Fast, efficient exchange of information between energy suppliers has never been more important. But, with the current communications infrastructure, it has never been more difficult to achieve. The many stakeholders, together with a massive, and ever growing, volume of data, means that today’s legacy (centralised) network is no longer fit for purpose. While a migration to DLT-based Smart Contracts is an ideal solution, the fragmented nature of the industry is a major barrier to such a development, as the migration path would inevitably involve the implementation of Smart Contracts based on different DLTs. This would lead to a real and significant threat of communications and supply interruptions, as – until recently – no single Smart Contract could be recognised by, and executed on, different DLTs.

Now, however, Quant has introduced technology designed to address precisely this kind of barrier to Smart Contract adoption: Treaty Contracts. A fast, simple mechanism for facilitating the cooperation between Smart Contracts and transactions on different DLTs using Quant’s Overledger Network, Treaty Contracts act as a ”glue” between Smart Contracts, distributed ledger transactions and other data sources. Using Quant Treaty Contracts, each stakeholder could modernise at their own pace, resulting in a modern, decentralised system for cross-industry data exchange, without risk of interruption due to platform incompatibility.