Ripple’s rival Quant Network introduces a new innovative solution to make blockchain-based transactions more secure for banks.
Quant Network has announced the launch of a new solution that makes blockchain-based transactions more secure for financial institutions.
Dubbed Overledger Authorise, the technology addresses a major problem faced by banks. Quant Network noted in a press release today that prior to the inception of blockchain, financial institutions used key management solutions to ensure security for business applications and data.
Authorise Addresses Existing Security Issues
However, it noted that these financial institutions can no longer use existing key management technology following the introduction of blockchain and digital assets.
“Overledger Authorise solves the problem of how banks and institutions can manage and integrate digital asset and blockchain private keys with their existing enterprise key management systems,” Quant Network noted.
Notably, the technology also ensures seamless end-to-end transactions across various blockchains and systems.
Per the press release, Authorise recently showcased its real-world viability during a stress test in Project Rosalind. It bears mentioning that Project Rosalind is an experimental central bank digital currency (CBDC) initiative led by the Bank for International Settlement (BIS) and the Bank of England.
Commenting on the development, Quant’s CEO and founder Gilbert Verdian acknowledged blockchain’s prowess in revolutionizing the banking sector.
However, he stated that the emerging technology can only reach its full potential with the rollout of robust solutions for cryptographic key management.
“This is where Overledger Authorise comes in. It brings central bank-grade key management and enterprise transaction signing capabilities to the blockchain ecosystem,” he remarked. “By integrating existing enterprise key management systems to seamlessly connect and interoperate with multiple blockchains while maintaining high-grade security compliance.”
Quant and Ripple Focus on Financial Institutions
Launched in 2018, Quant is a UK-based company that facilitates scalable interoperability between blockchains while eliminating intermediaries.
The launch of Authorise is one of Quant’s major efforts to offer its enterprise-grade solutions to the financial industry. Last year, Quant partnered with UST, a digital transformation solutions company, to enable financial institutions to adopt digital assets. In June, Quant joined the vendor team of the Project Rosalind initiative.
Notably, Ripple’s prowess in the financial sector cannot be overemphasized. The blockchain payments company has seen top financial institutions adopt its technology for cross-border settlements.
As reported earlier, Coins_ph and OK Remit leveraged Ripple’s On-Demand Liquidity (ODL) to facilitate cross-border settlements from Japan to the Philippines.
Interestingly, Ripple recently won the PAY360 Award, an award believed to be the most prestigious payments award in the UK. The award recognized Ripple’s use of digital currencies and blockchain technologies in financial services.
Source : The Crypto Basic / October 10, 2023