Overledger White Paper
31 January 2018Download PDF (2MB)
Personal data security could not be a more critical topic right now. Trust in technology companies and systems has been dramatically eroded by mismanagement and misuse of private data, resulting in breaches and leaks. There are serious implications for national security if data and systems are compromised and this is being debated at government level. At a time when trust is at a major low, British start-up Quant Network is developing tech solutions that will bring trust back into an industry that really needs it.
Quant Network is building technology that enables trusted digital interaction that works in an integrated way. Blockchain offers the most trusted interaction available and with Overledger, the world’s first Blockchain OS, Quant Network takes it one step further, connecting the world’s networks to blockchain with just three lines of code. Building blockchain-based applications on Overledger empowers people, enterprise and governments to trust transactions – and each other.
The startup’s commitment to a longterm strategy of expansion into the US market is exemplified by the appointment of Guy Dietrich, Managing Director of Rockefeller Capital, to the Board of Directors. And it’s clear that the US market is prioritising security within the tech space right now.
As the world becomes increasingly more digital, the threat posed to consumers cannot be underestimated. Government interventions in the tech space have shown that they are rightly concerned about data leaks and breaches of privacy, as well as the way data is used. We cannot fully take advantage of digital transformation because of threats and limitations in existing networks and systems. But the security threats are potentially bigger than this if data systems are breached, potentially compromising governments and infrastructure and crippling the economy.
The current digital infrastructure that powers economies has limitations caused by a crisis of trust and these are preventing us from transforming society and taking advantage of this foundational shift. Blockchain is already playing a major role in restoring trust because it is secure.
Fraudsters would need to hack a million computers to commit fraud if they are protected by blockchain. Criminals trying to hack and manipulate connected devices in hospitals or driverless cars could not do so easily if they were on a blockchain. Today, even power plants are being put onto blockchain in order to protect against terror threats. The creation of a bipartisan bill around blockchain was recently discussed in Congress, in order to protect national security and infrastructure.
Quant Network is already a major player in blockchain innovation and regulation. In 2015, Gilbert Verdian, founder and CEO of Quant Network, founded the Blockchain ISO Standard TC307. At the International Standards Organization (ISO) meeting on international regulation and standards for blockchain technology, Verdian was head of British delegation and told the New York Times “It is a very sought-out technology today, because it really does create the foundation for the future that is coming. To get behind it and back it now is going to put people at an advantage, either politically or economically.“
This is why there couldn’t be a better time for Quant Network to hit the US market. The Quant Overledger Operating system uniquely allows the use of different blockchain for different systems without having to invest in huge infrastructure, building multi-chain applications instead of limited single chain ones. This means when a single chain breaks down, the whole application doesn’t get compromised, whether it’s a bank settlement system, drug supply management or airport security system. This interoperability solution also enables mApps, multi-chain enterprise-grade apps, which can use multiple blockchain to deliver services just like traditional apps, only far more securely.
A year ago blockchain was on few people’s radar in Washington, but now it’s being discussed at the highest levels and with a sense of urgency. Quant Network is set to play a major role, both in the US market and internationally.