. That’s why you should use Catalyst Blockchain Manager: the ultimate tool for streamlining and automating Canton Network solution management. Catalyst is an end-to-end blockchain solution operating system enabling enterprises to focus solely on delivering value with DLT. It provides a cutting-edge abstraction layer and unrivaled automation to maximize the efficiency of project teams.
Benefits
Enterprise-grade security
Leverage secrets and encryption management systems like HashiCorp Vault and Kubernetes Secrets, to manage and protect sensitive data such as certificates, API encryption keys, and passwords.
High availability & Disaster recovery
Disaster recovery strategies from backup & restore to multi-site high availability deployments.
Cloud-agnostic deployment
No vendor lock-in. Cloud-native design. Support for any cloud service provider, hybrid, or on-premise deployment.
Intuitive user interface & API
Clear and consistent, with streamlined access to functionalities via our user interface & API.
Management & Operations Console
Manage networks, organizations, consortium proposals, nodes, applications, and more.
Observability
Logging & monitoring of applications and infrastructure. Real-time alerts. Integration with existing monitoring tools.
Domain-specific solutions & integrations
Avoid building everything from scratch with ready to go domain-specific solutions and templates for Daml.
Expert support
Highly qualified, well-equipped troubleshooting from a reactive and responsive support team.
Build, deploy, manage, and scale Canton Network-based solutions effortlessly with Catalyst Blockchain Manager
In today’s unforgiving business environment, organizations need to maximize efficiency, increase productivity, and deliver value at speed. Catalyst makes this possible, removing cumbersome frictions in the implementation of Canton networks and automating high-impact workflows.
Smart contract deployment: Catalyst Blockchain Manager can streamline the deployment of smart contracts to the Canton Network, providing a simple interface to upload and deploy smart contract code.
Network and node deployment: Catalyst Blockchain Manager can accelerate the deployment of nodes and networks to the Canton Network, providing an interface for spinning up nodes and establishing application networks in record time.
Network upgrades: Catalyst Blockchain Manager can help streamline the process of upgrading the Canton Network, providing a simple interface for upgrading nodes, deploying new software releases, and managing network-wide changes.
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Catalyst Blockchain Manager renders the Canton Network’s use more streamlined, user friendly, and delivers new operational efficiencies. This allows you to easily build synchronized Daml applications, linking them to the ledgers of other parties. Catalyst is fast and straightforward, providing high levels of optimization, workflow automation, and back-up and restore capabilities developed by experts in blockchain implementation.
Summary
The Canton Network is gaining traction in many different industries where companies employ it for solutions that leverage smart contracts. There are areas where implementing Canton and Daml ledgers could pose technical challenges. Fortunately, IntellectEU’s Catalyst Blockchain Manager can eliminate frictions, automate workflows, and supercharge your Canton Network operations.
That’s why successful companies use Catalyst Blockchain Manager to speed up delivery of blockchain projects, limit implementation costs, and minimize the expertise demand.
BUILD SCALABLE SOLUTIONS ON THE CANTON NETWORK
Speak to one of our specialists about deploying and managing Canton Network-based solutions with Catalyst Blockchain Manager.
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