Quant Network and SIA announced their partnership on June 5. Their aim is to conduct necessary work on cross-platform apps and services for banks and financial institutions.
Under the partnership, both parties aim to embed Quant Network’s blockchain operating system Overledger on SIA’s SIAchain framework and facilitate cross-blockchain operability.
Though this manner, it intends to resolve the issues faced by financial organizations in adopting blockchain technology.
Notably, both companies successfully incorporated Overledger tech in SIAchain and pave way for permissioned blockchain powered functions. SIA stated that such a setup paves way for cross-chain apps that cater to payments, notarization and KYC (know-your-services) services.
Additional trial is now conducted on SIAchain, private Ethereum networks, and R3’s Corda. Quant Network and SIA intends to introduce this cross-blockchain solution to the market and identify further real-life cases.
SIAchain is a private framework capitalizing on 570 European network nodes within SIAnet. It backs financial institutions, public administration agencies and enterprises in creating and incorporating unique, path-breaking apps powered by blockchain technology.