<a href="https://quant.network/events/uk-finances-rln-hackathon/">This article was first published on the Quant website on 25 November 2024 &gt;</a>

Last week, UK Finance hosted the RLN Hackathon, bringing together fifteen teams to prototype their own use cases on top of the ‘platform for innovation’ developed during <a href="https://quant.network/news/uk-finances-uk-regulated-liability-network-experimentation-phase-report/" data-barba-prevent="self">the UK RLN Experimentation Phase</a>. Our Editorial Content Specialist, Rachel Baugh, reports that all teams praised the quality of the API and their entries highlighted the essence of the RLN: it’s one infrastructure offering different types of money, backed by fiat currency. As such, its most powerful benefit may well be its ability to release liquidity across the sector.

In his opening remarks, Mark Jannetta, Director at EY’s FinTech Labs, set the tone for the event, describing the RLN Hackathon as, “both a demonstration and celebration of what the technology behind RLN can bring, the services it can provide and the benefits it can deliver to the UK.”

The teams were made up of innovators from fintechs, financial institutions and other industry players, all of whom were able to explore and build a range of new use cases that leveraged the capabilities of the UK RLN platform, demonstrating how the programmability of money can transform the way value and assets are transferred and managed.  Representatives from Quant and R3 – <a href="https://quant.network/news/quant-and-r3-selected-as-technology-providers-for-the-uks-regulated-liability-network/" data-barba-prevent="self">the technology leads on the project</a> – were also present to provide teams with technical advice and support throughout the event.

Over the first 24 hours, the teams were up against the clock to code their solutions and put together a presentation to deliver on day two. Representing Team Quant, one of our Engineering Leads, Ari Davar, showcased TrustSplit, a cost-splitting use case that introduced a secure, automated system for group spending, ensuring that spending can be tracked, and funds are settled correctly at an agreed point.

Key features of TrustSplit included:
<ul class="wp-block-list">
 	<li>​Commission per expense</li>
 	<li>​Budgeting for groups</li>
 	<li>​Advanced splitting and receipt scans</li>
 	<li>​Requiring approvals for settlement</li>
 	<li>​Time-based auto settlement</li>
</ul>
At the end of day-two, after much deliberation, the judges crowned Kaleido as the winning team. They presented a use case for digital asset interoperability, looking specifically at how to integrate commercial bank money into Web3, while thinking about the retail environment and considering privacy. Some of the benefits included allowing programmability across diverse asset ecosystems, improving privacy across business flows and enabling institutions to expand their assets to different networks.

The runners-up were Commerzbank, who explored a B2B corporate payments use case that enabled transparency, traceability and referencing of payments, and SETL, who built an application to tackle Authorised Push Payment fraud for car parking that could reduce fraud and increase cost efficiencies and scalability.

The closing remarks revealed a few key takeaways:
<ul class="wp-block-list">
 	<li>​The RLN API is clear, easy to use and makes integrations simple.</li>
 	<li>​The RLN offers users different forms of money. It’s one infrastructure with choice, where the singleness of money is backed by fiat currency.</li>
 	<li>​The release of liquidity is powerful – as we move from siloed ledgers towards atomic settlement, it has a profound impact on what we can do with that money.</li>
 	<li>​The enthusiasm, imagination, and professionalism of all teams really stood out. The UK RLN has momentum, it’s becoming a movement.</li>
</ul>
The UK RLN Hackathon was the perfect opportunity to explore the innovative capabilities of the RLN, trial potential use cases and gather feedback on the platform.

Thank you to UK Finance and the other technology partners, R3, DXC Technology and Coadjute who made the event possible, and congratulations to all the teams who took part, we look forward to seeing how the RLN will continue to transform the UK’s financial landscape in 2025 and beyond.

<a href="https://quant.network/news/?filter=all">For more insights on the future of finance, visit Quant's website &gt;</a>

​UK Finance’s RLN Hackathon

<a href="https://quant.network/news/quant-smart-audit-a-blockchain-consultancy/">This article was first published on the Quant website on 19 November 2024 &gt;</a>

Driving innovation in enterprise settings can be challenging, particularly since planning and executing blockchain projects add layers of complexity and a variety of risks. Soelene Justus, our Product Marketing Lead, explains the new capabilities of Quant Smart Audit and how it helps organisations mitigate risks and future-proof their infrastructure.

B​lockchain projects’ short and recent history is filled with accounts of ambitious plans and expensive failures. Given the technology’s evolving landscape and lack of expertise in many instances, it’s no surprise that organisations often struggle with defining the right infrastructure and execution path for their use cases.

​So, how can technical leaders know if their projects are set up for success, and how can they select the proper foundation to unlock value and future-proof their infrastructure?

