Blockchain-for-finance firm Quant has announced the opening of its infrastructure platform to business customers, marking a significant step towards democratizing blockchain technology. The Overledger Platform, previously utilized in prominent projects such as the Bank of England and Bank for International Settlements’ retail central bank digital currency (CBDC) initiative, is now available through a software-as-a-service (SaaS) model. By providing a user-friendly interface and continuous updates, Quant aims to eliminate the complexity and specialized skills traditionally associated with blockchain implementation. The Overledger Platform empowers customers to effortlessly issue digital money, seamlessly transfer assets across multiple blockchain networks, and develop new applications that operate on any network.
Overledger, described as a low-code SaaS solution, streamlines the process for businesses to harness the power of blockchain technology. With just a few clicks, customers can issue digital money and create interoperable assets. The platform facilitates seamless transfers between different blockchain networks, ensuring efficient and frictionless transactions. Moreover, businesses can swiftly develop new applications that run on any network, allowing developers to accomplish in minutes what would otherwise require months of work.
Quant’s launch of the Overledger Platform arrives at a critical juncture for the financial services industry. While the unregulated crypto experiment has faced challenges, blockchain-based infrastructure, regulated tokenized money, and digital assets continue to drive innovation in the sector. By making blockchain accessible and integrating it seamlessly with existing systems, Quant’s Overledger Platform aims to accelerate the adoption of blockchain solutions, providing businesses with the tools they need to thrive in a rapidly evolving digital landscape.
In a recent interview with Ripple, Aaron Sears highlighted the transformative potential of blockchain in financial services. He emphasized that blockchain-powered cross-border payments, available on-demand and around the clock, offer enhanced visibility for international operations while ensuring compliance controls and meeting B2B experience standards. Notably, the benefits of cryptocurrencies become apparent in complex corridors where payments often traverse multiple correspondent banks before reaching their final destination. This level of efficiency and transparency is a testament to the power of blockchain technology.
Martin Hargreaves, Quant’s Chief Product Officer, previously cautioned against restrictive measures on money movement, emphasizing their negative impact on the adoption and usage of central bank digital currencies (CBDCs). Hargreaves stressed that restricting the usability of digital currencies, such as limiting spending to specific categories like rent or groceries, diminishes their value and undermines the intended objectives of governments. To foster the growth and acceptance of digital currencies, he argued against implementing such constraints, as they pose significant drawbacks that hinder progress.
Quant’s expansion of its infrastructure platform and the launch of the Overledger Platform reflect the company’s commitment to unlocking the potential of blockchain technology for businesses. By providing accessible and user-friendly solutions, Quant aims to drive widespread adoption of blockchain, revolutionizing various industries and paving the way for a more interconnected and efficient digital future.