SIA announced a successful blockchain testing in partnership with Quant Network that resulted in blockchain interoperability.
“The breakthrough was achieved by integrating Quant Network’s Overledger technology into the SIAchain private blockchain infrastructure to enable cross-platform applications and services in Europe and globally,” according to SIA.
Cross-blockchain interoperability is one of the most important aspects of research and development in the blockchain industry. The success in developing any communication and interaction between blockchain means a lot regarding scaling operations. When two or more blockchains can communicate with each other, data and payment transactions can happen between them and the final result can be growth in user-bases.
Quant Network that focuses on enterprise blockchain technologies, partnered with SIA to test blockchain interoperability. SIA had a private infrastructure that acts as their tool for providing payment infrastructure to customers. Integrating the services from both companies and testing the communication between blockchain. Now the permissioned blockchain instances can be bridged between SIAchain and other external networks. As a result, many cross-platform applications like payments can be done with this connection.
The two companies started developing the systems in mid-2019. The testing phase included interoperability on SIAchain, R3 Corda, and some private Ethereum chains. Banks and other traditional financial institutions can benefit from the cross-chain applications that result from the recent partnership. They can develop some new business models based on these applications and also improve operational efficiencies.
Quant Network believes the partnership with SIA can create many opportunities growing the blockchain ecosystem.
“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.”
SIA that is focused on traditional banking customers looks forward to opportunities to develop new products for their customers.
“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.
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