​We are expanding our blockchain consultancy services from the team behind some of the world’s most complex DLT projects, such as <a href="https://quant.network/use-cases/quants-work-on-the-digital-pound/" data-barba-prevent="self">Project Rosalind</a> and the <a href="https://quant.network/news/quant-and-r3-selected-as-technology-providers-for-the-uks-regulated-liability-network/" data-barba-prevent="self">UK RLN</a>, under our <a href="https://quant.network/overledger-platform/quant-smart-audit/" data-barba-prevent="self">Quant Smart Audit</a> services.

When should organisations seek advice on their blockchain project?
At an elemental level, organisations should be clear on whether their project needs to be powered by DLT. Whilst the technology can bring clear benefits, some use cases can be supported by traditional systems.

​Once that is defined, choosing the elements of the infrastructure and ensuring its security should be top-of-mind.

Security in the blockchain world goes beyond the tech stack and involves smart contracts, which, once going live on a blockchain, can be accessed by everyone. Unfortunately, there is no shortage of stories involving malicious actors taking advantage of code vulnerabilities for financial gain.

With over $1.5 billion in blockchain exploits in the first half of 2024, hacks are clearly on the rise within decentralised and permissionless systems.

This is why smart contract auditing is such an important part of our services.

What is Quant Smart Audit?
Quant Smart Audit is our blockchain-readiness consultancy that provides organisations with expert advice and actionable insights to kickstart or enhance their blockchain project.

Quant Smart Audit enables organisations to make informed decisions that will allow them to identify the most appropriate use case, mitigate potential risks and future-proof their infrastructure. Whether they‘ve already kick-started a blockchain project or are looking to understand how and where it can add value, we’ve developed three plans to serve businesses at various stages of blockchain implementation.
<ol class="wp-block-list">
 	<li>Build – This plan is designed to help organisations yet to embark on their blockchain journey. It involves working with the Quant team to select the right architecture, added services and basic standards that will power their specific use case</li>
 	<li>Protect – ​The Protect plan is targeted at organisations that have already begun their blockchain project who could be looking for more advanced architecture needs and to safeguard their smart contracts and interoperability protocols</li>
 	<li>Comply – ​For organisations with sophisticated blockchain projects underway, Comply helps ensure alignment with relevant standards to future-proof their use case and infrastructure choices</li>
</ol>
Book a meeting <a href="https://quant.network/overledger-platform/quant-smart-audit/" data-barba-prevent="self">here</a> if you would like to learn more about how Quant can help you assess your blockchain readiness.

<a href="https://quant.network/news/?filter=all">For more insights on the future of finance, visit the Quant website &gt;</a>

Quant Smart Audit: Blockchain advisory

<a href="https://quant.network/perspectives/is-your-business-blockchain-ready/">This article was first published on the Quant website on 14 November 2024 &gt;</a>

Blockchain enhances security, efficiency, and transparency, but developing and implementing this technology enterprise-wide can be challenging. Often, it leads to failure when approached with insufficient knowledge or a lack of planning. Our Head of Innovation, Dr. Luke Riley, describes the challenges involved and how to avoid them.

​There is a clear appetite for enterprises to focus on the potential of blockchain, with the enterprise blockchain market predicted to reach <a href="https://www.nextmsc.com/report/enterprise-blockchain-market" target="_blank" rel="noreferrer noopener" data-barba-prevent="self">$145.9 billion by 2030</a>. Yet, challenges can arise when determining where and how to implement it. Before beginning a blockchain project, organisation’s must be sure that it can be applied to their use case and technology stack.

​How can businesses understand if blockchain is applicable to their use case?
Due to the complexity of blockchain technology, the process for deciding whether blockchain is applicable to the use case requires both objective and subjective reasoning, some of which needs expert knowledge.

​For example, deciding whether blockchain provides greater benefits over traditional databases for a particular use case involves objective reasoning. This includes factual, evidence-based considerations such as determining if there are multiple independent parties contributing data. Another objective factor to consider is whether the use case involves frequent data exchanges between different organisations that require a reliable, tamper-resistant record.

​On the other hand, determining if a blockchain’s transaction speed was fast enough would require subjective reasoning. Other criteria that require subjective reasoning include energy consumption and resilience.

​We recommend that businesses apply a clear methodology to determine whether a blockchain solution is necessary and then identify the most suitable blockchain for the use case.

What challenges do businesses face when implementing blockchain?
Blockchain offers numerous user benefits, such as:
<ul class="wp-block-list">
 	<li>​Inbuilt asset ownership</li>
 	<li>​Digital asset automation capabilities</li>
 	<li>Provides much more auditable systems (then centralised implementation alternatives).</li>
</ul>
​Yet blockchain is not without its challenges – overcoming these is essential for using blockchain effectively. Typically, they come from blockchain’s unique architecture, which presents a steep learning curve for technology teams.

