In a significant development, Quant has introduced a tailored blockchain solution for the financial sector, positioning itself as a significant competitor to Ripple. The technology, introduced as "Overledger Authorise," addresses a key concern faced by banks: ensuring the security of blockchain-based transactions.
The logic behind it is that traditional financial institutions have long relied on key management systems to safeguard their data and transactions. However, the rise of blockchain technology posed a unique challenge. Existing solutions cannot guarantee the same level of security and compliance required by regulations. This led to risky practices, like storing blockchain keys on employee laptops, compromising digital asset transactions.
Overledger Authorise by Quant aims to bridge this security gap by integrating digital asset and blockchain private keys with existing enterprise key management systems. This integration allows seamless authorization of transactions across different systems and blockchains, promising enhanced security and compliance.
Project Rosalind
The technology recently underwent testing in Project Rosalind, a central bank digital currency experiment led by the Bank of England and the Bank for International Settlements, showcasing its real-world viability.
Quant's CEO highlighted the importance of cryptographic key management and transaction authorization solutions in unlocking blockchain's potential in the banking sector. He emphasized how Overledger Authorise simplifies the adoption of digital assets for banks, institutions and developers by integrating existing key management systems with multiple blockchains.
Quant's solution emerges as a testament to the relentless pursuit of innovation in the blockchain space, promising a secure and streamlined future for banking transactions while posing a formidable challenge to industry giant Ripple.
Godfrey Benjamin
Arman Shirinyan
Alex Dovbnya
