Financial firms such as Deloitte, S&P Global, and Moody's have joined forces to support the launch of the Canton Network, a blockchain platform designed to streamline financial markets using Web3 technology. The network aims to provide companies with decentralized infrastructure that can make transactions more efficient, linking financial systems together and allowing them to operate in a synchronized way. The institutional adoption of Web3 technology was still strong last year despite a decline in digital asset prices. The Canton Network leverages a smart-contract language named Daml, created by the software company Digital Asset, and has 30 participants so far, including Paxos, Goldman Sachs, and Microsoft.