​It’s also important for technology teams who are new to blockchain to synchronise their software components with other businesses around the globe, while understanding the complexities of running back-end components (blockchain nodes) that can be interacted with via other businesses APIs and front-end components.

​Other general challenges include:
<ul class="wp-block-list">
 	<li>Security – blockchain technology can be susceptible to vulnerabilities or attacks via unprotected private keys, code flaws in smart contracts or interoperability bugs via cross-chain bridge hacks.</li>
 	<li>​Scalability – the blockchain network of choice needs to handle an increasing number of transactions without compromising its performance, security, or decentralisation.</li>
 	<li>​Complexity – blockchain requires high technical expertise to implement and maintain. Pairing this with the vast number of blockchains available, all with multiple programming languages, rules, strengths and weaknesses, increases its complexity and may hinder adoption.</li>
 	<li>​Interoperability – there are many different blockchain platforms — each with its own protocols and standards – and they often do not work well together. This can lead to inefficiencies and fragmentation and prevent the seamless transfer of data. There is also the interoperability issue between blockchain and enterprise software, where data doesn’t flow appropriately due to a lack of integration.</li>
 	<li>​Architectural – the numerous ways in which different blockchain components (wallets, middleware, bridges, smart contracts) can interact, means that it‘s incredibly difficult for organisations to identify the best way to link them together.</li>
</ul>
<figure class="wp-block-image size-full"><img class="wp-image-8597" src="https://quant.network/assets/uploads/2024/11/blockchain-ready.png" alt="blockchain-ready_image" width="2481" height="1749" data-cmp-info="10" /></figure>
​How can businesses decide whether to build their own infrastructure or use a third party’s infrastructure?
Knowing whether to build or buy a blockchain solution is an important step in an organisation’s journey to implementation. So, where do you start? Ultimately, it comes down to operational focus.

​If an organisation‘s blockchain efforts are aimed at delivering complete ownership of the entire technology stack, then it makes sense to build an implementation in-house.

​However, building internally can put pressure on internal resources. Teams must have the expertise, time, and operational infrastructure to support their blockchain efforts, all of which can be costly.

​Using a third-party infrastructure can be appealing to organisations wanting to build and deploy as quickly as possible, as third-party infrastructure providers will have many value-add features available for immediate use. Third party providers may also be favourable to organisations operating in highly regulated environments like financial services, as these providers can manage legal or regulatory requirements. Another advantage is in reducing the cost of experimentation. Third parties have the capacity and knowledge to roll out blockchain infrastructure and features quickly, measure their effectiveness and iterate accordingly.

​Finally, the time to market is going to be significantly faster than if an organisation was to build the infrastructure in-house. And with the blockchain ecosystem being so agile, buying rather than building will allow businesses to leverage external expert knowledge to pivot as the market evolves.

How can businesses determine if their infrastructure complies with the latest in blockchain standards?
Standardisation plays a key role in enabling innovation, collaboration and trust. Improving the utility and adoption of blockchain is reliant upon establishing a common understanding and framework for implementation. As blockchain technology matures, the need for standardisation becomes even more pronounced.

​Organisation’s looking to implement this technology must ensure they adhere to current standards if they want to benefit from blockchain systems that are robust, reliable and interoperable.

​This blockchain standard compliance checking process be done internally or externally. We recommend outsourcing this process as it enables businesses to leverage the expertise of a specialised team, without the overhead costs of managing a team in-house. Additionally, outsourcing is often more time effective as it removes the need to hire and train in-house blockchain developers.

​Blockchain presents opportunity
​For organisations, blockchain technology can unlock new revenue opportunities through access to new markets, lower costs by reducing process inefficiencies and create more resilient systems. But first, organisations must understand and overcome the challenges associated with implementation to determine if their business is blockchain-ready.

​If organisations can identify the right use case and infrastructure solution, they can harness the power of this innovative technology.

<a href="https://quant.network/news/?filter=all">For more insights on the future of finance, visit the Quant website &gt;</a>

​Is your business blockchain-ready?

Quant is the foundation of digital finance.
Assets of all kinds, from sovereign currencies to funds, are being tokenised on distributed ledgers - making their ownership immutable, their provenance traceable and their use programmable. Our patented technology makes all this simple, trusted and future-proof.
We help regulated financial institutions and other enterprises to dramatically reduce their time-to-market, create new revenue lines, and mitigate risk by delivering digital currency, payments and capital markets <a href="https://quant.network/projects/">projects with security, resilience, and compliance front of mind &gt;</a>
Founded in 2018, Quant is UK-based with global reach. We spearheaded the Blockchain ISO Standard TC307 adopted by 57 countries and solved interoperability with the creation of the world’s first API-based blockchain platform. This technology, the same as that relied on by our institutional customers, is now available to any developer, regardless of their sector or level of blockchain expertise: <a href="https://quant.network/overledger-platform/">Overledger, the enterprise standard for building on blockchain &gt;</a>
To find out more, <a href="http://www.quant.network/">visit our website &gt;</a>

