Overledger aims to open blockchain’s “borders” and facilitate development of multi-chain applications
Enabling cross-chain communications is just like opening borders to allow international trade. Overledger ensures that companies and developers have the flexibility to easily migrate to another technology when required. We talked with Paolo Tasca about the first blockchain operating system that facilitates the development of multi-chain applications and the value it brings to the blockchain technology.
JAXenter: What is Overledger and what value does it bring to the blockchain technology?
Paolo Tasca: Overledger is the blockchain operating system that enables interoperability between blockchains and connects the world’s existing networks and the Internet to blockchain.
Overledger encourages innovation by allowing developers to build applications across multiple ledgers or multi-chain applications (MApps), meaning that developers can harness the power of multiple individual blockchains to build the most effective solution instead of being confined to just one (‘single-ledger dependency’).
JAXenter: A lot of companies are experimenting with blockchain behind closed doors but most blockchain-related projects are not ready to face (and address) real-world challenges. How can Overledger help with that? How can companies harness the power of blockchain to address real-world challenges?
Paolo Tasca: Overledger not only enables blockchain-to-blockchain communication, it also takes things a step further and seamlessly connects existing networks and the Internet to blockchain, allowing Enterprises to harness the power of blockchain to address real-world challenges.
JAXenter: The blockchain technology has gone from being the “shady” technology behind Bitcoin to a legitimate tech disruptor. Despite its popularity, this technology is yet to be adopted on mass. What are the limitations that prevent blockchain from going mainstream?
Paolo Tasca: Not since the advent of the Internet itself has a technology exhibited such promise and elicited such excitement as blockchain. In recent years we’ve witnessed its metamorphosis from a ‘dubious’ experiment into a legitimate technological disruptor.
Overledger ensures that companies and developers aren’t restricted to or dependent on a single technology.
Every day, more and more Enterprises (and consumers) are turning to blockchain for solutions to modern-day challenges — from the pharmaceutical sector securing global supply chains to consumers being able to verify the authenticity of their high-end sneakers. The technology is yet to be adopted on mass, however. This is in part due to its current limitations, which include the inability of blockchains to communicate and work with each other at an Enterprise level.
JAXenter: How can Overledger change that?
Paolo Tasca: The launch of the patented blockchain operating system Overledger will fundamentally change the current situation as it not only enables interoperability between blockchains but also connects the world’s existing networks and the Internet to blockchain. Furthermore, it allows developers to build applications across multiple ledgers or multi-chain applications (MApps), meaning that developers can harness the power of multiple individual blockchains to build the most effective solution instead of being confined to just one (‘single-ledger dependency’).
JAXenter: Do companies have to change everything in order to connect to blockchain or has it become easier to include blockchain in a company’s backbone?
Paolo Tasca: Overledger ensures that companies and developers aren’t restricted to or dependent on a single technology. Instead, they have the flexibility to easily migrate to another technology when required. As well as boosting their resilience by limiting their risk and exposure, this also allows them to unlock cost savings by better managing consensus fees, which are set with no option to remediate.
The Quant Network team (founded by industry experts) recognises that addressing interoperability in the siloed cryptosphere is a complex challenge and not a novel concept, but they are confident that the Overledger platform and protocols will successfully do just that.
When we designed Overledger, we were acutely aware of the challenges facing companies across the public and private sectors, based on our extensive first-hand experience as former executives of large enterprises both in the private and public sector.
As such, we not only recognise the tangible solutions that blockchain offers businesses but also know only too well just what a complex challenge it can be for a large company to adopt any new technology. That is why we’ve engineered the Overledger technology for Enterprises and developers to be seamless to implement and compliant with internal and external security and regulatory requirements. This means that a company need make only minimal changes to its existing systems and networks in order to connect to blockchain.
JAXenter: Is blockchain part of (or leading) the fourth industrial revolution?
Paolo Tasca: Enabling cross-chain communications —including the recognition and transfer of transactions— is not dissimilar to opening borders to allow international trade. It will usher in a new era of digital economic growth and prosperity not unlike the industrial revolutions of the past.
We have witnessed a similar effect in the early days of the Internet, where closed networks such as AmericaOnline and Prodigy flourished once they had connected seamlessly using standard protocols, the promise of a new revolution may be closer than we think.