The leading European hi-tech company SIA, together with its partner Quant Network, a U.K.-based technology firm have successfully tested cross-blockchain interoperability between different protocols. The 2 companies aim to work on cross-platform applications and services for financial institutions and banks.
According to the announcement, additional testing is currently ongoing on SIAchain, R3’s Corda and private Ethereum platforms. Their partnership also aims to bring this cross-blockchain solution to the market and look for further use case.
These 2 companies first announced their partnership on June 5, 2020. Their partnership aims to integrate Quant Network’s blockchain operating system, Overledger into SIA’s SIAchain infrastructure and allow interoperability. The announced also noted that one of the biggest challenges facing the financial industry is how to create and implement blockchain-based applications.
Both SIA and Quant Network were able to integrate Overledger technology within SIAchain and bridge permissioned blockchain activities. According to SIA, this enables cross-platform applications such as notarization, payments and know-your-customer (KYC) services.
SIAchain is a private infrastructure which leverages 570 European network nodes within SIAnet. It supports corporate bodies, financial institutions and public administration bodies to develop and implement novel applications based on blockchain technology. The SIAchain infrastructure makes available a series of business applications, which meets the requirements of specific communities to ensure transparency, security and confidentiality.
According to Daniele Savare, Innovation & Business Solutions Director at SIA, the European launch of SIAchain has placed them at the forefront of innovation in blockchain technology. He added that their partnership with Quant Network will ensure their vision of becoming a fully interoperable blockchain network see reality.
CEO of Quant Network, Gilbert Verdian also stated that they are excited to collaborate with SIA to explore how Overledger can enable financial institutions on SIAchain to profit from cross-platform and interoperable blockchain applications. He added that this partnership can also help these companies improve operational efficiencies, deliver new innovations to their customers, and accept new business models.