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Hyperledger adds new blockchain project called Quilt
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Jun 22, 2023
Hyperledger has announced that is adding a new blockchain, this one named Quilt, to its roster of distributed ledger innovation projects.
Hyperledger Quilt was initiated 18 months ago and is an implementation of the Interledger Protocol, also known as ILP. The protocol helps to facilitate transactions across ledgers, trying to ease the process of making and receiving payments when the sender and recipient live in different countries or are using different networks.
The ILP website describes the protocol as providing for:
“…routing payments across different digital asset ledgers while isolating senders and receivers from the risk of intermediary failures. Secure multi-hop payments and automatic routing enables a global network of networks for different types of value that can connect any sender with any receiver.”
What is Quilt?
Today’s ledger systems are siloed and disconnected, meaning that while transfers in the same geographical space or network are relatively easy, it can get tricky if these conditions are not met.
Connections that do exist between separate ledgers are often slow, manual and expensive.
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