A group of firms including Goldman Sachs, Microsoft, Deloitte and Cboe Global Markets are planning to launch a new blockchain-based system to link up various institutional applications, the companies said in a statement on Tuesday.

Participants in the Canton Network, which will begin testing some of its capabilities in July, say the system offers better privacy and controls than existing technology, while being able to achieve the scale and performance required by financial institutions, the statement said.

Other firms participating in the network include ASX, BNP Paribas, Broadridge, Cumberland, Digital Asset, Moody’s, Paxos, and SBI Digital Asset Holdings.

Banks and other large corporations have been developing and testing blockchain applications for years in the hopes that it can help simplify and speed up some of their most complex processes. While many use cases have been tested, and some applications have gone live, blockchain systems have yet to reach large-scale adoption.

--With assistance from Emily Nicolle.