SIA, a European payment services business, and U.K.-based technology company Quant Network has successfully tested cross-blockchain interoperability between different protocols.
On June 5, SIA and Quant Network first announced their partnership to work on cross-platform applications and services for banks and financial institutions.
.@quant_network and SIA successfully tested #blockchain #interoperability. Breakthrough achieved by integrating Quant Network’s #Overledger technology into the #SIAchain private blockchain infrastructure to enable cross-platform applications and services https://t.co/P7vPGBjjLP pic.twitter.com/FHk2BoSXXL — SIA GROUP (@SIA_pressoffice) June 24, 2020
The partnership aims to integrate Quant Network’s blockchain operating system Overledger into SIA’s SIAchain infrastructure to enable interoperability.
Both the firm hopes to bring solutions to challenges that financial institutions are facing with blockchain integration.
Meanwhile, both firms were able to integrate Overledger technology within SIAchain and bridge permissioned blockchain activities.
.@gverdian CEO Quant Network “The partnership between Quant Network and .@SIA_pressoffice has been extremely positive from the very start. This development will play an integral part in building the financial infrastructure of the future globally.”https://t.co/D0TzCUywLe pic.twitter.com/P1i0x869AI — Quant (@quant_network) June 24, 2020
This allows for cross-platform applications such as notarization, payments, and know-your-customer or KYC services.
Meanwhile, additional testing is now ongoing on SIAchain, R3’s Corda, and private Ethereum networks.
Quant Network and SIA aim to bring this cross-blockchain solution to the market and look for further use cases.
SIAchain is a private infrastructure leveraging 570 European network nodes within SIAnet.
It supports financial institutions, corporates and public administration bodies in developing and implementing innovative applications based on blockchain technology.
Source: Cointelegraph | Image: Unsplash
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