Quant Network recently collaborated with Italian tech firm SIA to explore blockchain interoperability. Quant Network is a UK based, and its technology seeks to automate trust functions between various blockchains.
Quant uses OverLedger operating system, the first OS built for blockchains. Many crypto fans have touted Quant as the Ripple’s InterLedger protocol killer. Unlike ILP, that is limited to value transfer, the applications of Quant’s OverLedger are bottomless.
The technology can settle not just value like Ripple, but also other non-fungible assets like rights to ownership, identity, or contracts. Similarly, the OverLedger can access data from IOT devices and will soon take on treaty contracts or multichains smart contracts as well.
OverLedger’s Interoperability Prowess
The InterLedger Protocol has, therefore, a minimal use case when compared with OverLedger. The latter has a broader scope and has above all universal interoperability of blockchains working for it. On it, multichain projects can be built, and their code moved across blockchains as necessary.
It is, consequently, possible for Quaint to build a robust new financial system that works with banks. Financial institutions that do not want to be boxed into the use of XRP will go for an OverLedger based payment platform. SIA, for instance, founded in 1977 by the Bank of Italy, is a key player in the development of the European domestic payments system.
The Italian technology firm exploits the vast potential of information and communication technology for financial systems. Its blockchain-based platform SIAchain leverages 570 European network nodes with its SIAnet. The network is a low latency and high-speed fiber-optic network that SIAchain operates on.
Quant Network’s OverLedger will integrate into SIAchain to enable interoperability. This will allow cross-platform applications for financial institutions to run on it. This could potentially turn the Ripple game upside down. OverLedger platforms will be more efficient and will deliver different blockchain technologies easier.
Quant Network’s OverLedger Disrupting DLT
SIA’s Innovation & Business Solutions Director, Daniele Savarè has said:
“We actively continue on our path of innovation and the achievement of a fully interoperable blockchain network is the foremost objective we want to reach with the collaboration of Quant Network and its disruptive vision on DLT.”
Distributed ledger technology has the inherent disruptive potential in minimizing friction. It is also a key technology in building trust in the exchange of value, data, and information globally. DLT use cases vary from sovereign identity, central bank digital currencies to trade finance solutions. The permissioned version of DLT is also used by banks, insurance, public and corporate sectors.
The plurality of systems used is growing by the day as new DLT based innovations are conceptualized. Nevertheless, this vast network of blockchain-based technology requires standards and interoperability to reach its full potential. Without these two ingredients, the innovations will remain as struggling isolated platforms that will not achieve mass adoption on their own. Quant Network is built to solve these two problems.
Its OverLedger operating system connects all these isolated networks as the internet did with Application Programming Interfaces years back. David W, in his Quant Network Medium post, says:
“OverLedger offers an ANY-to-ANY connection without the need for an additional blockchain in the middle. That is a key feature which enables smooth, interoperable communication between the various systems without the need to run additional consensus, nodes or open up Enterprise networks to thousands of incoming connections required by peer-to-peer networks to the outside world”.