In recent years, DLTs have significantly increased both the power and the popularity of Smart Contracts. But while they have a potentially infinite number of possible applications, their actual use is likely to remain limited until until a single Smart Contract can be recognised by, and executed on, different DLTs. This is precisely why Quant has introduced the concept of the Treaty Contract. A fast, simple mechanism for facilitating the cooperation between Smart Contracts and transactions on different DLTs using Quant’s Overledger Network, a Treaty Contract can deliver real benefits in many scenarios.
One of these scenarios is in healthcare. More specifically, Treaty Contracts can play a major role in improving the safety of, and reporting on, medicines. This is because, by connecting data across different DLTs, Treaty Contracts can assist manufacturers with the provenance of medicines, and therefore make it easy for stakeholders involved in purchasing medicines the ability to check that medicines are genuine before purchase pack them during the delivery cycle and automatically report counterfeits to regulators.
By enabling cooperation between Smart Contracts on different DLTs, Treaty Contracts are ideal for extending business processes across multiple internal DLTs, or for interoperating with external DLTs, in order to unlock the true business value from a multi-chain strategy.