Quant

Quant is the foundation of digital finance.
Assets of all kinds, from sovereign currencies to funds, are being tokenised on distributed ledgers - making their ownership immutable, their provenance traceable and their use programmable. Our patented technology makes all this simple, trusted and future-proof.
We help regulated financial institutions and other enterprises to dramatically reduce their time-to-market, create new revenue lines, and mitigate risk by delivering digital currency, payments and capital markets <a href="https://quant.network/projects/">projects with security, resilience, and compliance front of mind &gt;</a>
Founded in 2018, Quant is UK-based with global reach. We spearheaded the Blockchain ISO Standard TC307 adopted by 57 countries and solved interoperability with the creation of the world’s first API-based blockchain platform. This technology, the same as that relied on by our institutional customers, is now available to any developer, regardless of their sector or level of blockchain expertise: <a href="https://quant.network/overledger-platform/">Overledger, the enterprise standard for building on blockchain &gt;</a>
To find out more, <a href="http://www.quant.network/">visit our website &gt;</a>

Chief Marketing Officer

Andrew is responsible for Quant’s marketing, communications and brand.
Andrew joined Quant in 2022. He has more than 20 years’ experience in the financial services sector, including four at Deutsche Bank - where he had global responsibility for the marketing of the bank’s securities services - and eight with secure financial messaging and standards cooperative SWIFT. While at SWIFT, his roles included product marketing, leading the global marketing communications team, and taking charge of communications for Sibos, the world’s premier financial services event which connects thousands of executives, decision-makers and thought leaders from across the industry every year.
Andrew is a Fellow of the Chartered Institute of Marketing, the author of InMarketing, a newsletter that draws insights from the week’s most intriguing financial services stories, and an unredeemable Twitter addict.

Andrew Carrier

Founder & CEO, Quant

Gilbert is focused on unlocking the power of blockchain for everyone, to create an empowered, interconnected world. 
Gilbert has more than 20 years of cybersecurity experience and C-level accountability as a CISO, CIO and CTO. He has worked in government - for Downing Street, HM Treasury, the Cabinet Office, Ministry of Justice and NSW Health – and has also served in the private sector, at Mastercard, Vocalink, CSC, EY, PwC, BP and HSBC. 
With a keen interest in disruptive technology, Gilbert established the Blockchain ISO Standard TC307 initiative in 2015 and is the Convenor of the Interoperability working group WG7 for ISO.

Gilbert Verdian

Chief Operating Officer

Lara leads Quant’s daily operations, strategy, and administration as it goes to market internationally. 
Lara brings over 20 years’ experience in the Healthcare and Lifesciences industry as a specialist in the development of global pricing and GTM (Go-To-Market) strategies for pharma companies. Having held senior positions in international leadership, she has a strong track record of success in global launches, pricing strategies and played key roles in valuation and due diligence projects relating to acquisition targets, both of pharmaceutical companies and private equity.
Highly experienced in business development and managing multimillion dollar budgets, Lara successfully led the pharmaceutical and life sciences division of the broader Health Economics and Social Policy Practice at Deloitte, and has worked at other leading pharmaceutical/healthcare brands, including J&amp;J, Pfizer, GSK, Eisai, Actelion and Intercept.
She holds an MBA from the University of Technology Sydney, and an MSc in Health Economics from London School of Economics and Political Science.

Lara Verdian

Chief Product Officer

Martin leads Quant’s product strategy and is passionate about how DLT and blockchain-based payments can unlock new efficiencies for money movement, domestically and across borders. 
He is a fintech and payments industry leader steeped in product discovery, who has spearheaded the development and delivery of projects for B2B SaaS as well as national payment systems. Prior to Quant, Martin spent 12 years’ at Vocalink Mastercard, where he was Vice President of Product. He led product, strategy and architecture teams by championing an agile culture, innovation and continuous learning. Martin is a member of the Digital Pound Foundation. He holds two patents in payments data processing and ACH transactions.

Martin Hargreaves

Chief Techology Officer

Pete heads Quant’s technology development, architecture, and engineering strategy to help it bring its transformative blockchain solutions to market.
With more than 20 years’ experience, Pete joined Quant in 2019, and is adept at leading teams to solve some of the most complex issues in IT. His focus includes project implementation design, process and project management, technical architecture, cybersecurity, gap/risk analysis and agile methodology.
Prior to Quant, Pete worked in various technology roles across the energy and utilities sector, including nearly eight years with Total Gas &amp; Power Ltd.
When Pete is not working on technology, he spends his time on DIY and traipsing with his family around the English countryside.