Goldman Sachs, BNY Mellon, and Cboe Global Markets, along with other prominent financial firms, have successfully completed a large-scale pilot test of the Canton Network, a blockchain platform designed for institutional assets, according to Bloomberg.

The test, which involved over 350 simulated transactions across various financial services, aimed to demonstrate the potential of blockchain technology to reduce risks and optimize capital in the capital markets.

The pilot included participation from 155 representatives of 45 organizations and showcased interoperability across 22 permissioned blockchains, according to media site Crypto News.

The Canton Network, launched in May last year by Digital Asset Holdings, was initially set to begin testing in July 2023.

The four-day trial period allowed institutional investors to engage with 22 decentralized applications and execute transactions in areas such as tokenized assets, fund registries, digital cash, repo, securities lending, and margin management.