Digital Asset has successfully tested its Canton Network, a blockchain service involving major financial firms including Goldman Sachs and BNY Mellon. The trial allowed the seamless transaction and settlement of tokenized assets, with uses ranging from fund registry to margin management. The successful execution of 350 simulated transactions demonstrated potential advantages including reduced risk and optimized capital.

Goldman Sachs released a critical 31-page report titled "Gen AI: Too Much Spend, Too Little Benefit?", arguing that generative AI's productivity benefits and returns are significantly limited and that its power demands will drastically increase utility spending. The report highlights doubts about AI's ability to transform industries, pointing out high costs, power grid challenges, and lack of clear productivity gains or significant revenue generation. It suggests a potentially bleak future for the technology without major breakthroughs.

Goldman Sachs' global head of digital assets, Mathew Mcdermott, says the bank plans to launch three tokenization projects before the end of 2024. These projects will create marketplaces for tokenized assets, increase transaction speeds, and diversify collateral options. Goldman views tokenization as a critical area of opportunity and differentiates itself from BlackRock and Franklin Templeton by focusing on institutions.