Today, Smart Contracts are proving increasingly useful for performing complex, multi-party and multi-step business transactions. But their true potential will not be realised until a single Smart Contract can be recognised by, and executed on, different DLTs. To address this issue, 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. Treaty Contracts can deliver real benefits in many scenarios.
Take agricultural goods, for example. By facilitating fast, simple integration of multiple systems, such as IoT, asset ownership, payment systems and real-time weather updates, onto DLT through a single connection to the Quant’s Overledger Network, purchasers can achieve lower prices, reduced wastage and therefore create a more efficient business, resulting in higher margins and a higher-quality end product.
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.