Ripple’s rival Quant Network, has introduced a groundbreaking solution to bolster the security of blockchain transactions for financial institutions. Quant Network unveiled its solution called Overledger Authorise in a press release.
Overledger Authorise is a technology aimed at resolving a critical challenge for banks. The company highlighted in a recent press release that banks relied on key management solutions to secure business applications and data before blockchain tech.
Read Also: Ripple CEO Garlinghouse: XRP Poised to Rival Bitcoin with Prospects of $10,000+
What is Overledger Authorise?
The rise of blockchain and digital assets rendered these traditional key management technologies obsolete. Quant Network’s Overledger Authorise is a central bank-grade key management solution built to bridge the gap.
It tackles the issue of integrating digital assets and blockchain private keys with existing enterprise key management systems. Additionally, it ensures the smooth execution of end-to-end transactions across various blockchains and systems.
The technology’s practicality was demonstrated during a stress test in Project Rosalind, an experimental Central Bank Digital Currency (CBDC) initiative led by the Bank for International Settlement (BIS) and the Bank of England (BoE).
Gilbert Verdian, Quant’s CEO and founder, highlighted the problems Overledger Authorise can solve. He points out that generating cryptographic keys is a “risky and complex business” and prone to cyber-attacks.
These attacks could come from mismanagement or other technological implications for transaction signing. He states, “Until now, blockchain solutions have struggled to match the security and convenience demanded by traditional banking transactions.”
Verdian emphasized the revolutionary potential of blockchain in the banking sector. However, he stressed that realizing this potential requires robust solutions for cryptographic key management, a gap that Overledger Authorise could fill.
Verdian highlights Overledger Authorise’s central bank-grade key management and enterprise transaction signing capabilities for the blockchain ecosystem. Overledger Authorise integrates seamlessly with existing enterprise key management systems with blockchain networks while maintaining the highest security compliance.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
The introduction of Overledger Authorise is a significant step in providing enterprise-grade solutions to the financial industry. Last year, Quant partnered with UST, a digital transformation solutions company, to assist financial institutions in adopting digital assets. Additionally, Quant became part of the vendor team for the Project Rosalind initiative in June.
Ripple, known for its prowess in the financial sector, has seen major financial institutions adopt its technology for cross-border settlements. Ripple was recently announced as one of the shortlisted candidates for a CBDC project by the National Bank of Georgia (NBG).
However, Quant has made a big move with the launch of Overledger Authorise to compete with the big guns in the industry, such as Ripple.
Howbeit, such competition is seemingly healthy for the industry as it’s expected to encourage innovations.
Follow us on Twitter, Facebook, Telegram, and Google News
