SIA, a European payment service provider, and UK technology company Quant Network have successfully tested the cross- interoperability of different protocols, said SIA.
SIA and Quant Network first announced their cooperation on 5 June. Their goal is to work on multi-platform applications and services for banks and financial institutions. The partnership aims to integrate Quant Network's blockchain overledger operating system with SIA SIA's infrastructure and enable interoperability. It hopes to find solutions to challenges faced by financial institutions in connection with blockchain integration.
Both companies have been able to integrate the Overledger technology with SIAchain infrastructure and combine the allowed blockchain activities. SIA said this allows for cross-platform applications such as notary, payment and know-your-customer or KYC services.
Additional tests are currently underway on SIAchain, R3 Corda and private Ethereum networks. Quant Network and SIA aim to bring this cross-blockchain solution to market and seek further use.
SIAchain is a private infrastructure using 570 European network nodes within SIAnet. It supports financial institutions, corporations and public administrations in developing and implementing innovative applications based on blockchain technology.