Quant Network, a pioneer in enterprise blockchain technology, and SIA, European hi-tech company in the field of payment services and infrastructures and a subsidiary of CDP Equity, have successfully tested cross blockchain interoperability between multiple Distributed Ledger Technology protocols.
The breakthrough was achieved by integrating Quant Network’s Overledger technology (the world’s only DLT operating system that allows interoperability) into the SIAchain private blockchain infrastructure leveraging on 580 European network nodes within SIAnet (the fiber optic network with high-speed and low-latency stretching over 208,000 kilometres).
This integration provides the ability to bridge permissioned blockchain instances between SIAchain and other external networks, which could not be previously connecteD, in order to have cross-platform applications and services covering for example notarisation, payments and KYC. The development of the solution began in mid-2019 and a full program of testing has been executed on SIAchain, R3 Corda and private Ethereum platforms.
Quant Network and SIA will now work together to go to the market developing and implementing further innovative use cases and applications addressing blockchain interoperability challenges.
This important milestone is the result of a partnership launched between Quant Network and SIA that allows mostly banks and financial institutions – through the SIAChain infrastructure – to adopt cross-platform and interoperable blockchain solutions and to embrace new business models, improve operational efficiencies and deliver innovation to banking customers. “The partnership between Quant Network and SIA has been extremely positive and productive from the very start,” said Gilbert Verdian, CEO, Quant Network, “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.