Sia And Quant Network Successfully Test Blockchain Interoperability
A leading pioneer in enterprise blockchain technology, Quant Network has successfully trialed cross-blockchain interoperability between multiple Distributed Ledger Technology protocols along with European payment services and infrastructures SIA.
“The partnership between Quant Network and SIA has been extremely positive and productive from the very start,” said Gilbert Verdian, CEO, Quant Network in a statement, “and both companies are confident that this development will play an integral part in building the financial infrastructure of the future globally.”
“The achievement of a fully interoperable blockchain network, through our collaboration with Quant Network, is another key element in our path of bringing innovation and state-of-the-art technologies for supporting banks, financial institutions, corporates, and public administration bodies to extend their capabilities in integrating different DLT business applications,” said Daniele Savarè, Innovation & Business Solutions Director SIA in a statement.
The breakthrough was accomplished by combining Quant Network’s Overledger technology into the SIAchain private blockchain infrastructure leveraging on 580 European network nodes within SIAnet. This combination offers the capability to connect permissioned blockchain examples between SIAchain and other external networks – which could not be earlier connected – to have cross-platform applications and services covering, for instance, notarization, payments, and KYC. The development of the solution began in mid-2019, and a full program of testing has been administered on SIAchain, R3 Corda, and private Ethereum platforms.
Quant Network and SIA will now operate together to go to the market developing and executing additional innovative use cases and applications directing blockchain interoperability challenges. This important milestone is the outcome of a collaboration launched between Quant Network and SIA that provides mostly banks and financial institutions – by the SIAChain infrastructure – to adopt cross-platform and interoperable blockchain solutions and to welcome new business models, enhance operational efficiencies and deliver innovation to banking consumers.
SIA – a subsidiary of CDP Equity – is the European leader in the design, development, and management of technology infrastructures and services for Financial Institutions, Corporates and the Public Sector, Central Banks, in the areas of Card & Merchant Solutions, Digital Payments Solutions and Capital Market & Network Solutions. SIA Group offers its services in 50 countries and operates through its subsidiaries in Austria, Czech Republic, Germany, Croatia, Greece, Serbia, Hungary, Romania, Slovakia, and South Africa. The company also has branches in the Netherlands and Belgium and representation offices in the UK and Poland.
Quant Network is a technology provider, offering enterprise-grade interoperability for the secure exchange of data and digital assets over any network, protocol or platform, at scale. Quant’s Overledger, the world’s first DLT operating system, complements and integrates existing systems and DLTs, to stimulate innovative and effective growth for public entities, companies, and regulatory bodies. Headquartered in London, UK, Quant is identified as a Gartner Cool Vendor 2019 and is assigned to unleash the power of systems joined to the world we live in.