A year ago SIA unveiled plans to partner with Quant to provide its clients with the Overledger blockchain interoperability solution. Today the companies confirmed they successfully tested the solution between R3’s Corda and enterprise Ethereum blockchains.
SIA runs a secure private network infrastructure with 580 nodes. It’s a major backbone provider for the European SEPA payment method and also provides card processing services. Rather than the public internet, this uses a 208,000 kilometer fiber optic network. SIA leveraged the 580 nodes of SIAnet to create the SIAChain blockchain infrastructure with which Overledger has been integrated.
Meanwhile, Quant has its Overledger OS, which supports interoperabilty between five enterprise blockchain platforms as well as multiple permissionless networks. The supported permissioned blockchains are R3’s Corda, Hyperledger Fabric, JP Morgan’s Quorum, generic enterprise Ethereum, and Ripple.
In addition to the software, last year Quant launched its Quant Network, a network of networks that integrates participating permissioned and permissionless networks.
Quant is one of the few organizations that ran an ICO which is comfortably in the black. In 2018 it raised $11 million, and currently its token is capitalized at more than $100 million.
Meanwhile, SIA is participating in two substantial distributed ledger technology (DLT) solutions. One is the Italian interbank reconciliation application, Spunta, orchestrated by the Italian banking association (ABI), which went into production in March with 32 banks.
Another is a blockchain surety project involving Italy’s central bank. Italy is plagued by scammers selling worthless guarantees. The initiative ensures that only Bank of Italy approved guarantors can participate and the platform provides digitalized and notarized sureties.
SIA and Quant plan to continue working together to offer interoperability solutions.