SIA and enterprise blockchain technology Quant Network have carried out successful testing of interoperability between multiple Distributed Ledger Technology protocols.
The companies achieved the goal by integrating Quant Network’s Overledger technology and the SIAchain private blockchain infrastructure.
The integration will help in connecting permissioned blockchain instances between SIAchain and other external networks. It will help in delivering cross-platform applications and services such as notarisation, payments and KYC.
SIA Innovation & Business Solutions director Daniele Savarè said: “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.”
The latest development builds on the existing partnership between Quant Network and SIA. The collaboration enables banks to adopt cross-platform and interoperable blockchain solutions by leveraging the SIAChain infrastructure.
SIA and Quant Network were engaged in the development since the middle of last year. They conducted testing on SIAchain, R3 Corda and private Ethereum platforms.
Quant Network CEO Gilbert Verdian said: “The partnership between Quant Network and SIA has been extremely positive and productive from the very start and both companies are confident that this development will play an integral part in building the financial infrastructure of the future globally.”
Both the companies will now work on other blockchain interoperability challenges.