As blockchain and DLT technology continue to be adopted and utilized within various industries, the need for a solution to allow this innovative technology with individual chains to interoperate with our current technological infrastructure.
The Need For Interoperability
The ability for someone to send an email on an iPhone through a Google account on Verizon data to someone using a Microsoft PC while on AT&T wifi is thanks to interoperability. The ability for an individual system to work within other separate networks. The benefits of interoperability have given us the freedom of the Internet while many other sectors in the world could still greatly benefit from this feature. Just as there are various options and preferences to choose from between service providers, branding of devices and communication networks, there are various options and preferences between blockchains. Those working within an enterprise private blockchain may value security over scalability and decentralization, whereas a blockchain for globalized marketplace may prioritize scalability over decentralization and security.
An example of a need for interoperability can be seen consistently within the health industry. During unfortunate cases of people who fall ill or get injured while on vacation and didn’t bring all their medical information, by allowing interoperability between medical & healthcare databases doctors are able to find patient files regardless of their originating jurisdiction. The lack of interoperability in this industry has also led to a growing black market of patient data, as an alternative, less secure route had to be created for these systems to integrate external information.
As the process of CBDC’s begin to roll out, the need for interoperability will become more visible than before as there will be a need to transport existing payment systems and funds to and from one system to the other. With the current world of blockchains, there faces an issue of chains competing with each other to become the “chain to rule them all” rather than working for a solution to bring interoperability between each independent chain for participants to choose from.
Quant Network has built a solution to the issue with interoperability between not just blockchains, but also current legacy systems. What started out as a voice of frustration from Quant CEO Gilbert Verdian during his time working within healthcare & cybersecurity due to disorganized and clustered information, has since turned into a universally interoperable operating system.
Rather than a traditional blockchain, Quant Network has built the first ever blockchain operating system Overledger, which will be integrated on top of other blockchains and other preexisting systems. The utility of this globally interoperable operating system has seen appreciation and adoption from large enterprises around the world, such as SIA the largest payment system in Europe handling over 570 banks, along with Oracle the largest software and cloud company.
With three simple lines of code, Quant is able to allow a company access to blockchain technology. With the current alternative of implementing blockchain technology into a corporation taking an average of 8 months and $4 million toe integrate. Though superior to current legacy systems, businesses are unlikely to abandon the system’s they’ve spent years building. Quant understands that these current systems have taken large amounts of capital and labour to build, so rather than abandoning these networks, Quant has decided to augment and add these systems into the future of technology alongside blockchains.
Corporations and entrepreneurs now have the freedom to build multi chain applications that are built on an open source cryptocurrency blockchain, but may use the consensus system of blockchain, all while allowing the application to be accessed on a centralized private blockchain. This will open the doors to cryptocurrency going mainstream within the financial sector, as financial institutions will have a method to securely access decentralized finance. Additionally legacy data networks can be implemented into Overledger applications to allow the transaction of information through a trustsless tamper proof, immutable database.
The Big Picture
By allowing Quant to be built on top of existing technologies and blockchains, a system where all other separate networks within its ecosystem can communicate and work with each other is achieved. Universal interoperability will not only allow CBDCs to flow freely within the financial sector, but will also augment the entire technological industry from integrating all medical databases within one operating system, to interconnecting cities and roads to build borderless economies.
The companies Quant is currently working with brings exposure to what the Overledger has to offer within the world of cloud computing and finance. From the 580 banks SIA is working with, to AWS customer base of over 1 million users, Quant has begun to see institutional utility and will likely continue within other sectors. As a current member of building the Digital Pound Foundation, Quant Network will likely be utilized within CBDCs as a standard for interoperability through other jurisdictions. From bridging independant banking systems into one system, all the way to allowing cross border and global trade to freely flow, the integration of Overledger will shatter current barriers within our financial economy.
Overledger will potentially be utilized within the macro-economical landscape as smart technology such as artificial intelligence and IOT (Internet of Things) begin to roll out. The development of IOT and interconnected cities will create a digitally connected global economy within Overledger, artificial intelligence will enable the ability to track how efficiently each connected location is distributing and utilizing their energy along with instantaneous news updates from the production a certain location is providing, to updates to events such as traffic and emergencies.
Before TCP/IP created interoperability on the Internet, it was hard to fathom such a technology to allow for these individual external systems to cooperate and communicate with each other, contrast to now its hard to imagine an Internet without interoperability. As Gilbert is also the founder of the universal blockchain standard ISO/TC307 on top of Quant, they have utilized this blockchain standard allowing these separate networks to work within their system Overledger.
The macroeconomic solutions for Overledger multi chain applications can range as far as financial institutions building applications to be accessible around the world, or for large enterprises building customizable blockchains through Overledger to build a system that best fits their business requirements through taking aspects of other blockchains whether it be consensus system, scalability or decentralization. Overledger will bring the world closer to a global economy through not just globally connecting the financial world, but connecting all our data & technology to build a global economic system where every country within the world could be digitally connected into one.
*None of the information listed is financial or investment advice and should only be taken as entertainment or educational as I’m not a financial advisor*
Hey, thanks for taking the time to read my work. I’m your average 20 year old, currently in school for Economics and Finance. Some of my hobbies consist of sports, working out and staring at price charts.
I initially began interested in the crypto space after frustrations with legacy markets. From the second I read about the Ethereum ecosystem, I fell in love. An entire ecosystem built on one platform that anybody can access? Unheard of, until now.
With how fast this space is developing, I try and find projects within this industry that show promise and potential to disrupt our modern world. All this fundamental analysis not only helps me better understand these projects better, but hopefully gives you guys some newfound information!
If there are any projects you’d wish to suggest me take a look into, I’m always available on Twitter