Quant Network, the technology provider that aims to interconnect the world’s networks to blockchain, has successfully tested interoperability with SIAchain. According to reports, Quant Network’s Overledger technology is now integrated into SIAchain. This integration will bridge the private blockchain setups between SIAchain and other external networks. With this, SIAchain can support cross-platform applications and services like payments, KYC, and notarization.
Undoubtedly, this is a markable achievement for Quant Network. This is because SIAchain is a private infrastructure that covers Europe. Furthermore, it consists of 570 supernodes within SIAnet, which is a SWIFT alternative. Both SIAnet and SWIFT are the Network Service Providers for Eurosystem market infrastructures, which is the backbone of the European financial market.
Both organizations had partnered in June 2019. As a part of the agreement, SIA will make Overledger available to its network of 570 banks. With the successful testing of interoperability between the two, Overledger will soon find use in the Eurosystem market infrastructures.
Furthermore, Quant Network and SIA will now take the advantage of this interoperability to the market and build innovative use cases.
Moreover, through the SIAchain infrastructure, Quant can help banks and financial institutions improve their operational effectiveness. Along with that, these institutions can innovate new business models that can make use of scalable interoperability.
According to Gilbert Verdian, CEO of Quant Network, the partnership with SIA will play a crucial role in building next-generation financial infrastructure. By collaborating with Quant Network, SIA has been able to extend its capabilities to banks, corporations, financial institutions, and many more such networks.
SIAchain is at the forefront of innovation in blockchain technology and aims to support financial markets with high-performance and secure architecture. To establish that, it requires a fully interoperable blockchain network. With the integration of Quant’s superior approach of scalable interoperability, SIA can deliver a blockchain-based innovative infrastructure to financial institutions.
Earlier this month, Quant Network announced that it has partnered with MIT Media Labs to build a Multi-DLT protocol.
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