Overledger SDK Update

February 2020

Today we are releasing a foundational update to the Overledger SDK, starting with Javascript following by Java SDKs. You can watch the technical walkthrough and tutorial by Dr Luke Riley, Head of Innovation and R&D, Quant Labs.

We’ve been working tirelessly to further enhance the capabilities of Overledger and preparing the technology for multi-chain environments.

In this release, we have enabled standardisation of objects to abstract and simplify how to interact with different types of blockchains (UXTO and Account-based) in a common model.

We’ve also created the ability to directly deploy, invoke and query smart contracts directly through Overledger.

Finally, this update sets the foundations to build the ecosystem for the Overledger Network, allowing stakeholders other than Quant to write any type (DLT and non-DLT) Overledger connectors and sets up the ecosystem with multiple entry points for Overledger Gateways.

These updates open up the integration capabilities of Overledger to 3rd parties and create the foundations for the Overledger Network.

Standardisation

To solve this challenge for enterprise and developers, we’ve created the following principles to Standardisation which also aligns to the work in ISO TC307 and academic work from Dr Paolo Tasca and Dr Claudio Tessone:

Taken together, this will provide users with a clear distributed ledger data standard, which will be publicly released as we move closer to the deployment of Overledger Network. Furthermore, our object definitions will be released in versions to reflect continuing developments.

Without Overledger, you would have to individually code objects and how to interact with them manually for your applications. This is further amplified if you use different blockchain types for your application (UTXO vs Accounts Based) and further still when you have a multi-chain approach to then customise each interaction and object for all blockchains involved.

Practically, we have created the following framework to cater for objects and smart contracts:

Demonstration 1 — Overledger Transaction Object Standards

In the SDK Update video we show:

Demonstration 2 — Smart Contracts through Overledger

In the SDK Update video we show smart contracts for the Ethereum blockchain can be handled through Overledger:

What does this update mean and use cases in Financial Services?

Use Case 1 — Digital Asset Funding

Here we look at an example between a Digital Asset Trading platform implementation and a Funding platform using a pegged digital currency:

Overledger Architecture & Flows

Business Benefits

The smart contract functionality in our Javascript & Java SDK allows business logic to be abstracted away from the underlying chains. This is useful when deploying a new version of the contract for peer to peer escrow as code:

Overledger Possibilities

Enterprise Benefits

Use Case 2 — Business Networks Interoperability

In this use case, a Bank participant involved in multiple consortiums. Multinational “Bank M” is part of we.trade, Marco Polo, and JPM’s Interbank Information Network (IIN):

These are implemented on different DLTs (HLF, R3’s Corda, and JPM Quorum respectively)

Overledger Architecture

Business Benefits

Overledger Possibilities

Enterprise Benefits

Looking ahead

We’re very pleased to release this update for our clients and developers to create new possibilities and use cases with the new features and capabilities across industries. We’ve now laid the foundations to open up Overledger connectors and have a vibrant ecosystem of interoperable networks and APIs make possible by Overledger and power core of the Overledger Network.

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